The UConn Foundation, Inc. is recognized by the Internal Revenue Service as a tax-exempt 501(c) (3) organization, and donations to the Foundation are deductible for federal income tax purposes to the extent allowable by law. Please consult your tax advisor for further information about the tax implications of your gift.
TAX INFORMATION/YOUR TAX DEDUCTIBLE CONTRIBUTION - To maximize the tax deductible portion of your gift, you may decline to receive any benefits when you make your gift to UConn. If you choose to accept your benefits, we are required to inform you that your charitable contribution will be reduced by the value of those benefits.
SEASON TICKETS & SEAT DONATIONS - Donors to UConn Athletics, are entitled to receive preferred seating locations for season tickets purchased for football, men's soccer, women's soccer, men's ice hockey, men's basketball, or women's basketball. The cost of tickets is not tax deductible. However, Internal Revenue Code Section 170(l) provides that if a taxpayer makes a payment to or for the benefit of a university and, as a result, receives the right to purchase tickets for seating at an athletic event, he or she is eligible to deduct 80% of his or her contributions for federal tax purposes. Accordingly, all donors who are entitled to purchase tickets with preferred seating and who do not request a waiver of points and benefits (explained below) may be eligible to deduct only 80% of their contribution for federal income tax purposes.
OTHER BENEFITS - The Internal Revenue Code also addresses benefits (other than priority seating) that a donor may receive as a result of the contribution. A donor may only deduct the amount of a contribution that is more than the value of all benefits received. Car decals, newsletters, and other token items do not reduce the amount eligible for deduction for tax purposes; however, other goods or services a donor receives in consideration for donations, such as those described on page 18, can further reduce deductibility of a gift.
WAIVER OF POINTS AND BENEFITS - In order to deduct 100% of a contribution to UConn Athletics, the donor must submit in writing a waiver of points and benefits at the time of making a pledge and/or contribution. In requesting a waiver of points and benefits, the donor further understands that he or she forfeits priority points and their application as it relates to ticket assignment and allocation; once points and benefits are forfeited, they cannot be credited retroactively to a donor's account. Only through a waiver of points and benefits is a contribution eligible for 100% tax deduction.
SUBSTANTIATION REQUIREMENTS - As required by the Internal Revenue Service, the UConn Foundation, Inc. will furnish donors with receipts for contributions. Donors should retain their receipts for federal income tax purposes.