IMBA Chapter Program, is it right for FORC?

[ew_perry]

What IMBA is hearing from current Chapters.

http://www.imba.com/blog/2012-chapte...ess-priorities

[DH001]

I have found answers to questions from last nights meeting regarding our current nonprofit status.

Q: If an individual/corporation donates money to FORC right now is that donation tax deductible?

A: No. FORC must have 501(c)3 tax exempt status and be listed on IRS Publication 78 for these donations to be claimed as exemptions when filing taxes. FORC must also file Form 990-N (or similar) with the IRS yearly to maintain its 501(c)3 status. [source: IRS Publication 78]


Q: How much can an individual deduct from their taxes by donating to FORC if it were a 501(c)3 organization?

A: Up to 50% of adjusted gross income for cash contributions and 30% for property donations. [source: Charitable Contribution Deductions]


If FORC were to seek 501(c)3 status on its own, Publication 557 is the IRS document explaining the process.