December 18, 2006

Philanthropy Report Available

As rewarding as it would be to see foundations and grantees agree on funding priorities, simply raising the issue is a valuable conversation starter. According to a study by the Center for Effective Philanthropy, most grants made by foundations they surveyed are program-restricted, small, and short-term. This approach makes it easier for foundations to measure impact. Not surprisingly, grantees prefer general operating support for its flexibility and long-term organizational capacity-building potential. While these givers and takers may not reach complete consensus, they can benefit from a better understanding of the other’s objectives. Report

December 05, 2006

New Recordkeeping Required for Charitable Contributions by Payroll Deduction

The IRS released new recordkeeping requirements for Charitable Contributions by Payroll Deduction.
Notice 2006-110 provides guidance on how charitable contributions made by payroll deduction may meet the new recordkeeping requirements of section 170(f)(17), added by the Pension Protection Act of 2006. This new provision requires a taxpayer to maintain a bank record or written communication from the donee showing the name of the donee organization and date and amount of the contribution.