by Ryan Foust | Jan 28, 2013 | Uncategorized
In short, yes, but there are stipulations. First off, it’s probably best to avoid the use of the term “Super Bowl” as it is protected trademark of the NFL. Secondly, a church should only use equipment that it uses on an ongoing basis for ministry purposes(i.e. don’t...
by Ryan Foust | Aug 3, 2012 | Accounting, Tax
The recognition of volunteer labor as non-cash revenue is dictated by FASB ASC 958-605-25-16, Contributed Services. This standard dictates that if the services (a) create or enhance non-financial assets or (b) require specialized skills, are performed by people with...
by Ryan Foust | Jun 8, 2012 | Tax
A gift which is made to a church but designated for a specific individual is normally not tax-deductible to the donor. The rationale for this rule is that the gift is not intended for the benefit of the church but, rather, for the benefit of an individual. The...
by Ryan Foust | May 29, 2012 | Uncategorized
Just how important are those end of year donor letters and statements that charitable organizations send? Very important, according to the IRS. In a recent case, courts disallowed a charitable contribution deduction for a donor because of a defective donor letter sent...
by Ryan Foust | May 21, 2012 | Uncategorized
At times, churches can receive funds from members of their congregations specifically for a pastor, musician, or another individual to honor and bless them for their service to the church. These funds are often referred to as “love offerings,” and these amounts must...
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