Did you know that Tucson Tri Girls is a qualified 501(c)(3) tax-exempt organization? We are and here's what that means for us as an organization and to you as a taxpayer:
How TTG benefits from being a 501(c)(3):
Per the IRS, there are over 20 different types of tax-exempt (aka non-profit) organizations. Tucson Tri Girls Board of Directors applied and received its 501(c)(3) tax-exemption status and are designated as public charity. We are considered a public charity because we receive our support from a combination of gifts, grants and contributions and fees for our exempt services.
Having this tax-exempt designation allows our organization to not have to pay taxes on income earned on activities that are related to our exempt purpose or mission. We operate exclusively for our exempt purpose and use our net income (also known in accounting speak as "proceeds/net earnings/surplus revenue/profit") to achieve our goals/mission.
Tucson Tri Girls exempt purpose is to foster the participation of women in local, national, and international amateur triathlon competition. In doing so, it promotes health and fitness to women of all ages and abilities. We provide education, training, and support to women triathletes of all abilities in the Tucson, Arizona area. We offer membership to any woman expressing an interest in triathlons or related endurance sports by their completing a membership application and payment of the annual dues. Membership qualifies women to receive certain discounts from our sponsors and reduced fees to certain clinics and events.
How you, as a taxpayer, benefit from supporting TTG:
As a qualified 501(c)(3) charity, we are eligible to receive tax-deductible contributions. Public support we receive can be from individuals, companies and/or other public charities. Cash and non-cash donations to public charities can be tax deductible to the donor. Charitable contributions from individuals may lower your tax bill!
Individuals who itemize on their tax returns can deduct contributions (cash, property or out-of-pocket expenses) to a charitable organization. The value of your volunteer time or services to a charitable organization is not deductible. However, out-of-pocket expenses directly related to the volunteer services are usually deductible (unless reimbursed). Contributions for which the donor receives a gift or other benefits (called "quid-pro-quo contributions") are deductible only to the extent that the donation exceeds the fair market value of the benefit received. If the quid pro quo contribution you make is not more than $75, the IRS doesn't require a disclosure statement to be made for items you received in return.
Regardless of the amount, keeping records of contributions is essential for itemizers. Acceptable records include bank records, receipts, payroll deductions and written communications from the charity. Donated property may generally be deducted at fair market value of the property at the time of the contribution, however certain larger values of donated property may also require an independent appraisal.
There are certain charitable deduction limitations for individuals & businesses based on their income level and tax filing status. Generally, up to 50% of the individual donor's income and 10% of a corporation's taxable income are allowed as a charitable contribution deduction. Generally, excess contributions may be carried over for the next 5 years.
Certain IRS regulations, other tax and income circumstances can affect the deductibility of contributions to public charities. The IRS provides information on deductibility and related subjects at: http://www.irs.gov/charities/contributors/index.html