Donation Guidelines
Information Age Learning Center (InfoAge) is a 501(c)(3) Non-Profit organization as as defined by the Internal Revenue Code of 1986. This means that donations made to InfoAge qualify for a deduction on taxes.
Our non-profit status may be verified at the IRS website on their Search for Charities page. We are listed as “Information Age Learning Center” and it will confirm that we are located in Wall Township, New Jersey.
The IRS has a general guide about donations that may be helpful. It can be found here, and is a PDF file (requires Adobe Acrobat Reader, which is free to download).
Some highlights from this article include:
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You cannot deduct the value of your time.
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You can deduct the cost of fuel/oil and/or transport.
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You cannot deduct appraisal fees.
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You cannot deduct for household items that are considered “less than good used condition” (with exceptions for items over $500 fair market value in its current state)
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Household items include:
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Furniture
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Electronics
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Appliances
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You may deduct for a vehicle. At this current time, all vehicles donated to InfoAge fall under “Exception 1 – vehicle used or improved by organization”, unless otherwise directly confirmed with the individual donating the vehicle.
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You cannot deduct partial interest in property (with exception)
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You may deduct for donating inventory, following your standard method of accounting to determine it’s fair value.
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Most types of donated items rely on “Fair Market Value” to determine the amount available for deduction. “Fair Market Value” is defined as “the price at which property would change hands between a willing buyer and willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts”.
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There are four major “tiers” of non-cash donations, being:
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Less than $250
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At least $250 but not more than $500
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More than $500 but less than $5,000
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More than $5,000
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All donations to InfoAge receive a receipt acknowledging the donation for tax purposes. It is up to the individual donating to determine the value for their own records. InfoAge must determine value for its own records.
If you would like more information on the donation progress, please contact us. We’d be more than happy to help.
