Good morning, all –
Let's say a donor requests a refund for a gift from a prior tax year. It's under $600, so we wouldn't typically issue a 1099.
The donor already claimed this gift on his previous year's taxes. If he did this, would we have to issue a 1099 if we DO proceed to issue the refund (i.e. even though the gift was less than $600)?
Thanks so much for any feedback people are able to provide!
Michael Halverson, Ed.D. Senior Director of Advancement Services Loyola University Chicago T. 312-915-7283 | C. 320-363-4987 email@example.com | www.luc.edu/advancement
Although, possibly going forward more people claiming a charitable deduction, with the (small) above-the-line charitable deduction put into place by the CARES Act?
My US$0.02 worth; the usual disclaimers apply.
Alan S. Hejnal
Data Quality Manager
Smithsonian Institution - Office of Advancement
600 Maryland Ave SW Ste 600E
PO Box 37012, MRC 527
Washington, DC 20013-7012
Voice: 202-633-8754 | Email: HejnalA@si.edu
Thank you, all, for your input with this!
Thank you for the links. Our gift return policy may be out of alignment with this info. I am going to send to Legal and ask them to review.
Aaron Forrest CPA
Senior Director Gift and Donor Services
University of Rochester Office of Advancement
Larry and Cindy Bloch Alumni and Advancement Center
300 East River Road
Rochester NY 14627
Office 585.275.2799 / Fax 585-273-4558
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