Published March 20, 2024
Know the specifics of an organization's tax deductibility classification
Cause IQ has added two new fields on an organization's tax deductibility status:
Cause IQ has used both fields to determine organization classification and categorization for years, but now Cause IQ has specific fields for each, with the exact values of the fields to search, view, and export.
For 501(c)(3) organizations, the IRS Business Master File (BMF) Foundation Code lists the specification reason for the public charity's or private foundation's tax deductible status, determining which tax rules govern the organization's operations.
The IRS Pub. 78 deductibility status code is assigned to organizations by the IRS, and for 501(c)(3) organizations indicates the percentage of an individual's contribution to an organization that may be deducted from their adjusted gross income.
To view the detailed tax deductibility information for a specific organization, just go to the organization's profile, scroll down and select the "Summary" tab, and then scroll to the "IRS / exemption details" section.
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