Are you considering making a donation to a non-profit organization in Tarrant County, Texas? If so, you may be wondering if your contribution is tax-deductible. The answer is yes, depending on the organization. The Tarrant Literacy Coalition and the MHMR Foundation are both 501 (c) 3 non-profit organizations, and donations to these organizations are tax deductible according to current IRS guidelines. The Tarrant Area Food Bank (TAFB) is another non-profit organization in Tarrant County that is dedicated to providing food to those in need.
This organization recently partnered with HelloFresh, the world's leading food kit company, to provide more than 250,000 meal kits to those facing food insecurity in Tarrant County and the 12 surrounding counties before the end of this year. Community volunteers will prepare meal kits every Wednesday at the TAFB Distribution Center in Fort Worth, and will initially distribute them at their weekly Mega Mobile Market, which takes place at Herman Clark Stadium in Fort Worth, Texas, every Friday morning and operates indefinitely. Non-profit organizations must consider managing total liabilities relative to their total assets. This “counterfactual hypothesis” about the amount of food distributed in the absence of the TAFB's food distribution program implies that the benefit of a meal to a needy beneficiary constitutes a net profit, which is not offset by the reduction in food provided to other needy beneficiaries. An organization that is primarily engaged in charitable activities may be eligible for an exemption from local property tax. To request exemption from property tax, the organization must fill out Form AP-199 and submit it to the Comptroller's Office.
The Comptroller's Office will then issue a “letter of determination” stating whether or not the organization is eligible for exemption from property tax. Organizations must also have certain governance practices in place in order to be eligible for tax exemption. These include policies that protect donor information from being exchanged or sold, as well as policies that ensure consistent annual growth in program spending. If you are considering making a donation to a non-profit organization in Tarrant County, it is important to make sure that the organization meets all of the requirements for tax exemption. Donations to 501 (c) 3 non-profit organizations such as the Tarrant Literacy Coalition and MHMR Foundation are tax deductible according to current IRS guidelines. The Tarrant Area Food Bank is also eligible for property tax exemption if it meets certain requirements.