ENHANCE YOUR IMPACT

Extraordinary tax savings for Binghamton donors

The NYS Charitable Tax Credit Program is now available through the SUNY Impact Foundation!

The New York state cap remains at $10 million in total, but there are some important changes from last year.

The application deadline was Sept. 30.

New for 2024

• Gifts will be accepted only via credit card, debit card, wire transfers and securities. No checks.
• There will be a waiting list for use of any leftover funds on a first-come-first-serve basis.

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. New York state: 85% charitable tax CREDIT 

AND

2. Federal: 15% charitable deduction

3. New York state: 15% charitable deduction

Donors receive the benefit of BOTH a credit and deduction on their New York state tax filing for 2024.

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?

2024

• By Sept. 30, the donor will need to complete and submit the online SUNY Impact Foundation application. See special notes below.
• Oct. 9, authorizations will be emailed with the approved gift amount.
• Oct. 11, waiting list for extra credit authorizations open (first come, first served, if and only if credit opens). (NEW FOR 2024)
• Nov. 15, waiting list notifications will start if there is available credit. Wire transfers only. (NEW FOR 2024)
• Nov. 22, last day for donors' stock transfers to be submitted to brokerage houses.
• All other gifts must be received by Nov. 26.

2025

• Jan. 10, donor receipts will be processed.
• Feb. 1, funds designated for Binghamton University will be transferred to the Binghamton University Foundation for campus use.

Example

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

Donation amount: $100,000

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

New York 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 New York credit plus federal tax savings of $5,550 and state tax savings of $1,323).

What type of gifts qualify?

• Wire transfers of cash from personal accounts, not corporate accounts.
• 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.
• Checks, in-kind donations, gifts by qualified charitable distribution (QCD), or from donor-advised funds and family foundations are not accepted.

For your planning purposes, the Binghamton University Foundation will receive up to 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. Credit card transactions are subject to an additional 2.98% in fees by the SUNY Impact Foundation.

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.
• 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.
• All gifts should be made payable to the SUNY Impact Foundation.
• 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).