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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: Re: a few easy non-profit questions Date: 1/23/2005 11:48 AM
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1. Since he donated his professional time & energy, is it an in-kind donation or was he just volunteering?

He was volunteering.

3. If I send him a letter of thanks with the description and dollar value of his work, will he be able to deduct it, ...?

No. One cannot deduct the value of personal services contributed to a charity.

3. What are some good, practical sources of information that would help me out at this early stage of trying to put the whole bookkeeping system together?

Sorry - I'm not much help here. One thing to keep in mind is that if your donation income gets to something like $25k, you'll need to start filing form 990 with the IRS (and possibly something with your state as well). It's been a while since I've worked with a non-profit, so I don't know if that 990 filing threshold is current. You might get a copy of the form and instructions to check what the current requirement is.

--Peter
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