The Houston Business Journal recently published an article written by PKF Texas Audit Senior Manager and the face of the not-for-profit team, Nicole Riley, CPA, CFE, about the new Financial Accounting Standards Board (FASB) guidance.

Titled “Under new FASB guidelines do nonprofits receive contributions from governments?,” Nicole discusses how the new guidance affects governmental

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends.

Basic Requirements
To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services.


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Traditionally, Americans have supported charities not only for tax breaks and a vague sense of “giving back,” but also for a variety of other financial, emotional and social reasons. Understanding what motivates donors and how their motivations vary across demographic groups can help your not-for-profit more effectively reach and engage potential supporters.

Money Matters
Asset

Fiscal sponsorships occur when an established charity provides a kind of legal and financial umbrella to a charitable project that lacks 501(c)(3) status. This type of arrangement can benefit both groups. But before agreeing to be a sponsor, be sure you understand how these arrangements work and the risks involved.

Mutually Beneficial
In a fiscal

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash?

2 Benefits From 1 Gift
Appreciated publicly traded

The Houston Business Journal published an article on their website co-authored by PKF Texas Tax Practice Leader and Director, J. Del Walker, CPA, and Tax Manager, Annjeanette Yglesias, CPA. The article discusses the differences between a private foundation (PF) and the donor advised fund (DAF), which impact family philanthropy efforts.

So, what are the differences?

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit

Americans gave unprecedented sums to charity in response to the devastating hurricanes last year. Large organizations, such as the American Red Cross, were equipped to handle the huge influxes of donations. However, some smaller charities were overwhelmed. Although it may seem like an unlikely problem, not-for-profits need a plan to handle a potential outpouring of

Russ:  This is PKF Texas Entrepreneur’s Playbook.  I’m Russ Capper, this week’s guest host, and I’m coming to you from the Gulf Coast Regional Family Forum, and my guest is Renée Wizig-Barrios, Senior Vice President and Chief Philanthropy Officer of the Greater Houston Community Foundation.  Renée, welcome to the show.

Renée:  Thank you, Russ. Good to be here.

Russ:  You bet.  So tell us about the Greater Houston Community Foundation.

Renée:  Well the Greater Houston Community Foundation is a public charity, and we work with high net-worth individuals, families, businesses and foundations to help them make the most of their philanthropy.  We have been around Houston for more than 21 years as a non-profit, and we have the joy of working with people to make Houston a more vibrant place through really generous acts of philanthropy.


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