The Noncash Donation Statement (Receipt) below are available free for your small business office to distribute when needed.
What is a noncash donation or contribution?
Any type of item or service that is not cash that is given as a donation to an organization and/or business. These items could be anything from business desktop computers, business laptops, business vehicles, building or professional services.
If your small business and/or organization accepts noncash donations then you need the form (receipt) below.
There are several different IRS regulations and rules for these types of donations so be sure and research the IRS site to make sure you are keeping up to date on the latest regulations.
A written receipt should always be issued for all noncash donations. Usually, your small business or organization is not responsible for establishing the value of the noncash items and should not include any value on the receipt.
However, a new tax law adopted in 2004 requires extra documentation from your organization for donations of qualified vehicles (including automobiles, boats, and airplanes).
The rules are pretty detailed. If you need the exact instructions, you can research it on the IRS site.
All receipts should be numbered for accounting and control purposes.
The form or receipt for noncash donations below includes these statements:
- Date of Receipt
- NonCash Acknowledgment Number
- Title of Statement/Receipt
- Business Name and Address
- You did not receive any goods or services in connection with this donation other than intangible religious benefits.
- As you know, we are a qualified 501(c)(3) organization, so if you plan on claiming a tax deduction for this donation you are responsible for establishing the value of the donated item. Under section 170(f)(8)(b) of the Internal Revenue Code, [Business Name] is prohibited from estimating the fair market value of your donated personal property.
- If the value of the item exceeds $500 you will be required to file Form 8283. If the value exceeds $5,000 you may be required to obtain a certified appraisal. Consult your tax preparer for additional details.
- Once again, thank you for the much needed donation!
- If you have any questions, please do not hesitate to call me at [contact number].
- Sincerely, [Name and Title]
- Retain for Income Tax Purposes
Click on the link to download the small business statement/receipt below: