Donation Tax Benefits & Other Information

Frequently Asked Questions

Making the most of your contributions, donations, or pledges includes not only having a “good feeling” that you are helping someone but also knowing about your tax benefits. The Educational Scholarship Fund of the Filipino-American Club of the Jersey Shore is established to respond to the need of and to support the young generation of Filipino-American descent in the Philippines, the United States, and beyond.  The Club is registered with the IRS as a 501(c)(3) organization and have been given tax-exempt status.  Below are FAQs related to topics concerning the tax receipt of your donation, contribution, gift, pledge, or service.  Though it is not conclusive, please browse our FAQs.

        1.      What does it mean to be a 501(c)(3) organization?

        2.      What is my tax benefit for charitable contributions? 

        3.      What counts as a charitable organization?

        4.      How can I take a deduction for my donation?

        5.      Do I need a receipt for donations I make? 

        6.      Do I need any acknowledgement for donations under $250?

        7.      For donations over $250, what information does the receipt need?

        8.      Can I take a deduction by volunteering my time and services? 

        9.      How do I give my donation, contribution, or gift to the Club?  

        10.  Will you protect my privacy?  

1. What does it mean to be a 501(c)(3) organization?
   For charities, this means that they can accept contributions and offer donors a tax deduction for their gifts, contributions, donations, and pledges. For donors like you, this means your contributions are fully tax-deductible to the amount allowed by law. The email or hardcopy tax receipt you receive from the Club meets all the IRS requirements as a record of donation.

1. What is my tax benefit for charitable contributions?
   The chart below (next page) provides a sample of the deduction for a single person in each tax bracket making a cash donation of $100, for example. The instructions for the 1040 Form will help determine the exact amount of your deduction, which will vary depending on your tax bracket and whether you file as a single person or jointly.

1. What counts as a charitable organization? A charitable organization is generally defined as any nonprofit organization that is identified and approved by the IRS as a 501(c)(3) organization. These organizations have been given tax-exempt status and can accept contributions. The Club itself is a bona-fide registered 501(c)(3) organization.  The Club’s charitable documentation is available to anyone upon request.
   
   NOTE: Not all donations to nonprofits can be claimed as charitable deductions, even if the organization is registered as a nonprofit. Check with the IRS on whether or not an organization can receive charitable deductions.
   
   CHARITABLE EVENTS: For a charitable event, only a portion of the ticket value is deductible. The portion that is NOT deductible is the value of the goods or services that you receive (e.g. dinner, entertainment, etc.). The rest is deductible. For example, if you pay $150 for an event, and the benefits received are worth $60, the tax-deductible amount is $90. The charity hosting the event will be able to identify the exact value of the benefits for each event.

1. How can I take a deduction for my donation? To claim a deduction, you will need to fill out a 1040 Form, which is available through the IRS website, and itemize your deductions on Schedule A. If you fill out the short form or take standard deductions, you cannot claim your contributions. 

1. Do I need a receipt for donations I make? The IRS doesn't require receipts for cash donations under $250, but you should keep donation information on file. Cash contributions of $250 and over require an acknowledgement that must be sent to the IRS with your tax returns.  The Club will provide you a tax form receipt for tax purposes at the beginning of the year.  Please call or remind the Club if you have not received the tax receipt you needed.

1. Do I need any acknowledgement for donations under $250? Though the IRS doesn’t require receipts for donations under $250, it is a good idea to keep this information on file. Be sure to keep the canceled check, credit card statement, or email receipt from the Club and other organizations to which you donate. Always note the donation amount, the date of the contribution, and the name of the charity.

1. For donations over $250, what information does the receipt need? The receipt needs to record the donation amount, the date the donation was made, and the name of the charity, as well as a written acknowledgement from the organization of any goods or services that you may have received in return for your donation and an estimate of their value. The IRS should acknowledge an email receipt as an acceptable record of donation, but to be certain, always consult your tax advisor.  The Club can provide either an email or hardcopy tax receipt.
       When you donate to the Club, your email or hardcopy acknowledgement will provide the amount, transaction date, and the charity name, all things the IRS wants you to keep a record of when you donate.
       You will also have to submit your receipts to the IRS by the due date for tax returns OR by the date you file your tax returns for the year in which you made the donation, depending on which one comes first.
2. Can I take a deduction for volunteering my time and services?  You cannot deduct the value of time or services to a charitable organization, but you can deduct any hard costs associated with that volunteering, such as the gas or bus fare it costs to get there. For example, if you volunteer in a charitable hospital and have to wear a uniform, you can deduct the cost of buying and cleaning the uniform. Your friends at the IRS will let you deduct any out-of-pocket expenses you acquire in the course of volunteering.  Just in case, save your receipts.
3. How Do I give my donation, contribution, or gift to the Club?  You send your donation to the Club by mail or in person   The Club’s phone is: (732) 922.3189.  In the near future, you may also send your monetary contribution to our secure, on-line account using your credit card.  In addition, we also offer you the option of donating anonymously.
4. Will you protect my privacy?  We guarantee that we will not sell, rent, or trade your personal information to anyone outside the Club.  

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