As long as Finance issues a 1099 to the donor reflection these payments as income, they can be treated as OUTRIGHT gifts to you. Normally, the donor would receive the check, deposit it, pay taxes, and then make a gift to you.
If the donor is saying they no longer want ANY income,!the CGA paperwork will need to be redrawn by a professional - with an ADDITIONAL CGA gift established.
John
John H. Taylor
919.816.5903 (Cell/Text)
Big Ideas - Small Keyboard
Original Message:
Sent: 12/24/2024 11:08:00 AM
From: Beth Friedmann
Subject: CGA payment
We have a donor who set up a CGA a few years ago. He has now asked instead of receiving the quarterly payments that they are redirected back to us as an outright gift. We have received one payment to date and sent a tax receipt. Our finance team has asked that we code this as a CGA instead of an unrestricted gift. I don't believe that this is correct. Has anyone done this before?
Thank you,
Beth
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Beth Friedmann
AJWS
bfriedmann@ajws.org
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