Year-End Tax Statement Information for Sustainers
Your sustaining membership is such a blessing to families and we are thankful for your faithfulness. Please know how much we appreciate your ongoing compassion and generosity. As we approach the year-end, we’ve compiled a list of questions and answers to help you understand your pledge and when to expect your tax statement information.
When and how will I receive my 2020 tax statement?
Your year-end tax statement will be mailed to you around the beginning of February. To receive your statement sooner, be sure we have a current email address on file for you. To update or add an email address, send your email with your name and street address to [email protected].
How can I change or update my pledge?
If you’d like to change the amount, frequency, or timing of your gift, please email us at [email protected] or call 888-862-6767.
Can I use my most recent receipt or statement for tax purposes?
Yes! Your most recent receipt or latest statement can be used to verify your giving for tax purposes. You can expect to receive an emailed copy of your 2020 4th Quarter giving statement the last week of January. To update or add an email address, send your email with your name and street address to [email protected].
What is Fair Market Value (FMV)?
Focus on the Family creates fantastic resources to help families, marriages, and individuals grow. And since you are an integral ministry partner, we love to provide these items to you for free as often as possible. However, this leads to an IRS regulation involving reporting gifted items in exchange for a donation, called Fair Market Value.
You’ve probably noticed a line on your giving statement or a year-end tax receipt from Focus on the Family that lists a dollar amount for Fair Market Value (FMV). This is a good faith estimate of the monetary value for an item you received for free in exchange for a donation. FMV subtracts from the amount you can claim as charitable giving on your taxes. However, there are exceptions based on the cost of the item and the total amount you gave to the organization. If you have questions, you should consult a tax professional.
Simply put, this means that any products that you receive from Focus on the Family for “free” as part of your Friends of Focus on the Family membership may reduce the total amount of charitable giving you can claim on your taxes. This includes any resources you received when you initially gave and when redeeming the $20 promo code you receive quarterly.
Still have questions?
Every tax situation is different and Focus on the Family cannot advise on your specific case, but if you need a copy of your tax statement or have questions about gifts you made or items you received, please contact us.
UNIFORM DISCLOSURE STATEMENT
Focus on the Family is a public charity exempt from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code. All contributions to the organization are tax deductible to the fullest extent allowed by law. Our policy is to apply all gifts given toward a specific program to that program. Occasionally, we receive more contributions than can be wisely used toward a specific project. When that happens, we use these funds to meet other pressing needs that spread the Gospel of Jesus Christ by helping to preserve traditional values and the institution of the family. Focus on the Family is a member of the Evangelical Council for Financial Accountability. A copy of Focus on the Family’s annual financial report and a full description of the organization’s charitable purposes and activities may be obtained by contacting Focus on the Family at 8605 Explorer Drive, Colorado Springs, CO 80920 or by calling 800-232-6459. A copy of the annual report can also be downloaded at FocusOnTheFamily.com/about#reports.