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990's - Gifts $5k or greater

  • 1.  990's - Gifts $5k or greater

    Posted 15 days ago

    Each year we are asked by our Finance department to provide gifts/donations over $5k.  It is such a time-consuming and manual process on our end because they have us combine spousal gifts as one(hard and soft credits), include all gifts, no matter the dollar amount as long as they sum $5k or greater, and then there are gifts donated through DAF.

    I would like to know how others provide this information to their Accounting Department for 990 reporting.

    Thanks much!

    Eydie

     

     

     

    Eydie Boor

    Supervisor Foundation Operations

    Mail Stop 010605

    Gillette Children's Hospital Foundation

    200 University Ave E

    St. Paul, MN 55101

     

    651.229.1746

    eydboor@gillettechildrens.com

     

     

    Support amazing children – Donate now!

     

    Gillette Logo

     

    Gillette Logo
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  • 2.  RE: 990's - Gifts $5k or greater

    Posted 15 days ago
    This begins with recording 100% of each gift on a single record.  So, no splitting of gifts between spouses.  In fact, the instructions for the 990 require you to list individuals, no households.

    From there, it's pretty much like generating an honor roll.  Except that you leave out soft credit.  You add all legal/hard credits by individual and, if the sum is $5,000+, that individual, their address, and the sum of all legal gifts go on the attachment.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


  • 3.  RE: 990's - Gifts $5k or greater

    Posted 15 days ago
    I meant to emphasize no soft credits.  I have no idea why Finance is asking you for that information.  The IRS does not care in the least about soft credits.  They want a list of individual donors who legally gave $5,000+.  If they wanted to, they would then compare your Schedule B to a donors' itemized deductions to determine if someone was attempting to claim a deduction they shouldn't.  Soft credits are irrelevant.  And per the institutions, you list individuals, not families.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message


  • 4.  RE: 990's - Gifts $5k or greater

    Posted 15 days ago

    Thank you, John!

    One last question, just to be clear:

    If I donate $3k and my husband donates $2k, would we not get reported in the 990's because of the hard/soft credit??

    I appreciate your help!

    Eydie

     

    Eydie Boor

    Supervisor Foundation Operations

    Mail Stop 010605

    Gillette Children's Hospital Foundation

    200 University Ave E

    St. Paul, MN 55101

     

    651.229.1746

    eydboor@gillettechildrens.com

     

     

    Support amazing children – Donate now!

     

    Gillette Logo

     




    Original Message


  • 5.  RE: 990's - Gifts $5k or greater

    Posted 15 days ago
    Soft-credit is not used by the IRS.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message