• Summary of Key Rules for Acknowledging Contributions
  • October 23, 2003
  • Law Firm: Patterson, Belknap, Webb & Tyler LLP - New York Office
  • An important concern for tax-exempt organizations that receive charitable contributions is how to properly acknowledge such contributions. Regulations issued by the Internal Revenue Service provide guidance relating to (1) the substantiation rules for charitable contributions, and (2) the disclosure requirements for quid pro quo contributions. Following is a brief summary of the substantiation and disclosure rules, including inflation-adjusted amounts for 2002.