In this Tax and Legal Update Frank Sommerville will considerable how confusion still exists in the church world regarding designated gifts. Some take a very restrictive view, claiming that the church may not accept any gift that is designated for a specific purpose or person. Others take a very expansive view, claiming that the church should assist donors in accomplishing the donor's charitable and religious goals. The truth is somewhere between these two extremes.
This seminar will review the laws and requirements related to receiving, housing, and expensing designated funds.
- Confirm the rules associated with designated accounts.
- Contribution guidelines for charitable contribution credit
- Teach how to close accounts that have been inactive or left over after the project.
- Learn the frame work for establishing policies related to restricted gifts.