Membership Proposal 20130402 Donation Rules
- Under IRS guidelines, donations fall under two categories: Cash or Property.
- For determining the value of a donation, cash is pretty easy - it’s just the actual amount of money that you’re donating.
- If you’re donating property, meet with the Zone Coordinator of whatever zone the equipment is going to. The Zone Coordinator will evaluate the donation, figure out if it’s something we actually want in the space, and determine its value. If it’s general equipment that doesn't really fall under any zone, then talk to the Board of Directors, and they can determine the value.
- Once the value of the donation has been determined, email the Treasurer (email@example.com) with donor’s name, description of donation, value amount of donation, and the date of the donation. If donor wishes to receive receipt via U.S. Mail, provide mailing address. If donor wishes to receive receipt via email, provide email address. If donor wishes to receive receipt in person at i3 Detroit, no address is needed.
- The Treasurer will then write a receipt of donation, sign it, and return it to the donor. The receipt of donation is then recorded in the “donation log” maintained by the Treasurer.
- The Treasurer is the only person authorized to sign receipts for donations, so please don't go around writing up your own receipts. That can lead to problems with the IRS, and nobody wants that.