I do not believe there is a cap on what can be donated (at least from your view as a recipient). There may be limitations as to the amount that can be written of tax forms for the donor, but the donor should be responsible for that.
As a Non-Profit you will be required to write an acknowledgement (thank you note) specifying certain things. Basically from the IRS web site:
- 501(c)(3) requires written acknowledgement for any donation > $250 in value
- You may of course write thank you notes for lesser amounts
- Acknowledgements should be timely and ertainly before recipient will be filing taxes
- The acknowledgement must include:
----Name of the organization
----Amount of cash contribution
----Description (but not value) of non-cash contribution
----Statement that no goods or services were provided by the organization, if that is the case
----Description and good faith estimate of the value of goods or services, if any, that organization provided in return for the contribution; and
----Statement that goods or services, if any, that the organization provided in return for the contribution consisted entirely of intangible religious benefits, if that was the case.
We just received our 501(C)3 ruling and are beginning to solicit donations. Is there a cap on the value of what can be donated? And - is there a standard form to be used a receipt for a donation. If not - what info needs to be included on the receipts?
