I have a quick question regarding charitable donations to a 501c3 organization. We are a Church who has two large ministries under the same
Charitable donations
Answers
Anon,
It sounds like you've got one legal entity? And that your 501c3 mission is covers all of those
I'm also guessing about the approved operation under the 501c3. For example if the school is a for-profit division of the company and isn't on the description of what you do on your 1023 application, and is creating an "unrelated income" situation for the non-profit tax filing, then you don't want donations being earmarked for that for-profit activity. I highly doubt this is the case, but that would be a "gotcha" here.
Note, if you have more than one company but only one tax id, you should fix that.
The legal entity is the Church. The school and Mission Agency are registered trade names of the Church...so LEGAL NAME dba MINISTRY NAME....if this makes sense.
I'd have to do some research to determine how the application was completed as I was not involved in that process.
Thank you for your insight.
I think this is just a simple case of RESTRICTED CONTRIBUTIONS. The main point here is the recording of the donation TO WHERE THE DONOR INTENDED it to be OR if you maintain separate bank accounts for the ministries, deposited to the appropriate account.
I think your best resource is your Auditor or Tax
Would the same be true for a non-cash donation of say, a used vehicle? Typically all vehicles are owned by the church and insured under a policy held by the church. I would think that a vehicle "signed over" to the Missions Agency should follow the same as other vehicles.
Thanks,