The COVID-19 pandemic has driven home many lessons for nonprofits, perhaps none so much as the importance of operating reserves. If your nonprofit is among those organizations with dramatically depleted — or nonexistent — reserves, here are some steps you can take to remedy the situation. 1. Achieve buy-in. It sometimes can be difficult to […]
Category: Donation
Educate Your Children On Wealth Management
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. […]
How Will Revised Tax Limits Affect Your 2022 Taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about […]
Did You Give To Charity In 2021? Make Sure You Have Substantiation
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable […]
Handle Your Nonprofit’s Restricted Gifts With Care
Most not-for-profits encourage donors to make unrestricted contributions that will give the organization flexibility to use the money where it’s needed most. But there will always be some donors who place restrictions on their gifts — and these require a higher level of responsibility. If your nonprofit fails to use a restricted donation as intended, […]
Feeling Generous At Year End? Strategies For Donating To Charity Or Gifting To Loved Ones
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But […]
Preparing Your Nonprofit For An Enviable Challenge
Contending with a large outpouring of support sounds like a problem any not-for-profit would embrace. But, in fact, it’s possible to become overwhelmed by supporter interest and donations — particularly if your organization is small or relatively new. Expanded tax deductions for charitable gifts made in 2021 may boost giving this holiday season. Make sure […]
When Nonprofits Should Return Donations
Return requests generally are rare, but occasionally donors may ask your not-for-profit to return their gifts. Are you required to comply? What if you’ve already spent the money? Such requests raise many difficult questions — and even the answers can be complicated. But establishing a return policy can help. Common reasons There are several reasons […]
Delaware Hospice Festival of Trees
The Delaware Hospice Festival of Trees is a Delaware tradition that ushers in the holiday season statewide. Hosted by Delaware Hospice to support its programs, the festival features magnificent displays of decorated trees and wreaths. Professionally decorated trees are sponsored and donated to a nonprofit in the area. Wheeler Wolfenden & Dwares is proud to […]
Navigating The Tax Landscape When Donating Works Of Art To Charity
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of […]