Many people will wait until the last minute to make a donation. Generally speaking, a donation that is received by 11:59PM (your time) on December 31st is considered for that calendar year. However, with digital giving options, questions may arise as to when a donation is considered “received.”
Here’s a summery of what you need to know:
- In Person Donations – Is what you would think, the time they drop it in the offering or leave it with you is the time it was received. (cash or check)
- Online credit card donations – are considered received at the transaction is processed by the card company. On Generush that is done at the time the transaction is made (including on the virtual terminal). If the transaction is made after 11:59 pm (your time) December 31st it’s considered received in January.
- Text donations on Generush – They are the same as credit card donations above.
- Mailed in checks – Are considered received at the time the envelope was postmarked. Unless, the check is postdated for January or if the check is returned for insufficient funds.
- ACH/e-check donations on Generush – are considered received at the transaction is made by the donor. Unless the ACH is returned by the donor’s financial institution for insufficient funds, or wrong account information.*
*We recommend ACH/e-check donations be done 3-4 days prior to December 31st.
You can see the complete article on the Center for Leadership and Stewardship Resources web site or for more information on how to properly handle and record contributions, see IRS Publication 526,Charitable Contributions.
