Thank you to all our readers. We wish you a very happy holiday season!
Here are just a few tips on giving thanks:
- Make sure your “thank you” receipts to donors are in the form they need to take a deduction.
- If you make commitments when giving thanks, make sure you honor them.
- If you give substantial gifts when giving thanks, understand whether you’ll reduce the amount of a donor’s charitable contribution deduction or cause a recipient to recognize taxable income.
- If you give holiday bonuses to executives, consider whether the board should approve the total compensation, including the bonus, pursuant to the rebuttable presumption of reasonableness procedures.
- Thank your donors, volunteers, employees, suppliers, and supporters throughout the year.