7710 Tax Credits and Deductions for Contributions

Home Browse Search

FINANCIAL MANAGEMENT 7710 Page 1 of 1 TAX CREDITS AND DEDUCTIONS FOR CONTRIBUTIONS The Idaho State Legislature has enacted permissive legislation, which allows public school districts to accept contributions of money and /or property. Such contributions can assist the Bonneville Joint School District No. 93, its patrons, and students and under applicable tax laws provide benefits for those providing such contributions. Guidelines 1. Gifts may be made directly to individual schools, or to the District. 2. Gifts may be accepted by the District in accordance with District policy #4500 Public Gifts Donations to the Schools. 3. Whenever a gift or donation is accepted by the District, it is incumbent upon the District Administrator to provide assurance to the donor the request will be respected and used as specifically requested by the donor. a. All donations of money, property or equipment, will be shown on the Acknowledgment of Gift form (7500F). b. Such form must be completed regardless of the gift amount. c. The Acknowledgment of Gift form will be completed in triplicate. 1) The original shall be provided the donor. 2) The second copy shall be retained by the school administrator. 3) The third copy shall be forwarded to the District Office for accounting and filing. 4. All monies thus received shall be properly accounted and deposited into the dedicated accounts. 5. The District and its employees cannot acknowledge value, except in areas of cash donations therefore, the donor may establish an amount and indicate such on the Acknowledgment of Gift form. Adopted 10 -12 -2005 Reviewed Cross Reference: Public Gifts /Donations to Schools #4500 Bonneville Joint School District No. 93 Revised