Advice for CITC Donors and CDCs

In a recent article, Accounting Management Solutions (AMS) offers advice to  CDCs expecting donations through the CITC program. According to AMS, organizations should be careful not to count the tax credits themselves as revenue. Until an organization receives a contribution for which tax credits are issued to the donor(s), the revenue is still considered conditional; once a donor exchanges their donation for the tax credits, then revenue can be recognized and counted.  To read the full AMS article, click here.

AMS is a leading resource for outsourced accounting and financial management services in Boston and New York City.