ICO Frequently Asked Questions
What type of monetary contribution to my ICO trip is tax-deductible?
Money given to an individual student or deposited in a bank account is not tax-deductible. These gifts cannot be considered tax-deductible because neither an individual student nor an ICO group are considered non-profit organizations.
Monetary gifts given to the ministry that a trip is working with are often tax-deductible, but students should first contact the ministry to inquire if they can support raise through the ministry. Monetary gifts given to support the GCC ICO program through the college Advancement Office are tax-deductible and supporters will receive a tax-deductible receipt from the college. Such gifts may not be specified for individual participants, but can be designated to a specific ICO trip.
How much money can our team anticipate receiving from the ICO Committee?
Once the ICO Committee receives trip budgets from all trip leaders applying for funds, the committee will look at the total amount of money available and give a consistent percentage of each team's budget to each team. This percentage will depend on the number of total participants as well as the amount of money available in the ICO budget. Money allocated by the ICO Committee is to be used toward travel and transportation expenses. Receipts are required for these expenses in order to receive monies.
If you have questions on any of this information, please contact Devi Wintrode, Director of Campus Ministries.
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