An affinity card is a credit card issued to members of a specific group, such as a club or college, or to supporters of a certain charity. The credit card company donates a portion of each transaction to the affiliated organization.
Charitable contributions are donations made to qualified organizations that can be claimed as a deduction on your tax return. These contributions can provide both societal benefits and potential tax savings for individuals and businesses.
Charity accounts are the financial records of a charitable organization, highlighting both receipts like donations and expenditures like grants. They must comply with specific regulations depending on legal structure and size, including directives set by the Charities Act 2011 and Statements of Recommended Practice (SORPs) issued by the Charity Commission.
Nonprofit accounting encompasses the accounting policies, procedures, and techniques employed by nonprofit organizations. It is different for governmental units compared to nongovernmental units such as colleges, hospitals, voluntary health and welfare organizations, and charities.
An entity that operates for purposes other than generating profit and is exempt from paying income taxes due to its socially desirable business activities.
A Not-For-Profit Organization, also known as a nonprofit, is an organization in which no stockholder or trustee shares in profits or losses. These organizations usually exist to accomplish charitable, humanitarian, or educational purposes.
Donations for political or charitable purposes made by an organization. Under the Companies Act, a disclosure of such a donation has to be made by companies that are not wholly owned subsidiaries and have given in aggregate more than £200 in the financial year.
A public charity is a type of nonprofit organization that draws its support from a broad base within the community. This can include schools, churches, hospitals, and other organizations. It offers more generous contribution limitations for donors and must adhere to specific criteria regarding its sources of income.
A qualified organization is an entity to which individuals or businesses can make deductible charitable contributions according to tax regulations.
