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Re: provision for donations

From: Joshua Drake <jd(at)commandprompt(dot)com>
To: "Richard Broersma" <richard(dot)broersma(at)gmail(dot)com>
Cc: "US PostgreSQL Association" <pgus-general(at)postgresql(dot)org>
Subject: Re: provision for donations
Date: 2008-09-11 18:57:54
Message-ID: 20080911115754.22f71cf8@jd-laptop (view raw or flat)
Thread:
Lists: pgus-general
On Thu, 11 Sep 2008 08:46:23 -0700
"Richard Broersma" <richard(dot)broersma(at)gmail(dot)com> wrote:

> I assume that PGUS will not be accepting donations until process for
> the 501c3 is complete.  Will interested persons be able to make
> donations to the organization in the same way that they purchase
> membership?

I called the CPA before I answered this question. We are a real
corporation. Our 501c3 is pending. We can accept donations now and
conduct business normally.

If our 501c3 is approved all donations can be considered charitable
contributions and it is retroactive to the date of 1023 filing.

If you are donating and our 501c3 is not approved:
   If you are a professional you can write off the donation as a
professional membership on your individual return.

   If you are not a professional it is just an expense and it is not
tax deductible.

   If you are a corporation you can write it off as advertising,
marketing, outside services all depending on what the donation was.

The effects on the corporation if our 501c3 is not approved:
   Any monies collected by PgUS will be considered income to the
corporation and we will have to pay taxes on it just like any other
corp.

In terms of giving donations I would like us to offer every reasonable
way for someone to donate. Yes, we will allow via the website, via
mail, via ACH etc... Did you have something specific in mind in regards
to donations?

Sincerely,

Joshua D. Drake

DISCLAIMER: Always consult your tax professional

 


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