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Auctions

NYS: New Optional Procedures For Property transactions By Religious Corp.

A recent amendment to the Religious Corporations Law that affects the procedures, set forth in Article 5 of the Not-for-Profit Corporations Law, to be followed by religious corporations when they sell, mortgage or lease for a term exceeding five years any of their real property.  Religious corporations may now petition either the Court or the Attorney General for approval of such transactions.  Also attached is a checklist of the documents and information to be included in a petition seeking such approval.

Link to NYS Charities Bureau Announcement

LInk to NYS Charities Bureau Property Transaction checklist

Nonprofit Auctions: articles and info from the Web

Tax reporting (Form 990) and Accounting (GAAP) for Auctions can be challenging. Below are good some articles and posts from around the web on the subject.

 

Nonprofit Auctions: A Complete Compliance Guide and Sample Forms

See this post on BlueAvocado

 

Charity Auctions: Reporting and Tax Rules

See this post on Nonprofit Accounting Basics


Tax Considerations in Charitable Auctions

See this article on Planned Giving Design Center

 

Accounting for Auction Items

See this article on graceknell.com