Masters of Foxhounds Association - Frequently Asked Questions
1. Are my contributions to the Masters of Foxhounds Association of America ("MFHA") tax-deductible?
Probably not. MFHA is an organization described under section 501(c)(4) of the Internal Revenue Code. Contributions to 501(c)(4) organizations generally are not deductible as charitable contributions for federal income tax purpose, but may be deductible as trade or business expenses in limited circumstances. We recommend seeking the advice of a tax professional prior to claiming a deduction associated with your contribution to MFHA.
2. If I sign a Contribution Agreement, is it a binding pledge?
Yes. A Contribution Agreement is a binding pledge between MFHA and the donor(s). When MFHA receives a signed Contribution Agreement from the donor(s), MFHA relies on the timely payment of that gift to meet financial obligations for the development and funding of its endowment, programs and services.
3. Are there ways to give other than cash contributions?
Yes. Subject to certain restrictions, MFHA will accept gifts in the form of tangible personal property, securities, real estate, remainder interests in property; oil, gas, and mineral interests; bargain sales; life insurance; retirement plan beneficiary designations; bequests; and life insurance beneficiary designations. Each type of contribution will have its own tax consequences.
MFHA does not provide tax or legal advice.