For purposes of determining gross revenue, how will one-time donations be treated?
The statute does not provide for an exemption for such donations. Follow instructions for IRS Form 990, Part I, Line 1. • What is the effective date for initial registration under the Act? If property was initially received in 2004, under the old law, would an organization be required to register within 30 days after January 1, 2005? The effective date of the Act is January 1, 2005. The Act requires a charitable organization to register within 30 days after it initially receives property. Property includes money and any other type of real or personal property. Initial registration is accomplished by completing and filing a form CT-1 and submitting a copy of the organization”s governing instrument and the other information set forth in the CT-1 and the initial registration guide, both of which are available on the Attorney Generals Charities website.
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- For purposes of determining gross revenue, how will one-time donations be treated?
