Accounts Receivable- Incoming Money

While every project has a separate project account within Social Good Fund’s accounting system, SGF Projects do not have individual bank accounts; Social Good Fund is the bank account holder. This is important to understand as it impacts your responsibility to track and report on your incoming donations.

You can receive donations in a variety of ways: online credit card payments, checks, electronic transfer of funds (ACH), wire transfer, money order, or cash. A typical project uses a combination of these methods.

For the tax-deductibility of a donation to be valid, the money must be received directly by Social Good Fund. Do NOT deposit any donations of any kind directly into your personal account before sending it to Social Good Fund. Doing so will invalidate the tax deductibility for the donor.

Online fundraising contributions need to be deposited directly into the Social Good Fund bank account. Cash must be converted to a USPS money order and sent to Social Good Fund or deposited directly into the Social Good Fund Chase bank account. If the funds go into another bank account, then they are no longer tax-deductible donations under Social Good Fund’s nonprofit status.