GIFT ACKNOWLEDGMENT

Definition

A gift acknowledgment is the contemporaneous written receipt a charity provides to donors,confirming the amount or description of the contribution and whether goods or services were received. For larger gifts, specific statements are required for deductibility. Accurate Acknowledgments support audit defense and smooth charitable planning.

Common Usage

Advisors remind donors to obtain contemporaneous acknowledgments for significant gifts so deductions hold on audit. Charities must confirm whether goods or services were received.