As a charitable non-profit organization, IBC relies on the generosity of a large number of hard working people like you in order to carry out its mission. As a result we feel it important to keep our financial status available for our donors and others to review.
Online Giving
We offer online bank drafts as a method for folks to give to IBC online. You can even set up recurring drafts. We use americanbankdraft.com to make sure that the transactions are secure and private.
Click here to make a donation to IBC through American Bank Draft.
Charitable Giving and Tax Tips 2010
One of the best ways to make a difference in today’s world is through charitable giving of your time, talents and money. Even better, our government recognizes these acts of kindness as reason for reward, i.e. tax breaks for monetary gifts. Some Americans don’t realize they can receive tax deductions from charitable giving. The simple truth is, you can. Here are some simple tips with respect to charitable giving to keep in mind.
Ways to contribute
Charitable giving comes in two forms: cash contributions and non-cash contributions. Cash contributions include donations made in cash, by check or credit card. Non-cash contributions include donations of stock and real estate as well as personal items such as clothing, furniture, automobiles, etc. To document cash donations, you must provide your name and address with the contribution in order to get a receipt from the charity.
Non-cash contributions
To document a non-cash contribution, simply get a receipt from the charity to which you made a donation. If you donate items to Christian Community Action (CCA), or Goodwill or a similar charity, be sure to get a written receipt because these are also tax deductible. Remember, too, that you can deduct 14 cents a mile for any charitable work, including the trips to bring the old clothes to the charity.
Stock contributions
If you donated stock you may claim a tax deduction equal to the price of the stock at the time of contribution. – or — To avoid capital gains taxes on stock that has appreciated over the years, instead of selling the stock and then making a donation, you can donate the stock directly to Irving Bible Church and receive a tax deduction equal to the price of the stock at the time of the contribution.
Keep your receipts
In the real world, you either have proof of your deductions or lose them. Always keep your receipts and checks if you want to deduct them. Deductible receipts and checks should always be kept for at least three years from the due date of the year filed, or the actual date filed, if later.
Forgot to get a receipt?
With non-cash charitable contributions, the rule is simple: No receipt means no deduction if you get audited. If you’ve already dumped your old clothes in a Salvation Army box and walked away without a receipt, take the deduction anyway. You’ve legitimately made the contribution. You just may not be able to prove it in an audit. If you can, reconstruct the list of items you donated as best as you can and then figure out their market value. The easiest way is to go to a Salvation Army or thrift store and check prices there. And then, of course, get that receipt.
More Information
For more information regarding IBC financial information and giving, contact Tommy Tucker, IBC Chief Financial Officer via email here or (972) 560-4600.
Link to PDF of IBC Budget 2010