• Fundraising and taxes? Anyone know of a good site to reference?

    Asked by kalen on Thursday, August 16, 2012

    Fundraising and taxes? Anyone know of a good site to reference?

    My sister has had many people offering to coordinate fundraisers and provide financial gifts. What a blessing right? She can definitely use it. I am concerned though that there are some tax implications that she should be aware of before accepting any gifts. I am sure some of you folks have dealt with this, any suggestions or recommendations of resources I can check out to make sure she knows what she is doing?

    3 Answers from the Community

    • GregP_WN's Avatar
      GregP_WN

      www.giveforward.com is a site where you can set up a fundraising page. I believe it is free there. Some places will take a percentage of what is raised. They should have some FAQ's or at the least, just send them an email and ask.

      Best of luck to your sister and the whole family. I hope she comes through quick and easy!

      over 4 years ago
    • nancyjac's Avatar
      nancyjac (Best Answer!)

      The only tax implication for a direct cash gift is if some one gives her more than $13000 within a year. And then the gift tax burden is on the giver, not the receiver. And the gift is not a tax deduction for the giver.

      http://fairmark.com/general-taxation/tax-rules-for-gifts/

      Fundraising is a totally different matter. Different states and even different local jurisdictions within states have different laws about fundraising. In some cases, fundraising can only be done by charitable or non-profit organizations (501-(c)(3). Others, require registration for a one time fundraising campaign. Unless the fundraising is done through an established 501(c)(3) organization, donor cannot deduction donations from their income tax.

      http://www.usafundraising.com/fundraising-tools/starting-from-scratch-fundraising-laws-tax-requirements

      My familiarity with this isn't from your type of situation, but I do work for a 501(c)(3) organization.

      If she decides to use one of the many fundraising web sites, she needs to understand that they just provide the platform. and do not assume or provide any legal or tax protection.

      over 4 years ago
    • daveh's Avatar
      daveh

      i tried at www.gofundme.com
      wasnt successful raised a whole 25 bucks.No one must like me,good luck.

      over 4 years ago

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