Charitable Giving - January 22 2013 - Schneider Downs

Charitable Giving2013 and Beyond

January 22, 2013The Rivers Club

8:00 a.m. – 10:00 a.m.Registration begins at 7:30 a.m.

Today’s Agenda

The Charitable Giving Environment

Understanding Complex Charitable Giving Vehicles

Accounting for Charitable Contributions on your Financial Statements

2013 Tax Laws Impacting Charitable Contributions

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Who Gave in 2011?

Source Amount Percentage

Individuals $217.79B 73%

Foundations $41.67B 14%

Bequests $24.41B 8%

Corporations $14.55B 5%

Total $290.88B

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Source: Giving USA 2012

To Whom Did They Give?Recipient Amount Percentage

Religion $95.88B 32%

Education $38.87B 13%

Human Services $35.39B 12%

Gifts to Foundations $25.83B 9%

Health $24.75B 8%

International Affairs $22.68B 8%

Public‐Society Benefit $21.37B 7%

Arts, Culture and Humanities $13.12B 4%

Environment and Animals $7.81B 3%

Foundation Grants to Individuals $3.75B 1%

Unallocated $8.97B 3%

Total $290.88B4Source: Giving USA 2012

Who is Engaged in the Discussion?

Tax Policy Center, “Options to Limit Deductions Except for Charitable Contributions: Impact on Tax Revenue 2013‐2022” November 2012

The Urban Institute: Tax Policy and Charities “Evaluating the Charitable Deduction and Proposed Reforms,” June 2012

Links for the above may be found on www.independentsector.org

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Who is Interested in the Charitable Contribution?

“Grassley Staff Report” staff memorandum to Senator Charles Grassley

The Joint Committee on Taxation Report issued October 14, 2011: “Present Law and Backyard Relating to the Federal Tax Treatment of Charitable Contributions” http://www.jct.gov/publications.html

Senate Committee on Finance Hearings, October 18, 2011: “Tax Reform Options: Incentives for Charitable Giving”

Government Accounting Office Report, May 2009: “Tax Gap: Requiring Information Reporting for Cash Contributions May Not Be an Effective Way to Improve Compliance, http://www.gao.gov/new.items/d09555.pdf

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The GAO Report fund as follows:

28‐30% of individual taxpayers claimed cash contribution deductions between 2006 – 2009

Cash contributions are an area of increased examination for the IRS

2001, 46% of taxpayers who deducted cash overstated deductions by $13.8 billion

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Treasury Inspector General for Tax Administration 60% of taxpayers claiming noncash contributions > $5,000 are

noncompliant

IRS not ensuring compliance with reporting rules

Estimated 273,000 taxpayers claimed $3.8 billion in potentially erroneous deducts in 2010

Cost: $1.1 billion in tax

Recommended form and instruction revisions/matching processes

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Source: 12‐20‐12 Treasury Inspector General for Tax Administration Report “ Many Taxpayers Are Still Not Complying With NoncashContribution Reporting Requirements”

A 2013 Showdown?

What’s At Stake?

$200 Billion in lost tax revenue

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Source: Joint Committee a Taxation

Reading the Tea Leaves on Charitable Giving in 2013

Will new limits on itemized tax deductions for high income taxpayers reduce tax incentives for charitable giving?

Charitable giving increased in 2010 and 2011 but has not yet returned to pre‐recession levels.

“The charitable deduction incentive is different than any other deduction or credit in the tax code .. Because the deduction encourages people to give away income rather than encourage people to buy things they can write off.” – Alliance for Charitable Reform

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Charitable Planning Techniques

By Melanie M. LaSota, CPA, JDDirector of Estate and Succession Planning

Schneider Downs & Co., Inc.

Charitable Planning Techniques

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Charitable Remainder Trusts

Charitable Lead Trusts

Private Foundations

Charitable Gift Annuities

Charitable Remainder Trusts (CRTs)

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Step 1: Assets transferred to trust

Step 2: Income paid annually to donor (non‐gift) or other noncharitable beneficiary (gift)

Step 3: Upon termination, balance of trust transferred to charity

Trust may be for a fixed term of no more than 20 years, or may last for the life of one or more noncharitable beneficiaries

Types of Charitable Remainder Trusts

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Charitable Remainder Annuity Trust (CRAT) Pays fixed amount each year to the noncharitable

beneficiaries

Charitable Remainder Unitrust (CRUT) Annual payments to the noncharitable beneficiaries are

based on a fixed percentage of the fair market value of the trust’s assets

Annuity Requirements Annuity must be at least 5% but no more than 50% of trust

assets

Balance remaining must be at least 10% of asset value as calculated on the first day

Taxation of CRTs

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Donor may transfer appreciated assets to trust without payment of capital gains taxes

The trust is not currently taxed on the income it generates. However, the noncharitable annuitants will pay tax on the portion of the trust’s taxable income that is included in their distributions

The donor receives an income tax and gift tax charitable deduction in the year of contribution, based on the value of the remainder interest, subject to existing limitations on charitable deductions

CRAT Example

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* Percentage payout has been optimized to provide the highest rate of annuity that satisfies the 10% test

CRUT Example

17* Percentage payout has been optimized to provide the highest rate of annuity that satisfies the 10% test

Annual Reporting for CRTs

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Form 5227 must be filed with the Internal Revenue Service no later than April 15 of each year.

Form PA‐41 must be filed with the Pennsylvania Department of Revenue no later than April 15 of each year.

Charitable Lead Trusts (CLTs)

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Step 1: Assets transferred to trust

Step 2: Predetermined amount annually to charity

Step 3: Upon termination, balance of trust transferred to the donor or other noncharitable beneficiary

CLTs are not subject to minimum or maximum payout rates or term limits

Types of Charitable Lead Trusts

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Charitable lead trusts are the mirror image of charitable remainder trusts

Charitable Lead Annuity Trust (CLAT) Pays fixed amount each year to charitable

beneficiaries

Charitable Lead Unitrust (CLUT) Annual payments to the charitable beneficiaries are

based on a fixed percentage of the fair market value of the trust’s assets

Taxation of CLTs

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Grantor CLT: If the trust is structured as a grantor trust, the donor will be taxed on all trust income, and may take an upfront charitable deduction, subject to applicable limitations. The donor may transfer appreciated property to the trust without triggering capital gains taxes. However, if the trust later sells the assets for a gain, liability for capital gains taxes will pass through to the donor.

Nongrantor CLT: If the trust is structured as a nongrantor trust, the trust pays its own taxes, but the grantor does not receive an upfront charitable deduction. The donor may transfer appreciated property to the trust without triggering capital gains taxes. If the trust later sells the assets for a gain, the trust will incur capital gains taxes.

CLAT Example

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CLUT Example

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Annual Reporting for CLTs

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Forms 1041 and 5227 must be filed with the Internal Revenue Service no later than April 15 of each year.

Form PA‐41 must be filed with the Pennsylvania Department of Revenue no later than April 15 of each year.

Private Foundations

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Step 1: A trust or charitable corporation is formed and an application is submitted to the IRS for exempt status

Step 2: Donations are made to the private foundation, for which the donor receives a charitable deduction

Step 3: The private foundation donates to public charities or to qualifying private operating foundations as selected by the foundation managers

Types of Private Foundations

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Private Endowed Foundation The foundation’s assets are invested, and

funds are paid out annually to charities

Pass‐Through Foundation The foundation distributes all of the

contributions it receives each year to charities

Private Operating Foundation The foundation uses its assets to actively run

its own charitable programs or services, such as a museum or library

Taxation of Private Foundations

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Tax Deduction: Donations to private foundations are deductible up to 30% of AGI (as opposed to 50% of AGI for public charities)

Net Investment Income: Private foundations must pay a 2% excise tax on net investment income (may be reduced to 1% if certain minimum distribution requirements are met)

Annual Distributions: Private foundations are subject to excise taxes for failure to make annual distributions to qualifying entities of at least 5% of assets

Self‐Dealing: Transactions between the foundation and inside members are prohibited

Annual Reporting for Private Foundations

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Form 990‐PF must be filed with the Internal Revenue Service for each fiscal year.

Pennsylvania Public Disclosure Form BCO‐23 must be filed with the Pennsylvania Department of State for each fiscal year.


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Step 1: Property is contributed to a charitable organization in exchange for an annuity

Step 2: Donor receives fixed payments, usually for the lives of the donor and his or her spouse

Step 3: When the annuity terminates, the remaining balance passes to charity

Taxation of Charitable Gift Annuities

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The excess of the fair market value of the contributed property over the present value of the annuity is allowed as a charitable deduction in the year of transfer

The annuity payments are taxable to the annuitant. However, a portion of each payment received is treated as a nontaxable return of capital

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Accounting for Charitable Contributions

Staci L. Brogan, CPAAudit Senior Manager


Accounting for Contributions

Contributions: Accounting literature defines a contribution as anunconditional transfer of cash or other assets to an entity or a settlementor cancellation of its liabilities in a voluntary nonreciprocal transfer byanother entity acting other than as an owner.

Contributions do not include:

Exchange transactions

Agency transactions

Tax exemptions, tax incentives, and tax abatements.

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Distinguishing Contributions from Other Transactions: Contributions are transactions in which one entity, acting other than as an

owner, makes an unconditional voluntary transfer to another entity without directly receiving equal value in exchange.

How much discretion does the agency have over the use of the assets contributed?

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If the NPO has little or no discretion – the transaction is an agency transaction.

If the NPO has discretion over the assets’ use – the transaction is a contribution, an exchange or a combination of the two.

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Four Characteristics of Contributions

Nonreciprocal, meaning the provider neither expects nor receives anything in exchange for the gift.

The transaction is made and received voluntarily; nothing required the gift to be made.

The transaction is a transfer between non‐owners, meaning that the transaction was not an investment and the giver has no ownership in the

recipient organization.

The transaction is unconditional. No hurdles or barriers must be overcome to receive the gift, although the gift may include specific instructions that restrict the use of the gift such as time or purpose.

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Exchange Transactions

Defined as reciprocal transfers in which each party receives and sacrifices something of approximately equal value.

Determining whether a transaction is a contribution or an exchange transaction often times requires significant judgment.

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Contribution vs. Exchange Transactions

Foundations, business organizations, and other types of entities may provide resources to NPOs under programs referred to as grants, awards, or sponsorships.

Those asset transfers are contributions if the resource providers receive no value in exchange for the assets transferred.

Those asset transfers are exchange transactions if the potential public benefit is secondary to the resource providers’ direct benefits.

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Factors to Consider (Services)

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An expressed instruction for the NPO to provide goods or services to the contractor or to other specified recipients identified by the contractor.

A specified time or place is set forth for the delivery of the goods or services to the contractor or their designee.

Economic penalties against the NPO are set forth in the event the terms of the agreement are not met.

The amount of the agreement is computed in such a manner to provide resources in excess of cost to the NPO.

The payment amount is based on the quantity of the items delivered.

The agreement is written in such language so as the NPO receives a value approximate to the services rendered. That is, a ‘quid pro quo’ or exchange occurs.

Factors to Consider (Gifts)

Expressed instructions are received that indicate that the resources are a gift from the provider.

The time of place for the delivery of goods or services is at the discretion of the NPO.

Penalties are limited to the return of any unspent resources.

The payment is expressed as an exact, flat or fixed amount based only on the cost to provide goods or services.

The payment is based on a line‐item budget request without any performance criteria.

No ‘quid pro quo’ occurs. That is, the transaction is a non‐exchange transaction in which the recipient does not receive something of equal value to the resources provided.

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Types of Contributions

• Contributed use of long‐lived assets:

• Contributed use of long‐lived assets:

Example: Buildings, equipment, use of space, rent free

• Contributed services:

• Contributed services:

Examples: Legal, Accounting, marketing‐ Recognize the expense as it occurs

• Noncash contributions:

• Noncash contributions:

Examples: Collection items, pharmaceuticalsFair value considerations

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Revocable, Repayable, Reciprocal Transactions

Four Types of Transfers that are NOT Contributions:

Refundable Advances:1. The transfer is subject to the resource provider’s unilateral right

to redirect the use of the transferred assets to another beneficiary.

2. Conditional promise to give3. Parent Subsidiary transfer of assets

Transfer is Reciprocal:4. A resource provider specifies itself or its affiliate as beneficiary

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Recognition Principles for Contributions

Donor‐Imposed Condition: Specifies a future and uncertain event whose occurrence or failure to occur gives the donor the right of return of the assets or releases the donor from the obligation to transfer assets in the future.

Donor‐Imposed Restriction: A stipulation specifying a use for a contribution that is more specific than the broad limits resulting from the nature and purpose of the organization and from the environment in which it operates.

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Donor‐Imposed Restrictions

Some restrictions permanently limit the organization’s use of contributed assets.

Other restrictions are temporary in nature, limiting the assets use to: Later periods or after specific dates (time restrictions); Specific purposes; or Both

Unconditional contributions received with donor‐imposed restrictions should be reported as restricted support that either increases: Permanently restricted net assets Temporarily restricted net assets

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Conditions vs. Restrictions

Requires judgment

Conditions cast doubt

Restrictions limit the use of the contribution for a particular purpose

Ambiguous donor stipulations

Board‐designated assets

Government grants

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Split‐Interest Agreements

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Types of split‐interest agreements

Recognition and measurement principles

Use of fair value measures

Recognition of revocable agreements

NFP is trustee or fiscal agent

Unrelated third party is the trustee or fiscal agent

Pooled income funds

Types of Split‐Interest Agreements

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Charitable Remainder Trusts


Pooled (Life) Income Funds

Charitable Lead Trusts

Perpetual Trusts Held by Third Parties

Recognition and Measurement Principles

The contribution portion of a split‐interest agreement should be recognized as revenue or gain.

Contributions should be measured at fair value.

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Use of Fair Value Measurements

Recognition of split‐interest agreements also requires related assets and liabilities to be initially measured at fair value.

Present value techniques are one possible technique available to NFPs to measure fair value.

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Recognition of Revocable Agreements

Revocable split‐interest agreements should be accounted for as intentions to give.

Assets received by the NFP acting as trustee: Recorded at fair value when received as assets and as a refundable

advance.

Contribution revenue: Recognized when agreements become irrevocable or when the assets

are distributed to the NFP for its unconditional use, whichever occurs first.

Income earned on assets held under revocable agreements: Recognized as adjustments to the assets and refundable advances.

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NFP is the Trustee or Fiscal Agent

Unconditional Irrevocable Agreements: Record contribution revenue and related assets and liabilities

Assets should be recorded when received

Contributions received should be measured at fair value

Assets held for the benefit of others

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Lead Interest Agreement: The fair value of the contribution can be estimated directly based on the present value of the future distributions to be received by the NFP as a beneficiary

Accounting for future payments to other beneficiaries

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Net Asset Classification: Contribution revenues recognized under split‐interest agreements

should be classified as increases in temporarily restricted net assets unless either of the following conditions exist:

• The donor has permanently restricted the NFP’s use of its interest in the assets.

• The donor gives the NFP the immediate right to use without restrictions on the assets it receives.

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Unrelated Third Party is the Trustee or Fiscal Agent

Assets not controlled by the NFP

Measurement objective remains the same (i.e., Fair Value)

If present value techniques are used: All elements including discount rate assumptions should be revised at

each measurement date.

Distributions from the trust should be reflected as a reduction in the beneficial interest

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Pooled Income Funds

Periodic income and payments to the donor should be reflected as increases or decreases in a liability to the donor.

Amortization of the discount should be recognized as a reduction in the deferred revenue account and as a change in the value of the split‐interest agreement.

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Recognition Upon Termination

Asset and liability accounts should be closed.

Any remaining amounts in the asset or liability accounts should be recognized as changes in the value of the split‐interest agreements.

If assets become available for unrestricted use, then amounts should be reclassified from temporarily restricted net assets to unrestricted net assets.

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Financial Statement Presentation

Description of the general terms of existing split‐interest agreements

Assets and liabilities recognized under split‐interest agreements, if not reported separately from other assets and liabilities in statement of financial position.

Basis used for recognized assets

Discount rates and actuarial assumptions used, if present value techniques are used

Contribution revenue recognized

Changes in the value of split‐interest agreements

Fair value disclosures

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Best Practices

Develop a strategy: Tracking , Reporting, and Recording for each fundraising strategy:

• Annual campaigns• Capital• Endowment• Planned Giving• Sponsorship• Multi‐year pledges• Special Events

Gift acceptance policies Documentation

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2013 Tax Laws ImpactingCharitable Contributions

Susan M. Kirsch, CPA, JDShareholder


American Taxpayer Relief Act of 2012

New 39.6% Tax Rate New tax rate applied to taxable income:

Married Filing Jointly: $450,000

Qualifying Widow(er): $450,000

Head of Household: $425,000

Single: $400,000

Married Filing Separately: $225,000

Greater tax savings possible for individuals in new tax bracket

Payroll Tax “Increase”

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Limitation on Itemized Deductions Reinstated:

Itemized deductions phase out thresholds:

Married Filing Jointly: $300,000 of AGI

Qualifying Widow(er): $300,000 of AGI

Head of Household: $275,000 of AGI

Single: $250,000 of AGI

Married Filing Separately: $150,000 of AGI

AGI = Adjusted Gross Income

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Limitation on Itemized Deductions Reinstated Itemized deductions reduced by lesser of 3% of taxpayer’s AGI over

threshold amount or by 80% of otherwise allowable itemized deductions

Example: Married couple has $800,000 of AGI. Their itemized deductions would be reduced by $15,000, which is 3% of the excess AGI over $300,000 (3% X $500,000)

Note: Since new limitation is based on AGI (not on amount of itemized deductions) there is still a tax incentive for taxpayers to donate to charity

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“PEASE LIMITATIONS”


Qualified Dividends: 0%/15%/20%

Capital Gains Tax Rate: 0%/15%/20%

Medicare Contribution Tax

3.8%

Applicable to Net Investment Income

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Key tax extensions related to charitable giving

Charitable deduction for donating real property for conservation

Exclusion for charitable distributions from IRAs

Enhanced charitable deduction for contributions of food inventory

Extension of basis adjustment to stock of S corporations making charitable contributions of property

Extended through December 31, 2013

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Qualified Charitable Distributions (QCD) from IRAs A QCD is an otherwise taxable distribution from an IRA (other than a

SEP or SIMPLE IRA) owned by an individual age 70 ½ or older paid directly from the IRA to a qualified charity

QCDs made during January 2013 may be treated as made in 2012 if either of the two following circumstances are met

• Must be a cash contribution to charity of all or a portion of an IRA distribution made in December 2012, provided that the contribution would have been a 2012 QCD if it had been paid directly from the IRA to the charity in 2012

• The contribution is paid directly from the IRA to the charity, provided that the contribution would have been a 2012 QCD if it had been paid in 2012

Donation limited to $100,000; can be used to satisfy 2012 RMD65

2012 Tax Proposals/Fiscal Cliff Discussions

Cap on charitable deductions at 28% for high‐income taxpayers‐ President Obama

Converting the charitable deduction into a 12%, nonrefundable taxcredit available to all taxpayers

‐ National Commission on Fiscal Responsibility and Reform

Converting the charitable deduction into a 15% refundable taxcredit

‐ BiPartisan Policy Center Debt Reduction Task Force

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2012 Tax Proposals/Fiscal Cliff Discussions

Cap on itemized deductions at 2% of AGI

Cap on itemized deductions at $25,000 for individuals and $50,000 for couples

Cap on all tax deductions at $35,000, with the exception of the charitable deduction

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What is a Charitable Contribution?

IRC§170 permits a deduction for a charitable contribution made within the tax year

Charitable Contribution is:

- a gift or contribution made to or for use of a qualified charitable organization

Detached and disinterested generosity

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Elements of a valid gift:

Competent donor

Donee capable of taking gift

Intent to absolutely and irrevocably divest title, dominion and control at date of gift

Irrevocable transfer of title, dominion and control of the entire gift

Delivery

Acceptance by Donee

Kaplan v. Comm’r, T.C. Memo 2006‐16 (2006)

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2012 Tax Court Cases

Durden v. Comm’r, T.C. Memo 2012‐140

Contemporaneous acknowledgement failed to indicate whether taxpayer received any goods or services in exchange for the contribution

Cash contributions of more than $25,000 to church

Gaerttner and Williams v. Comm’r, T.C. Memo 2012‐43

Substantiation failed to provide a description of the property contributed and identify the quantity of items donated

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Mohammed, Sr. v. Comm’r, T.C. Memo 2012‐152

Donation of real property worth more than $15 million to his charitable remainder unitrust

Failure to obtain qualified appraisal, appraisal signed by donor, an experienced real property appraiser

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RP Golf, LLC v. Comm’r, T.C. Memo 2012‐282 Conservation easement donation

Acknowledgement was contemporaneous even though it failed to include a specific statement that no goods or services were exchanged for the donation

Alternate acknowledgement language was sufficient notification

Averyt v. Comm’r, T.C. Memo 2012‐198 Conservation easement donation

Substantiation was provided through conservation deed

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Substantiation and Recordkeeping Requirements

Cash Contributions of $250 or Less

Recordkeeping required to substantiate a taxpayer’s charitable contribution deduction

Acceptable Forms of Substantiation

Written communication from charity

Bank record (e.g. statement from bank, electronic fund transfer receipt, canceled check, credit card statement)

Credit card receipt/statement

Text message/phone bill

‐ IRC §170(f)(17)73

Substantiation and Recordkeeping Requirements

Cash Contributions of $250 or More

Substantiation/Acknowledgement Requirement

Acknowledgement By Charity Required:

– Amount of cash and description of any property contributed

– Whether the donee organization provided any goods or services to the donor in consideration for any cash/property it receives

– A description and good faith estimate of the value of any goods or services the donee organization provided to the donor

Contemporaneous

‐ IRC §170(f)(8)(B) and (C)

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Quid Pro Quo Contribution

Payment made by a donor partly as a charitable contribution and partly for goods or services provided to the donor by the donee

Cash Contributions Greater Than $75 Donee must provide the donor with a statement that:

• Informs the donor that the deductible portion of the contribution is limited to the excess of the contribution over the FMV of goods or services received.

• Provides the donor with a good faith estimate of the value of such goods or services.

It is the donor’s responsibility to obtain a statement from the donee

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Noncash Contributions Less Than $250

Prop. Reg. §1.170A‐16(a)(1)

Donor must obtain and keep a receipt from the charity showing:

• The name and address of the charity

• The date and location of the charitable contribution

• A detailed description of the property donated

Clothing and household items must be in good used condition or better

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Noncash Contributions Less than $250Reliable Written Records (RWR)

Prop. Reg. §1.170A‐16(a)(2) If impractical to obtain a receipt from donor RWR is acceptable

Example: Donor deposits canned food at donee’s unattended drop site

RWRs must include all of the following:

• Fair Market Value (FMV) of donated property at time of contribution

• Method used to determine FMV

• Condition of clothing or household items contributed

• Cost or other basis of donated property if its FMV must be reduced by appreciation

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Noncash ContributionsAt Least $250 But Not More Than $500

Prop. Reg. §1.170A‐16(b)

No deduction allowed unless donor obtains and retains a contemporaneous written acknowledgement from donee

Acknowledgement must contain a description of the property contributed but not necessarily its value

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Noncash ContributionsOver $500 But Not Over $5,000

Prop. Reg. §1.170A‐16(c) No deduction allowed unless donor obtains and retains a

contemporaneous written acknowledgement from donee

Acknowledgement must contain a description of the property contributed but not necessarily its value.

Records must also indicate the following:

• How the property was obtained

• The date in which the property was acquired

• The cost or other basis of contributed property

Clothing/household goods > $500 do not need to be in good used condition or better provided a qualified appraisal is filed with form 1040

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Noncash ContributionsOver $5,000

Prop. Reg. §1.170A‐16(d)/IRC §170(f)(11)(F) No deduction allowed unless donor obtains and retains a

contemporaneous written acknowledgement from donee Acknowledgement must contain a description of the property

contributed but not necessarily its value. Noncash contributions to a charity (or charities) made on different

dates during a tax year must be aggregated for $5,000 threshold Generally, donor must also obtain a qualified written appraisal of the

donated property Form 8283 and appraisal must be attached to 1040

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Form 8283 – Noncash Charitable Contributions

Section A – Part I

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Section A – Part II

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Section B – Part I and II

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Section B Part III and IV

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Responding to the Current Environment

Build a compelling case for giving in the current competitive environment

Stress consequences of not supporting your cause Improve communications with donors – periodic newsletters and

email Partner with other nonprofits to raise awareness Focus on annual small gifts Increase advocacy to emphasis your need Shift fundraising from specific groups to specific problems or

projects

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Questions?

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Contact Information

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Susan M. Kirsch, CPA, JDShareholder412‐697‐5444Fax: 412‐697‐5844Email: [email protected]

Melanie M. LaSota, CPA, JDDirector of Estate and Succession Planning412‐697‐5242Fax: 412‐697‐5642Email: [email protected]

Staci L. Brogan, CPAAudit Senior Manager412‐697‐5362Fax: 412‐697‐5762Email: [email protected]

Where to Obtain Information

www.schneiderdowns.com/charitable‐giving‐1‐22‐13

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Join us for our next Breakfast Brief Thursday April 25, 2013 at the Rivers Club

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Thank You

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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any

federal tax penalties that may be imposed, or for promoting, marketing or recommending to

another person, any tax related matter.

Documents

Charitable Giving - January 22 2013 - Schneider Downs