SUNY Impact Foundation

Priority Deadline: Monday, September 30, 2024

About the SUNY Impact Foundation Charitable Tax Program

A time-limited opportunity to donate to Purchase College or the Neuberger Museum of Art and receive an extraordinary tax benefit.

Individual donors who are New York State taxpayers and plan to give between $10,000 and $100,000 this fall are eligible to participate. Gifts from corporate accounts, family foundations, or donor advised funds are not eligible.

Gifts may be designated for a named scholarship fund, an academic program, the Neuberger Museum of Art, or another of your passion areas at Purchase College.

In our last two years participating in the tax credit initiative, donors to the College and the Museum generously supported campus programs with gifts of more than $265K!

So, if you give as an individual—not through a foundation or a donor advised fund—please keep reading:

What are the benefits?

Participating donors get the benefit of both a credit and deduction on their 2024 New York State personal income tax return:

• New York State
  85% of the qualified contribution(s) can be a tax credit and 15% of the qualified contribution(s) can be a deduction.

• Federal
  15% of the qualified contribution can be a deduction against your federal income tax, as well.
  
  

When are the deadlines?

• The application to participate in this year’s program must be completed by the interested donor(s) and submitted to the SUNY Impact Foundation no later than 5pm (ET) on Monday, September 30, 2024.
  
  
• All donations must be received by Monday, November 25, 2024.
  Friday, November 22 is the last day for stock transfers to be submitted to brokerage houses; stock transfers must be received by the Foundation no later than Tuesday, November 26.
  
  

How does it work?

• First, contact Jason Soto, Interim Executive Director of the Purchase College Foundation, to let the team at Purchase know of your interest and to address any questions you may have.
• Purchase College staff will notify the SUNY Impact Foundation of your intent to participate.
• SUNY Impact Foundation staff will then contact you directly with a link to a simple online application.
• Complete the application no later than 5pm on Monday, September 30, indicating (a) your interest in supporting Purchase College, (b) the amount you plan to give between $10,000 and $100,000, and (c) whether you intend to apply for a corporate match.
• In early October, SUNY Impact Foundation staff will notify you of your eligibility and the approved contribution amount based on the total of all requests.
  
  • If all applications received exceed the $10 million cap on the SUNY-wide program, the SUNY Impact Foundation will prorate all requests accordingly. For example, if donors submit a total of $20 million in applications, then every donor’s approved contribution amount will be reduced by 50%.
  • If all applications received are under the $10 million cap, additional application requests will be approved on a first-come, first-served basis through November 15 or until the cap has been met.
• After receiving authorization from the SUNY Impact Foundation, gifts must be completed by Monday, November 25, 2024.
  
  

How can donations to the SUNY Impact Foundation be made?

• Cash—check, ACH/wire transfer, or credit card—from a personal account
  (no corporate accounts, family foundations, or donor advised funds).
• Stocks
  Evaluated value on the day of receipt is the actual donation amount regardless of its value the day donor submitted their request to their agent.
• Combination cash and stock.
• No in-kind donations are accepted.
  
  

What else should I know?

• All donations are subject to a 2% SUNY administrative processing fee; additional fees apply for credit cards (2.98%) and stock gifts (brokerage fees).
• Should you wish to assure a specific net value of your gift (e.g., for an endowment or a membership dues level), please consider increasing the value of your gift to accommodate the fee deduction.
• The Purchase College Foundation will receive the grant monies from the SUNY Impact Foundation, less the administrative fee and any related credit card or brokerage fees, in February 2025. At that time, the monies will become available for their intended purpose.