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download a PDF of Frequently Asked Questions HERE
Are donations to the BGCCC eligible for the State of Colorado Child Care Contribution Tax Credit?Yes, an investment can provide big returns thanks to a unique tax credit. Colorado taxpayers can make a cash donation to BGCCC and earn a state tax credit equal to 50% of the amount donated. More information HERE.
Can I spread my pledge over multiple years?Yes, you can. Our Capital Campaiogn will span three years, so you could, for example, contribute one-third each year for three years.
Are donations to BGCCC tax-deductible?Yes, they are deductible subject to certain limitations and if your donations exceed the standard deductions which have increased after 2019.
What limitations apply to cash donations to a not-for-profit?Cash donations to a not-for-profit are deductible in the current year to the extent that all of your charitable contributions taken in combination do not exceed 50% of your adjusted gross income for the tax year.
What limitations apply to donation of capital gain property (i.e. appreciated stock) to a not-for-profit?Donation of capital gain property, such as appreciated stock, are deductible in the current year to the extent that the fair market value of the capital gain property does not exceed 30% of your adjusted gross income for the year. Please note that if you are making both cash donations and donations of capital gain property in the same year, more complicated deductions limitations apply.
If I make donations to BGCC which exceed the limits for deductibility in the current year, are the donations deductible in future years?"Yes, you can carry forward donations you cannot deduct in the current year because they exceed your adjusted gross income limits. You may be able to deduct the excess in each of the next 5 years until it is used up. The donations you have carried forward are still subject to the same limitations which were in place for the year of the initial donation during each of the subsequent five years. Any donation which has been carried forward but not used up at the end of five years will not be deductible.
FREQUENTLY ASKED QUESTIONS
about donations to the Boys & Girls Clubs of Chaffee County
The answers above are to the best of the knowledge of BGCCC.
Please discuss with your own tax advisor.
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