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Mozilla Foundation Now IRS 501(c)(3) Approved

Posted by Hemos on from the get-out-the-donations dept.

jesus_X writes "We at MozillaNews have discovered that the Mozilla Foundation is now officially 501(c)(3) approved by the IRS, meaning you can now deduct donations made directly to Mozilla.org from your income tax returns. This is separate from, and obviates the Open Source Applications Foundation donation method mentioned in August on MozillaZine."

5 of 116 comments (clear)

  1. All the cool people are doing it... by LostCluster · · Score: 5, Informative

    Roll calling a few of our other favorite groups...

    Free Software Foundation: Yep, say they're tax-deductable.
    Electronic Frontier Foundation: Yep, they say they have 501(c)(3) compliance.
    FreeBSD Foundation: Yep, section 2.5.1 on this page says they're tax-deductable too.

    Seems like it'll take some work to find an OSS-supporting group that can't accept tax deductable donations.

  2. corporate donations - bigger deal by Potlucker · · Score: 5, Informative

    this allows corporations as well to donate and take the write-off.

    this is big since it makes the foundation significantly more likely to recieve large donations.

    IRS Tax Information for Charitable Organizations

  3. Re:Very stupid question... by afidel · · Score: 5, Informative

    Non-profit's typically have to burn off their cash within a year of aquiring it if it is not for a specific aproved capital function (like buying a new building to house the organization). There are also rules as to executive compensation (often flaunted) and other operational differences. But most importantly a not for profit entity can not go to the stock market for funds because they are not able to return the money to investors that they investors would be looking for.

    --
    There are 4 boxes to use in the defense of liberty: soap, ballot, jury, ammo. Use in that order. Starting now.
  4. Re:Where does the money go? by Anonymous Coward · · Score: 5, Informative

    Usually, it goes to whatever the folks running the Foundation want it to go to. Their expenses include servers, and also the programmers, and other staff.

    Doesn't look like they have anything set up for it, but in general with non-profits, you can restrict your donation. They either have to obey your condition, or refuse to accept the contribution.

    If you're giving them $10, then restricting it is just going to be a pain the arse, and cost more to administrate than your donation than it's worth. If you want to give a larger amount that's restricted, drop them a line (address is on the donations page) and ask.

  5. Only if you itemize (Schedule A) by jabberw0k · · Score: 5, Informative

    You can only deduct charitable contributions if you itemize your deductions on Schedule A.

    See the IRS page, "Should I Itemize?"
    http://www.irs.gov/taxtopics/tc501.html

    For those of us without mortgages or major charitable contributions, the Standard Deduction is far greater than what can be achieved with Itemization...

    Permitting charitable contributions even for apartment renters would surely have a huge positive impact socially and economically... but as things stand, I and many others are foreclosed from realizing any *financial* advantage (as opposed to a warm fuzzy feeling) from charitable donations.