Tax Incentives for Donations
Taxes and Your Donation
In addition to helping underprivileged children by supporting AURORA’S PROMISE, a donation to AURORA’S PROMISE can also be a financial benefit come tax time.
Here are some ways to maximize your generous taxable donation:
- AURORA’S PROMISE is recognized by the Internal Revenue Services as exempt under IRC Section 501(c)(3)
- Maintain records of your donations, such as receipts or letters from AURORA’S PROMISE acknowledging receipt of your donation.
- Donations of more than $250 must be supported by record of payment from your bank such as a cancelled check, bank statement, etc.
- If you do volunteer work for AURORA’S PROMISE, you cannot deduct the value of your time or services; however, you may be able to deduct some expenses if they are:
- Directly connected with the services you performed
- Expenses you had only as a result of your volunteer work
- Generally, no more than 50 percent of your adjusted gross income can be deducted.
We recommend you contact a tax professional for more information.
Private Foundations
As a public charity, AURORA’S PROMISE is qualified to receive grants from private foundations. A grant to AURORA’S PROMISE will help your foundation satisfy its annual distribution requirements while helping AURORA’S PROMISE accomplish its mission of serving underprivileged children.