THANK YOU for helping us make this film a reality!
Seabiscuit’s Legacy is a fiscally sponsored project of the International Documentary Association (IDA), a 501(c)(3) nonprofit organization. Contributions in support of this film are payable to IDA and are tax deductible, less the value of any goods or services received, as allowed by law.
Your tax-deductible contributions will go towards researching, filming, editing and distribution & marketing this project. Gifts can be in the form of goods, services, matching gifts, stock, or monetary support. They can even be in-kind gifts where you receive something in return, like a theater ticket, goods like a cap or t-shirt.
Proceeds from the film will go towards the support of disadvantaged children who participate in the S.T.R.C. program on Ridgewood Ranch, restoration of the Seabiscuit ranch buildings and conservation of the property by the Seabiscuit Heritage Foundation, and to the Frank R. Howard Foundation in their efforts to complete their project of the brand new Frank R. Howard Memorial hospital facilities and community.
In Kind Donations
Non-Cash/ In Kind Gifts
If you would like to donate a non-cash tangible good for direct use in the production of Seabiscuit’s Legacy, the IDA can issue you a receipt under most circumstances.
Some examples of this type of donation include equipment or office supplies to be used directly for the production of Seabiscuit’s Legacy.
If you would like to receive acknowledgment of a gift in kind, we will fill out this form titled: Non-Cash Donation Submission. They will issue these receipts as a courtesy to our sponsored projects. The receipt the IDA will issue, in accordance with IRS regulations, will not specify a dollar amount for the deduction. The IDA will simply describe the goods donated in detail, and the donor will have the responsibility of quantifying the donation and confirming its deductibility. Sea Storm Studios will then be responsible for accounting for how donated goods are used for the production of Seabiscuit’s Legacy when we file our reports to the IDA. That assures that your gifts are accounted for in our project budget.
If you have questions about the deductibility of a non-cash contribution you should contact their tax professional. The IDA is not qualified to answer tax-related questions.
The IDA can process and accept matching gifts from businesses when a donor has made an eligible donation. Each company has its own rules and procedures for processing these donations. Employees or businesses that would like to make eligible gifts should contact the appropriate person at their place of employment for details on how to proceed. After a matching gift has been initiated, we will let the IDA know that a matching donation will be arriving and ask the company to reference the project title if possible somewhere on the check or accompanying letter. Some companies can take up to several months to process matching gift donations.
Quid Pro Quo Gift
This is a partially deductible or quid pro quo contribution partly for goods or services we provide you. Quid pro quo donations made to IDA are partially tax-deductible. For example, if you give the IDA $100 and receive an event ticket valued at $40 in return, you have made a partially deductible contribution. In this example, the charitable contribution/deductible portion of the payment is $60.
In order to comply with IRS regulations about these partially deductible contributions:
- The amount of the contribution that is deductible for federal income tax purposes is limited to the excess of the value of any goods or services received.
- We will provide you with a good faith estimate of the value of the goods or services that you will receive.
Fundraising Event Gift
If you will be given anything of value in return for a contribution, including dinner, drinks, movie tickets, DVD’s, T-shirts or any other goods or services (even if those goods or services were donated to you at no cost!) we must notify the IDA of the arrangement before sending out invitations or solicitations so they can arrange to handle notification and receipts properly.
Note: The IDA must approve all partially deductible donor arrangements in advance.
The IDA Will Not Accept
- Donation of time or professional services, as these are non-deductible by law.
- Donated space, rent or large ticket items like cars or boats.
- Volunteer work. However, there may be some deductions available for expenses incurred during volunteer work.
If you pay for rented equipment for the production of Seabiscuit’s Legacy, that is tax-deductible. But any services you render using that equipment are not tax-deductible. For example; if an editor donates professional services and the use of their personal or company equipment, the IDA would issue a receipt for the donated rental of the equipment, but not for the editor’s time. That is considered volunteer work by the IRS. Please contact your tax provider for more information.