Integrative Spirituality and Universe Spirit are DBAs (doing business as names,) and Part of Factnet, a 501c3 IRS recognized non-profit organization. Integrative Spirituality and its DBA name of Universe Spirit pledge to maintain the highest degree of integrity and ethical standards that are pervasive throughout our organization, especially when it comes to the receipt of your generosity in the form of contributions. This involves supplying information so that you are informed in making donation evaluations and decisions. Contributing can be a significant aspect of tax and estate planning, even if it is not the donor's prime reason for giving. Therefore, we have provided the following guidelines to simplify, educate and remind donors, when they are considering charitable giving.
Courses of action
- In order to take advantage of the tax benefits associated with donating, you must itemize your tax deductions on form 1040 - schedule A of your tax return. This implies you have itemized deductions greater than the standard deduction provided by the IRS each year. Contribution deductions are dependant on your tax bracket.
- Keep records of your giving transactions, to maintain supporting tax documentation. You must have written acknowledgement for contributions you claim on your tax return, which are over than $250. Factnet for Integrative Spirituality and its DBA Universe Spirit, provides written acknowledgement for contributions received with a value over $75, by Jan 31st of the year following the receipt of contribution.
- Contributions of $5,000 or greater (with the exception of stocks and securities) must have an appraisal prepared by a qualified appraiser. See IRS Publication 526 and Publication 561 below for information on what constitutes a qualified appraiser and what must be included in the appraisal.
- IRS Form 8283 "Non Cash Charitable Contributions" below must be prepared and submitted with your tax return for contributions with a value greater than $500.
- Always confer with professionals, such as your tax advisor, estate planning attorney, insurance agent, etc. before pursuing the contribution, so that your decision is a fully informed one.
- We are always pleased to answer any questions you may have regarding your contribution, but in order to avoid any conflicts of interest we recommend donor's have their own legal counsel, tax attorney and/or appraisers prepare necessary transaction paperwork and legal language.
- If the tax deduction validity of a contribution is still in question, contact the IRS at 1-800-829-1040.
- Review our Contribution Guideline and Safeguards
- Review IRS Publication 526 "Charitable Deductions" and Publication 561 "Determining the Value of Donated Property" below.
What to keep in mind
- Integrative Spirituality and Universe Spirit are DBAs (doing business as names,) and Part of Factnet, a 501c3 IRS recognized non-profit organization. As part of Factnet they are also considered a Public Charity by the IRS. This means that we derive the majority of our funding and support from you, the general public. This is beneficial for you, because your contribution can be deductible up to 50% of your adjusted gross income.
- Whatever portion of the contribution can't be deducted in the year of donation, may be carried forward up to 5 years.
- If Factnet, Integrative Spirituality or Universe Spirit sells the asset within 2 years from the donation date, we must submit IRS Form 8282, notifying the IRS of the item's sales price.
- The donor is responsible for all appraisal fees. These fees cannot be based on a percentage of the appraised value, nor can they be added into the charitable deduction itself. However, they may be deducted as part of miscellaneous deductions subject to the 2% adjusted gross income limitations.
Forms and Publications
IRS Form 8283 - Non Cash Charitable Deductions
This form is used by the taxpayer claiming a deduction for a non cash charitable donation to a qualified organization if the fair market value is greater than $500. It is a form that is included with the taxpayer's federal tax return to the IRS. It is utilized by individuals, partnerships and corporations (with the exception of C Corporations who use the form only when the deduction is greater then $5,000). It addresses the fair market value and description of the property, and has sections to be completed by appraisers and contribution recipient if applicable. Both the instructions and the form are included below.
IRS Form 8283
IRS Instructions 8283
IRS Publication 526 "Charitable Contributions"
This publication prepared by the Internal Revenue Service is a set of instructions, explaining:
- How to claim deductions.
- Qualified organizations (such as Integrative Spirituality) and charitable contributions to them.
- The many different forms of charitable contributions.
- What are deemed as deductions and their respective limits.
- Recommended records to keep.
- How to report the charitable contributions.
IRS Publication 561 "Determining the Value of Donated Property"
This publication prepared by the Internal Revenue Service is a set of instructions for determining values of the property you donate, explaining:
- Determining Fair Market Value.
- Determining values of various kinds of property.
- Appraisals - including qualified appraisal, appraisers and appraisal summaries.
- The IRS appraisal review process.