A Cash Donation Receipt acts as confirmation that cash was received as a gift which can be particularly crucial to those individuals who are donating the cash as this document can be presented when filing taxes to make sure that the donated sum is subtracted from the overall income of the person making the donation.
The IRS Cash Donation Receipt requirements state that for donations worth more than two hundred and fifty dollars ($250), a receipt should be taken. This document should be issued by the structure that has accepted the monetary donation and needs to specify the name (of the party accepting the monetary donation), the sum donated along with the date of when this took place. There should also be a short clause confirming that nothing was presented in response to the donation.
A Cash Donation Receipt template can be downloaded by clicking the link below.
Writing up this document is relatively straightforward, especially if you have an editable template that gives you the option to customize and tailor the document to your specific organization. Ensure that the following information is present in the document:
It is important to know that the responsibility of requesting, obtaining, and keeping this receipt lies solely with the individual that is making the donation. The individual should not assume that charities should issue a receipt automatically, not all of them are obliged to do so.
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