Qualified Charity

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Qualified Charity

A non-profit organization in the United States devoted exclusively to religious, charitable, scientific, educational, or other similar purposes. Qualified charities are not allowed to lobby for political candidates. Qualified charities are exempt from federal taxation and, in most cases, contributions and donations made to them are also tax exempt. For this reason, many philanthropic foundations do not provide grants to organizations that are not qualified charities.
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DAF grants to qualified charities totaled some $14.
2) To qualify as a CRAT, a trust must provide 1) at least annually to one or more then-living noncharitable beneficiary(ies) in what must be the sole noncharitable distribution, a fixed-dollar annuity ranging from 5 percent to 50 percent of initial trust asset fair market value (FMV) for the beneficiary's life or for a maximum 20-year term; and 2) at termination, the entire remainder interest with an actuarial value of at least 10 percent of initial trust asset FMV (tested at inception, not termination) must pass to one or more qualified charities.
642(c)-1 provides for a charitable deduction for amounts paid in the current year and the following year to qualified charities.
The provision allowed IRA holders 701/2 years old--the same age at which they are required to receive taxable distributions from their IRA--to donate up to $100,000 tax free to qualified charities.
Distributions must also be made to qualified charities no less frequently than every five years.
As mentioned above, because of the tax-exempt status of qualified charities, they can receive the benefits free of income tax, effectively making the benefits more valuable to the charity than they are to a noncharitable beneficiary.
When qualified charities seek a contribution from you, feel free to ask them to share the names of others who have given to the cause and how much.
You can check online with the Internal Revenue Service, which maintains an online list of qualified charities (www.
Donations will be distributed to qualified charities in the Denver community.
This noble sentiment would work a lot better if deductions were allowed for all giving made to qualified charities by April 15.
Income on investments must be distributed to qualified charities each year.
Gifts made "to" or "for the use of" another group of qualified charities known as 30% charities or private charities are limited to 30% of the donor's adjusted gross income.

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