TREASURERS TRUE TALK
IRS 501(c) (3) TAX EXEMPT STATUS: WHAT IT MEANS TO YOU AND CLAN MACALISTER SOCIETY
Clan MacAlister Society (CMS) on August 22, 2007 was approved by the IRS as an Educational 501(c) 3 Tax Exempt Charitable Non Profit Corporation.
This ruling is extremely important to the long term financial health of the CMS. It allows CMS to acquire financial the resources needed to fulfill our educational mission to bring Clan history and Scottish culture to our members and the interested general public without the burden of paying Federal and State Tax on CMS income.
In addition, your donations to CMS, in support of our educational mission, can be claimed on your itemized 1040 Individual Tax Return as a tax exempt charitable donation to a non profit corporation. Both you the donor, and CMS the recipient of your generosity, are then able to fulfill our mutual goal of educating Clansmen about their great Clan and culture.
We ask you seriously consider CMS when deciding which charities to contribute to this year, and here is why:
- It is a goal of CMS to continue to improve the quality and quantity of the type of educational materials that we distribute at the more than 50 and climbing Highland Games and Clan Gatherings we attend each year;
- It is a goal of CMS to provide additional assistance to the Clan MacAlister Charitable Trust and the Clan MacAlister Centre at Glenbarr Abbey;
- It is a goal of CMS to establish a Scholarship Grant Fund for the children of Clansmen and the Scottish Community who are going to be students of higher learning;
- It is a goal of CMS to continue to expand the level of support we give for our Commissioners who distribute most of our educational materials and teach Clan history and culture to Clansmen and the interested public.
These are just a few of the projects that we are planning. However YOUR financial support is key to CMS being able to serve our Clansman at even this level.
Here are the types of charitable donations that the IRS allows us to accept:
- Financial Contributions: Checks; Cash; Stocks; Real and Personal Property
- Gifts in Kind
For any of these types of the contributions we will provide you with a formal written letter for the amount of the contribution based on the market or appraised value of your donation for your tax records.
Help us reach our goals and our MacAlister Clansmen.
We would very much like to count on you as one of the contributors to the success of Clan MacAlister Society in support of both our goals; and to allow you an opportunity to leave something to the future of the ‘Children of the Clan’ and its history.
Please contact me and let me discuss with you, and your tax advisor, how we can fulfill both your goals with a charitable gift from you.
Sherrie’ McAllister, Treasurer
All guidelines for the Tax deductible donations can be found in the IRS Publication 526.
Here are some specific IRS guidelines written to give guidance to tax exempt organizations for various types gifts and amounts over $250.00;
CONTRIBUTIONS OF $250 OR MORE
- Donors must have written substantiation from the charity for any charitable contribution of $250 or more. Although it is the donor’s responsibility to obtain written substantiation from the charity, you can assist donors by providing a written statement listing any cash contribution or describing any donated property.
- This written statement must be provided at the time of the contribution. There is no prescribed format for the written statement. Letters, postcards and electronic (e-mail) or computer-generated forms are acceptable.
- The donor is responsible for the valuation of donated property. However, your written statement must provide a sufficient description to support the donor’s contribution. For additional information regarding donor substantiation, see Publication 1771, Charitable Contributions – Substantiation and Disclosure Requirements. For information about the valuation of donated property, see Publication 561, Determining the Valuation of Donated Property.