We are pleased and excited to announce that Heron Creek Community Foundation is now recognized by the Internal Revenue Service as a stand alone 501(c)(3) organization. As a result, we are now considered a public charity, which is defined by the IRS as, “a nonprofit organization that receives a substantial portion of its income or revenue from the general public or the government”.
The 501(c)(3) status offers a myriad of benefits to the designated organizations and the people they serve. For starters, 501(c)(3) organizations are exempt from paying federal income and unemployment taxes, and patrons who donate to them are allowed to claim a tax deduction for their contributions. To help with funding and further their mission, these organizations are eligible to receive government and private grants.
To qualify, the organization must have a mission aligned with the purpose of the grant and a need for it. In addition, 501(c)(3) organizations often receive discounts from retailers, free advertising by way of public service announcements, and food and supplies from other nonprofit organizations designed to help in times of need.
The “Public Charity” designation from the IRS means that we are now able to solicit larger businesses and corporations such as Walmart, Publix, McDonalds, and others, who have heretofore been prohibited by corporate policy from donating to non-501(c)(3) organizations. Above all, the 501(c)(3) designation means that all contributions received by the Foundation are now 100% tax deductible by anyone who makes a donation.
