Its our Future
As you may have heard we are currently preparing to install a State of the Art Astro turf facility on our grounds. This is a massive and vital project for all our players both now and well into the future. The project in total is costing €350k so we are looking for donations of €250 per year for 4 years from anyone willing to contribute. We need a minimum of 150 people signed up in the next few weeks to proceed. We have a brochure put together which will be made available via the development team. We appreciate these are difficult times but the timing of this project is also key in allowing our children play on a much more user friendly and safe surface all year round. This facility will help raise the standard of our players and will bring our club facilities in line with similar large clubs.
If you have any queries, feel free to contact any member of the fundraising committee (listed below)
With regards to our fundraising drive to complete the state of the art AstroTurf facility, please note that payments can be made at families convenience.
For example, you can pay 21 euro per month via direct debit for 4 years, 62.50 euro quarterly, 125 euro twice per year or 250 per year. It’s whatever suits you best. You can even setup your direct debit with a deferred payment start date.
Take a moment to look over the Digital Brochure below and further down some examples on how Tax Relief can help our Club accomplish this major milestone in our Clubs history.
All the required forms are located at the bottom of this page.
TAX RELIEF ON DONATIONS TO SPORTING BODIES
FOR APPROVED PROJECTS
What is the tax benefit to Friends of Newmarket On Fergus GAA club?
Irish Tax Legislation provides for sporting bodies to reclaim tax from The Revenue Commissioners on behalf
of the donor. For PAYE workers, who contribute a minimum of €250 per annum, this contribution is paid from
after-tax income and it is this tax payment that is reclaimed by the sporting body. It costs the donor
nothing extra but provides a huge benefit to the sporting body.
Section 41 of the Finance Act 2002 provides for a scheme of tax relief for relevant donations to an approved
sports body for the funding of approved projects. Therefore, for the purpose of this fund raising project to
Newmarket On Fergus GAA Club has been recognised by the Revenue Commissioners as an approved sports
body and the Development Works have been accepted as an Approved Project
How does the scheme work for PAYE Taxpayers?
Example 1 – Donation of €250 p.a.
A donation of €250 to Newmarket On Fergus GAA Club
from a PAYE taxpayer will be treated as having being
received ‘net’ of income tax. This means that a donation
from an individual who pays income tax at the lower rate
of 20% is worth an additional €62.50 to the Club. The
amount received by the club is calculated as follows.
Donation / Cost to Donor € 250
Tax rebate reclaimed by to Newmarket € 62.50
Newmarket GAA Club receives € 312.50
In summary every donation of € 250 from a taxpayer is worth €312.50 to to Newmarket On Fergus GAA Club as
the government will allow the Club to reclaim €62.50 directly from Revenue.
Example 2 – Donation of €1,000 p.a.
Donation/Cost to Donor €1,000
Tax rebate reclaimed by Newmarket € 250
Newmarket GAA Club receives €1,250
In summary every donation of €1,000 from a taxpayer is worth €1,250 to Newmarket GAA Club as the government
will allow the Club to reclaim € 250 directly from Revenue.
How does the scheme work for Self employed Tax payers?
If you pay any tax under the self assessment scheme YOU can claim tax relief on your donations yourself
For example if a self employed individual who pays income tax at the higher rate of 41% makes a donation of
€1,000 to the Club, the value of that donation to the Club is €1,000. However, the actual cost of the donation to the individual may be calculated as follows:
Donation received by the Club €1,000
Tax relief available to the donor € 410
Actual cost of donation to the donor € 590
In summary as self employed individuals are personally entitled to claim tax relief for donations, the Club hopes to encourage them to increase the value of their donation.
For example:
Donation received by the Club €1,696
Tax relief claimed by the donor at 42% € 696
Actual Cost to the donor €1,000
How does the scheme work for Company Directors?
In the case of corporate donations, the company is entitled to claim a deduction for the donation as if it were a trading expense. For example, if a company makes a donation of €1,000 to the Club, the value of that donation to the Club is €1,000. However the cost of that donation to a company that pays tax at the 12.5% rate maybe calculated as follows:
Donation received by the Club €1,000
Tax relief available to the donor € 125
Actual cost of donation to the donor € 875
As companies are entitled to claim tax relief for donations, the Club hopes to encourage them to increase the upfront value of their donation.
For example:
Donation received by the Club €1,143
Tax relief claimed by the donor at 42% € 143
Actual Cost to the donor €1,000
Notes on Tax Relief provisions
– The minimum qualifying total donation amount by a single donor in any year is €250.
– Donations made in installments qualify for Tax Relief.
– Where sufficient tax has not been paid to cover the donation made, the refund of tax will be limited to the amount of the tax actually paid by the donor
– The donations must be in the form of money and must not be repayable.
What do I need to do?
– Each tax payer must complete the enclosed form to allow the tax refund to be claimed. Basically, this tax relief scheme provides a means for to Newmarket On Fergus GAA Club to raise additional funds
at no extra cost to you, the donors.
Q. What Projects are being undertaken?
A.
1. 1.75 Acres of land has already been acquired
2. Additional ground works preparation
3. Clubhouse and Dressing Room Renovation
4. Boundary wall construction
5. Superb 3G state of the art synthetic pitch
6. Floodlight pitch and ball wall
Q. Is there no government / Lotto funding available?
A. We have received approval for €59K, however the current situation we find ourselves in limits additional funding at this time.
Q. How much are you looking for?
A. Contributions of €250 or more in each tax year, ensures significant tax benefits are available to NOF GAA Club (see Tax information sheet for more details).
Q. What will do with the money?
A. All of the money (100%) will be lodged in a special bank account and will be used exclusively for development project.
Q. Can I pay in installments
A. It is possible to pay in installments by standing order. Most banks allow people to set up SO’s for any frequency (e.g. monthly, quarterly, and annually).
Q. What if I want to stop the contribution?
A. You have full control over what gets paid from your bank account at all times. Neither NOF GAA nor your bank can take any money out of your bank account without your written approval.
Contact Name Phone
Tom Gregan 085 163 0101 (Fundraiser Chairperson)
Darren Duggan 087 972 1078 (Fundraiser Vice Chairperson)
Cats McMahon 087 225 6315
Frank Melody 087 6106739
Kevin Halpin 086 101 9097
Siobhan Marren 086 845 5352
Tomas Ryan 087 183 4667
Freddy Mc Inerney 086 224 5157 (Club Chairman)
Seanie McMahon 086 8889244 (Club Vice Chairman)