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Discussion Starter · #1 ·
Hey Spooled or the other c.p.a."s on the bass barn. Are donations to this tax deductible for say r& d ? Lets just say you donated the money to your childs school and they bought the fish to track as an assignment of some type ? Just thinking out loud!!!!!!!!!!!!!
 

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Fin,

This is considered tax - deductible because all money is being forwarded to Rutgers University for Research and Development.

I recieve the checks, deposit them and will write out one check per striped bass, and the Check will be made out to Rutgers University.

I will only be Deducting the $60.00 I donated off of my taxes and not the Total amount Collected.

Your Donation becomes a "contribution" due to the fact Rutgers and any other educational institution are Non - Profit.

I hope this clarifies it alittle.
 

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Discussion Starter · #4 ·
well since taxes should be on peoples minds this time of the year,you may want to phrase it that way when advertising this benefit. As always use a disclamer.
 

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Don't know iff the pass thru would qualify-better to have the checks direct to the non profit. Will try to look it up whan I have time-whenever thatmight be.
 

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Spooled,
It would make things a bit easier in the accounting dept. to have the checks made out directly to Rutgers,
However, I would be sitting on the checks for some time, plus If the tagging fills up and the money starts going to the Beacons or transmitters, the checks may have needed to be made out differently.

So, to keep the confusion to a minimum, We thought that having the checks made out to noe person,& dispersing them to the division that was appropriate, seemed to make the most sence.

My wife is a CPA and what we are doiong and the way it is set up is completely fine. You absolutely may take your $ donation off of your taxes.
 

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Discussion Starter · #7 ·
Phil I wasnt trying to confuse the situation., Just trying to give you guys more amunition to wake up the fence sitters and possibly get more money. Spooled thanx for the feedback as I know your pretty busy! This could motivate my self and other business owners to buy our own fish!!!!!!!!!!!!!!!!!!!!!!!!Since spooled is my c.p.a. Ill look into the details
 

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Absolutely, without question, take the deduction. The substance of the payment is to a not for profit entity, regardless of the form.
 
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