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Q&A #2 – Can donors use the charitable deduction for pre-paid fees for events that have been cancelled if the donor lets the organization keep the fees in lieu of a refund?
The IRS has never, to my knowledge, issued guidance on this particular question. But applying fundamental principles of the charitable deduction rules, people who affirmatively decline to receive a refund for cancelled events, and instead let the organization keep the remaining fees, should be able to deduct this portion as a “donation.”
Top 10 Legal Action Items for Nonprofits in Light of COVID-19
While the usual legal compliance issues affecting nonprofit organizations (tax compliance, corporate governance, privacy issues, charitable solicitation registration, etc.) have not gone away, the massive wave of new legislation passed in response to the pandemic has made adapting to these new circumstances the number one legal priority for all nonprofits.
Q&A #1 – Can my nonprofit raise money to help people affected by COVID-19?
Yes, this is generally something that a 501(c)(3) public charity can do so long as proper processes are followed. This is similar to the “benevolence funds” that are often established by churches, community foundations, and other similar types of publicly supported nonprofit organizations.
Impact of Hyper Change on Financial Health and Continuity
During extraordinary times of hyper change, we are confronted with so many changing elements that making effective management decisions seems overwhelming and finding a starting point feels impossible.