Tax relief on donations to certain sports bodies
What records must be kept by an approved sports body?
As an approved sports body, you must keep a running total of all donations received:
- from all donors, corporate and individual
- regardless of the amount
- regardless of whether tax relief is donated to the approved sports body
You must also:
- retain copies of your receipts provided to donors
- set up a separate bank account to lodge all donations
- keep proper financial records and accounts
- and
- keep audited accounts if your income is over €250,000 per annum.
Approved sports bodies with an approved project number
Approved sports bodies with an approved project number must also submit annual progress reports to the Sports Unit of the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media. The first report is due one year from the date of the approval letter.
The report should:
- outline the work completed on the approved project
- define the timetable for remaining works
- and
- list the total donations received in the preceding year.
The above reports must be made available to the Charities and Sports Exemptions Unit upon request.