Income Taxes

Income Taxes

Contributions to RCC/VCF may qualify for income tax deductibility. RCC is a division of VCF. Charitable contributions still may be deductible under the new Tax Law. (Consult your adviser about your specific circumstances. VCF is an IRS designated public charity under Section 501c3 of the Internal Revenue Code.

See DESIGNATION. VCR will issue a donation acknowledgement suitable for documenting your gift immediately upon receipt of your donation. This is the general situation regarding donations to charities.

 Please contribute to VCF itself at a rate of about one half of your federal income tax savings. This contribution is also tax deductible.

 Actual deduction in your tax return depends on your specific income tax situation and every situation is different.  Please consult with your tax consultant. VCF is not a tax consultant and does not provide specific legal advice regarding tax matters and offers no guarantee regarding tax matters.

RCC prefers to make contributions to IRS qualified charities and service organizations, such as Rotary and makes substantial efforts to verify the tax status of proposed supported organizations.

RCC/VCF takes the position that approved Rotary Club projects in and off themselves qualify as activities approved by the code for charitable  organizations. Our process is consistent with that followed by 501c3 charitable organizations affiliated with one or more Rotary Clubs. The managing Rotary Club is an agent of RCC/VCF for the approved project. Checks made payable to a rotary club for a project shall only be used for such activity.

In some cases RCC/VCF may actually manage the proceeds of a campaign if no other qualified charity or service organization can be identified to manage the funds. For example several years ago the organizer of VCF wanted to raise funds for the future education of the children of a mother who was killed by her estranged husband. The organizer could not identify a qualified charity to manage the funds which was part of the impetus for starting the VCF service. Now, in such a case RCC/VCF would initiate a campaign of its own and manage the funds for the cause.  VCF also campaigns for funds for its own specific capital projects that will benefit charitable organizations, such as additional shelter for abused women in Lebanon NH.

 VCF estimates that the average contributor to VCF and its supported charities will be in the twenty percent federal income tax bracket. VCF asks that donors make a donation to support activities so that one hundred percent of the funds designated for specific causes can be transmitted to the charity without reduction for VCF operating costs. The suggested donation is fifteen percent of the designated charity contribution, which is less than the estimated tax benefit of the donation.

 

Please make you donation for VCF on the CHARITY SELECTION AND PAYMENT page or by selecting VCF as a charity to directly support.