Templo de Milagros is a non-profit/ charitable organization exempt from
federal income taxes under IRS Sec 501(c)(3). Contributions to the church are
deductible for federal income tax purposes under the rules and regulations
established under the current provisions of the Internal Revenue Code.
Giving Policies
1) All undesignated giving from our weekly tithes and offerings will be directed to the General Fund.
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2) Any donation designated for a specific category fund (under any fund) will be applied to the budgeted amount. Such donations will be used to support the purpose for which they were originally intended until that purpose has been satisfied, after which any excess funds are used for other purposes consistent with the church’s ministry and expenses.
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3) The church will not accept any Restricted Gifts/Donations whose use is restricted by donors. The church has no discretion in the management and disbursement of such funds. For Designated Gifts/donations, the church will make every reasonable effort to honor designated gifts. However, according to IRS regulations, for a gift/donation to be considered a tax-deductible gift/donation, the church must maintain full control over how the gift/donation is used.
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4) The value of personal services donated is not deductible as a charitable contribution and donations of this type cannot be reflected on the individual’s record of giving. The church relies heavily on volunteers to fulfill its ministry.
REFUNDING A CHARITABLE CONTRIBUTION
A charitable contribution will not be returned to the donor. To refund the donation would be contrary to the basic definition of a charitable contribution and could have possible tax implications to the donor and potentially cause a liability to the church.
GIFTS TO INDIVIDUALS
Gifts designated to a specific individual do not qualify as charitable contributions under IRS regulations. These gifts will not be reflected on the donor’s record of giving.
CONTRIBUTION STATEMENTS
Upon the request of the donor, he/she will receive a yearly contribution report confirming the amounts and donation accounts serving as deductible contributions for income tax purposes in the United States.
The church respects the donor’s decision to give as led by the Lord. The
above policies are meant to provide guidance to the donor and the church
body as well as comply with the applicable tax laws. The church also reserves
the right to amend these policies at any time by the churches board of
directors.