ENHANCE YOUR IMPACT

Extraordinary tax savings for Binghamton donors

Below is information and key dates regarding the NYS Charitable Tax Credit Program offered through the SUNY Impact Foundation Inc. Thank you to all who participated!

What is the program?

Created by New York state for donors who pay New York state taxes in excess of $10,000 and want to make a gift to support Binghamton University, or any other State University of New York (SUNY) or City University of New York (CUNY) school, this time-limited opportunity creates tax benefits in the form of credits AND deductions for gifts made of $10,000 to $100,000.

For the total qualified gift made, the donor receives:

1. N.Y. state: 85% charitable tax CREDIT 

AND

2. Federal: 15% charitable deduction

3. N.Y. state: 15% charitable deduction

Donors receive the benefit of BOTH a credit and deduction on their New York state tax filing for 2023.

The tax receipt will be issued when the gift is received. This receipt will include a receipt number that will be used on the donor’s tax filing (even if using TurboTax).

How does it work?

• By Sept. 29, 2023, the donor informs us (see below) that they would like to participate.
• We introduce the donor to the New York state liaison who will send the donor an email authorization from the SUNY Impact Foundation allowing participation.
• By mid-October 2023, the donor will receive an email from the SUNY Impact Foundation regarding their approved contribution amount of their application (gifts will be prorated should the sum of the total of all donor requests exceed the amount in reserve, $10 million).
• By Nov. 21, 2023, the donor must make their gift of stock (electronic transfers only).
• By Nov. 30, 2023, the donor must make their gift of cash (wire transfers need to be initiated by Nov. 28).
• Before the qualified contribution is initiated, the donor must inform us of the designation(s) of their gift. If the donor designates a gift of $50,000 or more to a new or endowed fund, the state will match it toward a like fund $1 for every $2.
• In early January 2024, donor receipts will be processed.
• On Feb. 1, 2024, all funds designated for Binghamton University will be transferred to the Binghamton University Foundation.

Example

Example as provided by the SUNY Impact Foundation and NYS Charitable Tax Credit Program (NOT TAX ADVICE):

Donation amount: $100,000

N.Y. credit at 85%: $85,000
Remainder to be deducted on
Federal return $15,000 — Federal tax savings (for 37% tax bracket) $5,550

N.Y. return $15,000 — State tax savings (for 8.82% tax bracket) $1,323

In this instance, a $100,000 donation has an out-of-pocket cost of approximately $8,127 ($85,000 N.Y. credit plus federal tax savings of $5,550 and state tax savings of $1,323).

What type of gifts qualify?

• Cash by check or wire transfer.
• Stock/appreciated securities (value is recorded on the day received, not when donor submits request to agent or firm).
• Combination of cash and stock/appreciated securities.
• In-kind donations, gifts by qualified charitable distribution (QCD) and others are not accepted.

For your planning purposes, the Binghamton University Foundation will receive 98% of your gift (all gifts are subject to a 2% administrative processing fee by the SUNY Impact Foundation, which is held by them before sending us the remainder).

Special notes

• Donors must have a New York state tax liability (need to pay the state after filing their taxes) of $10,000 or more and adhere to the gifting calendar and rules as outlined above.
• Donors must have an authorization from the SUNY Impact Foundation to participate. 
• Qualified contributions will be limited to a minimum of $10,000 and a maximum of $100,000 per donor/tax filing.
• Qualified contributions are permissible only from individuals-businesses, S-Corps and family foundations are not eligible for this program.
• All gifts will be made to the SUNY Impact Fund Inc. and be sent through the SUNY Buffalo Foundation before arriving at Binghamton University.
• We must know the designation of the gift before the gift is initiated. If the donor designates a gift of $50,000 or more to a new or endowed fund, the state will match it toward a like fund $1 for every $2.
• We will be sure to keep you informed of the process and the status of your gift.
• THIS INFORMATION IS NOT MEANT TO SERVE AS TAX OR FINANCIAL ADVICE. PLEASE DISCUSS WITH YOUR ADVISOR(S).