Beyond An Investment

From The Heart

A donation to RMHC can be a financial benefit come tax time. Here are some considerations to ensure you get the maximum benefit from your generous donation.

  • As a nonprofit corporation, RMHC is classified by the Internal Revenue Services as exempt under IRC Section 501(c)(3) and as a public charity under IRC Section 509.
  • Keep records of your donations, including receipts or letters acknowledging your donation.
  • Donations of more than $250 must be supported by record of payment from your bank. (Cancelled check, bank statement, etc.)

If you volunteer, you cannot deduct the value of your services, but you may be able to deduct some expenses if they are:

  • Not reimbursed through your employer or anyone else
  • Directly connected with the services you performed
  • Expenses you incurred while performing your volunteer work
  • Generally, no more than 50 percent of your adjusted gross income can be deducted. If you donate more, carry the remaining amount over into the next year.
  • We recommend you contact a tax professional for more information.

In addition to donations from individuals, the following methods of giving also qualify for maximum tax benefits.

Private Foundations

As a public charity, RMHC is qualified to receive grants from private foundations. A grant to RMHC will help your foundation satisfy its annual distribution requirements while helping RMHC accomplish its mission of serving children.

Donations of Securities

In addition to donating cash to RMHC, individual donors may make gifts of publicly traded securities. The donor is not taxed on any gain in the property, and the donor may deduct the fair market value of the gifted securities against other income (subject to certain limitations).

Donors should seek the advice of a professional tax adviser. The Legacy Planning department of RMHC will happily assist donors and advisers in structuring their gifts.