I'm not a CPA, although I slept with one last night (my Wife, of course) and
we stayed in a Holiday Inn Express once....
IMO, the corporation would only be able to deduct their donation...the
employee contributions would just be a pass through. If they were to claim
the entire amount as their own, they would have to account for the income
somewhere....and pay tax on it.
IMO - I never contribute through somebody else (i.e. corporate office)
unless I get to see the check.....I give a lot to charity, but always
directly....that way I KNOW where it went :)
DaveW
----- Original Message -----
From: "Rick Cone" <rickcone@bellsouth.net>
To: "Pat Salerno" <psalerno@ix.netcom.com>; <autox@autox.team.net>
Sent: Wednesday, January 16, 2002 7:52 AM
Subject: Re: A quick Note (account question)
> My company did this matching corporate thing also. Though I chose not to
> participate, and made my donation directly.
>
> Here is my issue. Company X decides it will match $ for $ of employee
> contributions. Send your check to corporate HQ.
> Company X takes employee deposits into there accounts and writes a check
for
> 2 x $ contributed.
>
> Does company X get to deduct 100% of what they contributed without having
to
> count the $ received by employees? In other words...
>
> If employees contribute $500,000, for a net donation of $1,000,000. If
the
> company rights off the $1,000,000 as a tax deduction, they would get a
> $400,000 deduction 40% taxes, or there net contribution would be only
> $100,000, though they get to advertise a $1,000,000 contribution. Sounds
> like a good deal to me.
>
> Of course I could be way off here... Feel free to correct my Corporate
> Account Practices...
>
> Interviewing as Partner for Arthur Anderson.
>
> Rick Cone
> ----- Original Message -----
> From: "Pat Salerno" <psalerno@ix.netcom.com>
> To: <autox@autox.team.net>
> Sent: Monday, January 14, 2002 6:57 PM
> Subject: A quick Note
>
>
> > Since I drive a Porsche....this hit home....Pass it on if you
like.....but
> it
> > does make you think...
> >
> > Date: Tue, 8 Jan 2002 10:28:33 -0500
> > > CNN Headline News did a short news listing regarding Ford and GM's
> > > contributions to the relief and recovery efforts in New York and
> > > Washington. The findings are as follows......
> > >
> > > 1. Ford- $1 million to American Red Cross matching employee
> contributions
> > > of
> > > the same number plus 10 Excursions to NY Fire Dept. The company also
> > > offered
> > > ER response team services and office space to displaced government
> > > employees.
> > >
> > > 2. GM- $1 million to American Red Cross matching employee
contributions
> > > of the same number and a fleet of vans, suv's, and trucks.
> > >
> > > 3. Daimler Chrysler- $10 million to support of the children and
victims
> > > of the Sept. 11 attack.
> > >
> > > 4. Harley Davidson motorcycles- $1 million and 30 new motorcycles to
the
> > > New
> > > York Police Dept.
> > >
> > > 5. Volkswagen- Employees and management created a Sept 11 Foundation,
> > > funded initial with $2 million, for the assistance of the children and
> > > victims of the WTC.
> > >
> > > 6. Hyundai- $300,000 to the American Red Cross.
> > >
> > > 7. Audi- Nothing.
> > >
> > > 8. BMW- Nothing.
> > >
> > >
> > > 9. Daewoo- Nothing.
> > >
> > > 10. Fiat- Nothing.
> > >
> > > 11. Honda- Nothing despite boasting of second best sales month ever in
> > > August 2001.
> > >
> > > 12. Isuzu- Nothing.
> > >
> > > 13. Mitsubishi- Nothing.
> > >
> > > 14. Nissan- Nothing.
> > >
> > > 15. Porsche- Nothing. Press release with condolences via the Porsche
> > > website.
> > >
> > > 16. Subaru- Nothing.
> > >
> > > 17. Suzuki- Nothing.
> > >
> > > 18. Toyota- Nothing despite claims of high sales in July and August
> > > 2001. Condolences posted on the website.
> > >
> > > Whenever the time may be for you to purchase or lease a new vehicle,
> keep
> > > this information in mind. You might want to give more consideration to
a
> > > car
> > > manufactured by an American-owned and / or American based company.
Apart
> > > from Hyundai and Volkswagen, the foreign car companies contributed
> > nothing
> >
> > > at all to the citizens of the United States. It's OK for these
> companies
> >
> > to
> >
> > >
> > > take money out of this country, but it is apparently not acceptable
to
> > > return some in a time of crisis. I believe we should not forget
things
> >
> > like
> >
> > >
> > > this. Say thank you in a way that gets their
> >
> > /// unsubscribe/change address requests to majordomo@autox.team.net or
> try
> > /// http://www.team.net/cgi-bin/majorcool
> > /// http://www.team.net/mailman/listinfo
> > /// Partial archives at http://www.team.net/archive
> > /// Send list postings to autox@autox.team.net
>
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