How do you handle Alumni Chapter Dues?

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How do you record Alumni Chapter Dues in RE?  Also are they considered a gift?

Comments

  • I would create a fund called "chapter dues" and record them in RE. Any money received by our organization is considered a gift. However if you are aking about the tax implications from the dues being paid, that is all determined by the benefits received for their dues. 
  • Thanks.   We are starting new alumni chapters, which we have never done.  Do your alumni receive benefits?  Do you let them know about the tax implications of the benefits?
  • JoAnn Strommen
    JoAnn Strommen ✭✭✭✭✭
    Ancient Membership Facilitator 4 Name Dropper Photogenic
    You should review IRS Pub 526 for what can be claimed for deduction and what can not.  Membership dues info is on page 4 of copy I have.  Gets into certain membership benefits that can be disregarded. 


    I'd be sure to know where org stands and also not make blanket statements to alumni about deductibility of gifts other than to consult their tax advisor regarding any tax deductions. 


    My 2 cents...

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