Good afternoon everyone,
We recently received a donation, which was made on behalf of one of our donors through their participation in a corporation's PAC match program. The letter accompanying the check states the following: "Please note that this contribution was funded with corporate treasury dollars. It was not funded by the Corporation X PAC. Federal law prohibits Corporation X, the Corporation X PAC, or the associate from taking this contribution as a charitable deduction for federal income tax purposes, or receiving any type of benefit for this contribution. "
Are we correct that this should not be recorded as a charitable gift from Corporation X? Or, because this contribution was made with corporate treasury dollars, should we record as an outright, charitable gift from the Corporation?
Thanks for any guidance you can provide!
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Missy Stump
San Diego State University
mstump@sdsu.edu------------------------------