Tax Deductibility and Legal Disclosures
Please read the following disclosures carefully before proceeding to the authorization section.
TAX-EXEMPT STATUS
The Way is a faith-based organization recognized as tax-exempt under Section 508(c)(1)(A) of the Internal Revenue Code. As a faith-based organization, The Way is not classified as a charitable organization and is not subject to the registration and disclosure requirements of Florida’s Solicitation of Contributions Act (Chapter 496, Florida Statutes), which expressly does not apply to bona fide religious institutions. Contributions to The Way are tax-deductible under Section 170 of the Internal Revenue Code to the extent allowed by law.
TAX DEDUCTIBILITY OF SPONSORSHIP CONTRIBUTIONS
Your sponsorship contribution may be tax-deductible under Section 170 of the Internal Revenue Code to the extent that it exceeds the fair market value of any goods or services you receive in return. The Way will provide you with a written acknowledgment of your contribution that includes: 1. The amount of your cash contribution; 2. A description of any goods or services provided to you in return for your contribution (if any); and 3. A good faith estimate of the value of any goods or services provided to you in return for your contribution (if any).
If the value of the recognition benefits you receive (such as naming rights, signage, or event exposure) is determined to be insubstantial, your entire contribution may be deductible. If the value of such benefits is substantial, only the portion of your contribution that exceeds the fair market value of those benefits is deductible.
For contributions of $250 or more, you must obtain and retain a contemporaneous written acknowledgment from The Way to substantiate your tax deduction. The Way will provide this written acknowledgment at the time your contribution is received.
NO GOODS OR SERVICES / INTANGIBLE RELIGIOUS BENEFITS
If the recognition benefits provided to you in connection with your sponsorship are determined to consist entirely of intangible religious benefits, as defined under federal tax law, no goods or services will be considered to have been provided to you in return for your contribution, and your entire contribution may be deductible. Intangible religious benefits are benefits of a type that generally are not sold in a commercial transaction outside the donative context.
DISCLAIMER
This sponsorship form is provided for informational purposes and does not constitute legal, tax, or financial advice. Sponsors should consult their own tax advisors regarding the deductibility of their contribution under applicable federal and state tax laws.