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:
- 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.
You 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 list of relevant donations should be broken down into the amounts received from:
The above reports must be made available to the Charities and Sports Exemptions Unit upon request.