Field Research Tax Deductibility Information:
Because tax circumstances for individuals vary, we do not give, and cannot assume responsibility for tax advice to volunteers and contributors. The following describes what we provide to our volunteers and general information about some of the tax rules that govern contributions to charitable contributions. We emphasize that you consult your own tax professional, use tax preparation software and read IRS Publication 526, "Charitable Contributions" to determine how these general statements could apply to your own situation.
Shark Team One, Corp. is a public charity under Section 501(c)(3) and 170(b)(1)(A)(vi) of the Internal Revenue Code. As such, the value of cash and other properties contributed are deductible under IRC Section 170. All contributors must substantiate their contributions with a cancelled check, credit card statement or a receipt from the charity.
Actual and reasonable out-of-pocket expenses necessarily incurred by a volunteer in connection with the performance of gratuitous services for a charitable organization are also generally deductible for federal income tax purposes. Recreation will not be the objective of your participation in a Shark Team One citizen science expedition. We consider you to be a volunteer providing your time and services to a tax-exempt activity, scientific research. As such, you will render regular daily services to a scientific investigation and you will be on duty in a general and substantial capacity throughout the expedition.
If you are a volunteer Shark Team One trip leader and your expedition involves educational activities, you may also be responsible for overseeing setups of classroom projects and providing adult supervision for children's activities. You may also be asked to assist in vessel preparation and breakdown at beginning and end of research days.
In order to substantiate the extent of your efforts, we recommend that you maintain a log or record of all your project activities and the time spent on each during the course of your citizen science expedition. We will provide a receipt of funds paid for the citizen science expenses and you should request this if you plan to deduct your expedition travel expenses.
You may also request an official letter verifying your expedition participation.
Please remember to consult your tax advisor before making any decisions as to how the various rules might apply in your own situation. Your contributions of time, effort and funds are greatly appreciated and how we are able to make a big difference in the lives of local families, students, children and help preserve endangered species for future generations.
Because tax circumstances for individuals vary, we do not give, and cannot assume responsibility for tax advice to volunteers and contributors. The following describes what we provide to our volunteers and general information about some of the tax rules that govern contributions to charitable contributions. We emphasize that you consult your own tax professional, use tax preparation software and read IRS Publication 526, "Charitable Contributions" to determine how these general statements could apply to your own situation.
Shark Team One, Corp. is a public charity under Section 501(c)(3) and 170(b)(1)(A)(vi) of the Internal Revenue Code. As such, the value of cash and other properties contributed are deductible under IRC Section 170. All contributors must substantiate their contributions with a cancelled check, credit card statement or a receipt from the charity.
Actual and reasonable out-of-pocket expenses necessarily incurred by a volunteer in connection with the performance of gratuitous services for a charitable organization are also generally deductible for federal income tax purposes. Recreation will not be the objective of your participation in a Shark Team One citizen science expedition. We consider you to be a volunteer providing your time and services to a tax-exempt activity, scientific research. As such, you will render regular daily services to a scientific investigation and you will be on duty in a general and substantial capacity throughout the expedition.
If you are a volunteer Shark Team One trip leader and your expedition involves educational activities, you may also be responsible for overseeing setups of classroom projects and providing adult supervision for children's activities. You may also be asked to assist in vessel preparation and breakdown at beginning and end of research days.
In order to substantiate the extent of your efforts, we recommend that you maintain a log or record of all your project activities and the time spent on each during the course of your citizen science expedition. We will provide a receipt of funds paid for the citizen science expenses and you should request this if you plan to deduct your expedition travel expenses.
You may also request an official letter verifying your expedition participation.
Please remember to consult your tax advisor before making any decisions as to how the various rules might apply in your own situation. Your contributions of time, effort and funds are greatly appreciated and how we are able to make a big difference in the lives of local families, students, children and help preserve endangered species for future generations.