Friends Of 88-5 FM Is Now A 501(c)(3) Tax-Exempt Organization!

Big news! Friends of 88-5 FM is now a 501(c)(3) tax-exempt organization. All donations are now tax-deductible, and eligible for employer matching.

The FAQ has been updated with the following:

Is my gift deductible for Federal income tax purposes?

Yes. The IRS has issued a determination letter recognizing Friends of 88-5 FM as a 501(C)(3) exempt organization. Your gift will be deductible for Federal income tax purposes, subject to general limitations set forth in the tax code and regulations applicable to gifts to such organizations. The tax ID # of Friends of 88-5 FM is 81-1095651.

What if I want to donate shares of stock to Friends of 88-5 FM?

We accept gifts of publicly traded shares. Such shares will be held by our broker and will not be sold unless and until we have determined that we have raised sufficient funds and are able to proceed with the purchase of the license from PLU. While the shares are held by our broker, a donor cannot direct that they be sold or otherwise deal with them in any manner. The shares may rise or fall in value. If they are not sold and are returned to the donor, they may have a value at the time they are returned that is more or less than their value at the time the donor transferred them to Friends of 88-5 FM; and the rise or fall in value will inure to the benefit or detriment of the donor.

For Federal income tax purposes, the amount that is deductible as a charitable contribution is the value of the shares at the time they are no longer subject to being returned to the donor (i.e., when we have determined that we have raised sufficient funds and are able to proceed with the purchase of the license from PLU), not their value at the time they are transferred to Friends of 88-5 FM. The deductibility of the gift is subject to general limitations set forth in the tax code and regulations applicable to gifts to 501(c)(3) exemption organizations.