Many companies match contributions to schools
Many companies are providing matching donations for people who make contributions to their schools or donate their time as volunteers. And in many cases, you can deduct cash donations to schools on your taxes.
If you plan to claim a charitable contribution to schools on your taxes, remember to:
- Keep a receipt. (Necessary if over $250).
- You may designate where the money should go, as long as you or your family will not receive a direct benefit.
Companies that provide matching donations for schools include:
- 3Com Corporation
- General Mills
- Land O'Lakes
- Marquette Financial Companies
- Minnesota Mutual
- The St. Paul Companies
- Star Tribune
- State Farm
- Thomson Financial Services: US Bancorp and Wells Fargo
- West Group
Following is an example of this benefit:
- Cash donation of $250.00
- Company match: $250.00
- Total to school: $500.00
The approximate amount an individual will get back at tax time is $69 from federal, $14 from state. The total is $83.
In the end, you actually give $167 and your school gets $500.
Most of these companies named also have a "Dollars for Doers" Program. After an employee has volunteered a designated amount of hours to the school, the company gives the school varying amounts of cash to match the employee donation of time. This may also include time spent at Parent Group meetings.
Source: Minnesota Council of Foundation's website, Internal Revenue Service website, Taxcut software, company websites. Not to be construed as tax advice.