Here are the steps for reporting noncash donations to our fiscal sponsorship program for the purposes of issuing a tax receipt.
- Before you report donations of non-monetary property, please have your donor complete the Noncash Donation letter.
- If their contribution is valued at $250 or more, we will require that you take a photograph of the donated item(s).
- Log-in to our website and go to your My Fiscal Sponsorship page.
- Under the Donations button, click the "Report" link below "Non-Monetary Property."
- Select an existing donor from the drop-down menu or create a record for a new donor. A mailing address is required for the purposes of the tax receipt that we issue.
- As with all donations that we process for the purposes of our fiscally sponsored project, we charge a 7% administrative fee.
- For noncash donations, this fee is assessed off of the stated value of the donated item(s). We can deduct the administrative fee on noncash donations from your available fund balance or you can select 'Use credit card on file to pay admin fee' and we will charge the 7% fee to your card once the donation is processed by a fiscal sponsorship staff member.
- You will be able to upload the Noncash Donation Letter and, if applicable, the photo of the donated item(s) if the contribution is valued at $250 or more. One or both of these items will be required before the fiscal sponsorship team can process the contribution and issue a tax receipt.
- The 'special notes' field is for you to add a memo to the donation report for your own future reference.
- Click 'Report Donation.' You will need to submit a separate donation report for each donation of non-monetary property that you've received.
Important note: if your project receives a noncash gift, the estimated value of the noncash gift will be considered a grant from Fractured Atlas and is therefore also taxable income. When the donation is processed and the tax receipt is generated, the total estimated value of the gift provided by your donor will be recorded as funds released to your project. For your reference, this value will be listed in your project's sponsored fund history as a fund release. That amount will be considered taxable income released to you at the time the tax receipt is issued. We recommend that you inspect all noncash donations before the donation is processed and a receipt issued, to ensure that the donor's estimated value is appropriate.