Magnifying GlassGet a free trial of IconCMO now! 30 days – No credit card required. Donation Quiz To start the quiz, click the blue ‘Start’ button below. 75 Created on December 30, 2020 Donation Recording Quiz This quiz will test a person's knowledge on recording various types of donations. Your results are for personal use and only available to you. 1 / 10 Category: Quid Pro Quo Question: The church charges $100.00 for a fall festival dinner. The meal is valued at $30.00 and the donation is $70.00. Does the church need to provide a written acknowledgement for the $70.00 donation? Yes No This question falls under a quid pro quo donation. These are found in the IRS code section 6115. 2 / 10 Category: General Questions Question: The typical donation statement must display certain information on it. Please select three from the following list. The social security number of the donor. The church funds the donor donated to. Name of Organization. A statement about goods and services. Amount of donation for cash donations. Name of Donor. According to the IRS website there the information that must be on the statement is as follows. Keep in mind there are different types of donations but this questions did not look at non cash donations. 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. 3 / 10 Category: GIK - Or Non-cash donations Question: For gift in kind (non-cash) donations that are equal to or over $5,000.00, who determines the fair market value of the donation(s)? A professional appraiser. The donor's CPA or the donor. The church. The IRS. According to IRS publication 526, page 21, donations that are equal to or over $5,000.00, a paid professional appraiser must be used and their written appraisal must be included with the donor's tax return. 4 / 10 Category: Vehicle Donations Question: When a vehicle is donated that is claimed to have a value of more than $500.00, what IRS form must the church fill out? IRS Form 8282 IRS Form 1098-C IRS form W-3 IRS Form 8383 Please review the IRS instructions for the IRS Form 1098-C to see who must file. 5 / 10 Category: GIK - Or Non-cash donations Question: What IRS form does the church have to fill out within 125 days, if they decide to sell or dispose of a non cash donation that is worth more than $5,000.00? IRS Form 8282 IRS From 8283 IRS form W-3 IRS Form 8383 The IRS form 8282 is to be filled out with 125 days of selling the property. The sold property has a three year limit on the reporting of it. Please review the form instructions for the 8282 to see all the requirements under the 'Who Must File' section. 6 / 10 Category: GIK - Or Non-cash donations Question: For gift in kind (non-cash) donations under $5,000.00, who determines the fair market value of the donation(s)? The donor's CPA or the donor. The church. A professional appraiser. The IRS. According to IRS publication 526, page 21, the non cash donation under 5,000.00 can be figured out by the tax advisor (CPA) or the donor themselves. Once the donation is over 5,000.00 a paid professional appraiser must be used and their written appraisal must be included with the donor's tax return. 7 / 10 Category: GIK - Or Non-cash donations Question: When donating stock to the church that you have owned for more than one year, does the church record the value on the donor's statement? Yes No According to the IRS website, non cash donations are not to have their value placed on the statement. Another resource is: IRS Publication 561. 8 / 10 Category: Volunteer Time and Service Question: Can volunteers claim a tax deduction for their time and services provided to the church? Yes No A volunteer can't deduct their time and services. However an attorney can ask for a GIK donation statement for things like travel expenses for the attorney to come and meet with your organization. Or say for all the cost of mailings to your organization. In other words the expenses have to be documented and not just a 'service' or 'time'. There are a lot of rules on this that the churches should review before giving out any donation statements to any volunteers. 9 / 10 Category: General Questions Question: On a donor's statement, does each donation need a date next to it? See the example below. 01/15/2022 $50.00 01/30/2022 $25.00 Yes No According to IRS publication 1771 page 4, under the Recordkeeping Rules, subsection 'Requirement', the date and amount are both needed. While the IRS publication 1771 says the donor is responsible for this information, the church should have it on the donor statement so they can match it their records such as a bank record like a cancelled check or bank statement. 10 / 10 Category: Vehicle Donations Question: Does the church or donor provide the claimed value of the vehicle, boat, or airplane over $500.00? Church Donor According to the IRS instructions for the 1098-C, the donor must figure out the amount for the donated item (ie car, plane, and boat). This is atypical because most gifts in kind (GIK) can be donated without knowing the value. Most GIK's don't require a 30 day reporting period. Enter your email and name then click the finish flag to see your results! We will send you fun and infrequent information. NameEmail Your score is LinkedIn Facebook VKontakte 0% Restart quiz Exit This quiz can be shared with others with the proper given attribution to the creator Icon Systems, commonly called the CC BY license.