Donations are made to help out non-profit or welfare organizations by the wealthier people. It will not only help organizations but also help donors to get a tax break. Size of donation does not matter because the donation will help you to take tax deductions. You should get the donation receipts as a proof to show IRS to get tax benefits. Donation receipt will save your time as the proper documentation is always required to reference during tax time. Nonprofit organizations cannot continue their business without donors and as you solicit contributions from business and folks be sure to have donation receipts. The donation receipt is vital and will be used for their records. It will prove best to file for tax deduction at the end of the year.
Here is preview of this Donation Receipt Template created using MS Word,
Tips to Design Donation Receipts
Donation receipt is essential to design so that the donors can get potential benefits. Essential information is required to be presented at the comprehensive donation receipts so following are some tips to design donation receipts:
- Write the name of donor, address, telephone number and the amount or item that the donor vowed. If an item is given as donation instead of money then it is essential to write the value of item. This will help donors to present proper documentation for the donations to get required benefits. Write brief description of the donation including time, date and place for the proper presentation.
- It is vital to include the disclosure that we have received no goods or services in the exchange of donations. If there was an exchange such as dinner or lunch plate and concert ticket as a result of the donation, list the value of exchanged goods. For instance, you have received $50 concert ticket in the exchange for the $2,000 donation. In this case, the IRS will deduct the value of ticket from the amount of donation.
- Do not forget to take the signature of one of the officials of the organization on the donation receipt. For more than one receipts at once, it will be better to issue them on the letter head of the company so that the donor can get the proof of issuer of the document.
- Send the receipts to respective persons on time before January 31 of the following year so that the donors can file the taxes on time. Do not forget to keep each copy of the donation receipt with you for the future reference of the organization.
- It is compulsory to clearly write the amount of donation or value of goods for the donation on the receipts because it will help you to avoid potential confusions. You can generate a unique serial number for donation receipts to make your accounting easy.
- If you want to save your time then it is essential to have a donation receipts specimen according to the standards of IRS. Design a specimen in advance and then use it to generate donation receipts every time. It will help you to keep softcopies and hardcopies of donation receipts at the same time.
Here is download link for this Donation Receipt Template,
Related Word Templates
- Contribution Receipt Template
If you are making contribution to any charitable organization or any welfare group then it is essential to have contribution receipts because these will help you to claim tax deductions. Internal Revenue Service (IRS) requires these receipts to support your claim. There are some groups that are recognized by IRS for the tax deductions such as non-profit charities, churches […]
- Money Receipt Template
Money receipts are important for individuals and businesses to properly manage cash registers. When you give money to your friends, family members or business contacts, it is essential to generate money receipts in order to avoid financial errors and misunderstandings. You can design a handwritten money receipt or standard format can be design on computer system. Small […]
- Purchase Receipt Template
Whenever you run your own business either small scale or large scale, you have to manage with great deal of record keeping and paperwork. When a customer purchases a product or service from your business, it is essential to write this transaction in purchase receipt followed by purchase registers. Receipt should include the details of transaction so that your business and […]
- Acknowledgement Receipt Template Acknowledgement receipts are written to confirm the delivery of requested items such as shipment of goods or a contract proposal. This receipt should clearly detail the received items and details of date and time. Make notes for any required follow up to design a comprehensive acknowledgement receipts. Acknowledgement receipts are also known as advice of receipts, advice of delivery, […]
- POS Sales Receipt Template
Sales receipt is a document that typically contains date and time of purchase, details of item purchased, purchase price of items and totals, obligatory information about the return policy of sales and method of payment. Sales receipt helps you to calculate sales tax on the products and it will help you to create a summary of sales income and sales tax owed. Sales receipt […]
- Business Invoice Receipt Template In order to make your business smoother and customer- friendly it is important for you to be aware about business invoice receipt to a large extent. It is your paramount obligation to have sufficient amount of knowledge if you have involved yourself in the business of selling products or services as it will not be possible for you to come out as a successful business man with this […]
- Sales Receipt Template When you indulge yourself in some business, you have to face a lot of trouble in the beginning of this assignment. But with the passage of time you learn a lot about this labyrinth and heave a sigh of relief. Actually you have to go through many important steps to achieve your goal in the business arena. To be among business professionals you are required to manage some paper work. In […]
- Goods Delivery Receipt Template Goods delivery receipt is a document confirmed by the person who received shipping in order to confirm that they have been handed over the product for the purpose of delivery to its specified place as well as accepts its possession. There are a numbers of companies in the world that are sending their valuable products through parcels post and demand the realization a confirmed delivery […]
- Rent Receipt Template If you deal with properties and specially renting it out for a short or longer term, then you must be using rent receipts on regular basis. A lot of commercial agents required a professional receipt format in order to present it to their customers and/or to use it officially for government correspondence. If you are a landlord or an official broker to one or more landlords, then it is […]
- Petty Cash Receipt Template If you intend to run some business, you have to understand format guidelines for cash receipts to make your job easy. Cash receipt is a piece of paper that you hand over to your customers as a proof his purchase from you. Generally a receipt shows the name of product, its model, an item price and total price of all items together. Moreover, in case you have purchased various products […]