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| Summer 2007 | |
Grace Cottage Foundation Changes In IRS Regulations • In the past, the IRS required receipts from charities only for donations of $250 and over. Regulations have changed; now every donation requires a receipt, no matter the amount. The IRS considers an acceptable receipt to be any one of the following: a signed thank-you note from the charity on their letterhead, a cancelled check, a bank statement, or a credit card receipt or statement. • Individuals who are 70½ or older in 2007 can make a direct tax-free contribution to a qualified non-profit from a traditional IRA or a Roth IRA, up to $100,000. There is no charitable deduction permitted for the gift, but the donor doesn’t pay income taxes on the withdrawal. • The IRS now disallows deductions for clothing, cars, and items that are not "in good used condition or better" . In order to claim a deduction, donors must obtain a receipt from the charity, and a qualified appraisal is required for items that are valued at $500 or more. West River Westies Support Hospital
Every July, a group known as the West River Westies gathers at Bald Mountain Campground in Townshend and, via a raffle, raises hundreds of dollars to benefit Grace Cottage Hospital. At last year’s event, 60 VW buses and their owners journeyed from all over New England, Canada, NJ, NY and PA to enjoy Vermont (an Xtreme Tubing Regatta was the highlight of the 2006 get-together). The West River Westies are members of LiMBO, the international Late Model Bus Organization, which was established in 1988 by Zach Woods to help fellow owners of 1968 and newer Volkswagen vans (VW van enthusiasts are also encouraged to join - ownership is not a prerequisite!). For more information on the West River Westies, go to www.limbobus.org. and click on Events Journal, West River Westies. |
