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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14168
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hi There! I am making a gift donation to promote a fundraising

Resolved Question:

Hi There!

I am making a gift donation to promote a fundraising drive for my daughter's school. Does my gift donation allow it to be tax-deductible if under $75? Do I need proof from the school or school's PTG group that it is a 501(c)3 organization if another organization has verified this?

Also, I order supplies to promote the fundraising drive that are not reimbursed to me from the school's PTG group. Are these tax-deductible as well? I understand my time is not eligible, but mileage is.
Submitted: 10 months ago.
Category: Tax
Expert:  Megan C replied 10 months ago.

Megan C :

Thank you for your question. My name is XXXXX XXXXX I would be happy to assist you. Thanks for requesting me directly

Megan C :

How are you tonight?

Megan C :

Any funds that you donate to a 501(c)(3) are tax deductible. You don't need written confirmation from the organization unless the donation is over $250.

Megan C :

You don't need proof that it is a 501(c)(3) so long as you know that it is a 501(c)(3)

Megan C :

Also, the supplies you purchase are an in-kind donation and you can also deduct that. You will will need written confirmation if your total donations to the organization are over $250.

Customer:

Well, I was concerned since they're EIN is not listed on the IRS "approved" website as tax-deductible.

Megan C :

Are they a 501(c)(3)?

Customer:

Can I deduct the donation and supplies as a personal or business expense?

Megan C :

It would be a personal donation, which is an itemized deduction

Customer:

They consider themselves a "charitable and educational organization" - It is a private Catholic school.

Customer:

The fundraiser is through a gift card program which provides the school a rebate. So if I donated a $10 gift card for a drawing, the school would receive $0.40

Customer:

Can a business donate to the school, but not in a fundraiser way?

Megan C :

You can deduct what the gift card cost you

Megan C :

so if you bought the gift card for $5 you could only deduct $5 even if the face value is $10

Customer:

Got it.

Megan C :

And yes, a business can donate to a school and get a deduction as well

Customer:

Great. Thank you so much for your help. Have a great night!

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14168
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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