Frequently Asked Questions
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Q: Is the Alternative Fuel Foundation a 501c3 nonprofit organization? Is my donation tax-deductible?
A: Sanctuary Friends Foundation of the Florida Keys, Inc. is recognized as tax-exempt under section 501(c)(3) of the Internal Revenue Code. 100% of your donation is tax-deductible. Our Federal Tax ID number or Employer Identification Number (EIN) is 59-2443959.
Q: Will I receive a receipt for my donation?
A: You will receive an official printed acknowledgement/tax receipt for your donation prior to January 31. This letter will acknowledge donations made in the prior year. If you require a printed donation letter prior to this please contact us.
Q: How will my donation be valued?
A: According to I.R.S. Publication 1771, "Charitable Contributions - Substantiation and Disclosure Requirements" 501(c)(3) organizations must describe non-monetary donations made, but not value them. Used cooking oil is a commodity traded as "Yellow Grease". To find the current market price visit: http://www.ams.usda.gov/mnreports/lswagenergy.pdf. The value listed on this site is in cents/lb. There are approximately 7.6lbs per gallon. Donations that exceed $5,000 in value require a third-party appraiser.
Q: I am currently getting paid for my oil, why should I donate it?
A: The average value of used cooking oil ranges from $1.50-$2.20 per gallon. Most restaurants are in a 34% tax bracket. This works out to a net savings of $0.51-$0.75 per gallon. By donating your used cooking grease you are helping to bring an alternative, friendly, non toxic, bio-degradable, renewable fuel to the pristine Florida Keys Community and assist the community to becoming part of the “green movement”. To preserve, protect the Sanctuary in which we live.
Q: How can I donate and take a tax deduction for something I already expensed?
A: When you use cooking oil to fry food which is transformed from an expensed item (cooking oil) into an entirely new product called "yellow grease" which is a traded commodity with a clearly defined market value. Because the donation of yellow grease to our foundation is directly used in our mission (to offset carbon emissions generated by fossil fuels by using the used cooking oil to produce clean burning biofuel) you are not limited to the tax basis of the oil, but rather can take a deduction at market value.
Q: What form do I use to report my donation to the IRS?
A: Non-cash donations can be reported using form 8283.
Q: Do you have window decals I can use to display my support?
A: Yes, window decals are available.
Q: Do you provide pickup receipts for the Board of Health?
A: Pickup receipts are available upon request.
Q: What type of oil do you collect?
A: Unlike many recycling companies we are able to recycle almost any type of cooking oil including, vegetable oil, olive oil, soy oil, corn oil, hydrogenated oil, peanut oil, canola oil, and more.
Neither the author, the publisher, nor Sanctuary Friends Foundation of the Florida Keys is engaged in legal or tax advisory service. For advice or assistance in specific cases, the services of a professional should be obtained.