As of 4/1/2013, LVL1 Inc. is a 501(c)3 Charitable Non-Profit, with an effective exemption date of Dec. 7th, 2009!
What this means
This means that LVL1 can accept donations, and issue a receipt for donations over $250. If your employer has a matching program, LVL1 may be eligible to receive matching donations from your employer.
Guidelines for 501(c)(3) Usage
- Your Dues ARE NOT tax deductible
- Your dues ARE NOT eligible for matching funds
- Any cash or physical donations are tax deductible
- YOU are responsible for properly valuating your donations
- ALL donations must be properly and indelibly marked as 501(c)(3) donations, for tracking purposes
- ALL donations, cash or otherwise, are property of LVL1, and cannot be removed.
- LVL1 does NOT offer fiscal sponsorship
How do I 501(c)(3)
Our tax receipt form is here: https://docs.google.com/document/d/1WzlgD6YziPknh5MkzQ-Gf8bsHe_mDA9bGa1Pf1S9SXM/edit?usp=sharing
For donations worth LESS than $250:
- A receipt need not be issued
- A note mentioning the address, date, and description of property donated is sufficient if the donor requests it
For donations worth MORE than $250:
- A receipt MUST BE ISSUED
- LVL1 needs to retain a copy of the receipt for record keeping
For non-cash donations worth BETWEEN $500 and $5000:
- Must include a note of how the donation was acquired (purchased, inherited, etc.)
- Must include a note of the approximate date of acquisition by the donor
If you have any questions, please contact firstname.lastname@example.org