Our lesson this week examines the topic of correctly receipting year-end contributions. The Executive Summary provides a concise review of the key points. Before we get started, test your knowledge by completing the following quiz.
On December 29 Emily mails a contribution of $5,000 to the missions department of her denomination. The check is received on January 2. In preparing a contribution statement, should the denomination report the $5,000 contribution as a charitable contribution in the current year (the year it was received), or the previous year (the year it was sent)?
Click on the correct answer for each of the following questions.
As a denominational executive, it is important for you to understand the correct timing of charitable contributions so that contribution statements can be accurately prepared. This lesson will help you understand ...