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Please note that all contributions to intercollegiate athletics qualify donors for selected benefits and privileges in the Ohio Bobcat Club and are credited at full value for the purpose of the donor's gift record at Ohio University. However, pursuant to IRS Code, Section 170 (L) (2) (B), the IRS rules limit the deductible portion of the gift to 80% of the amount contributed.
In order to deduct 100 percent of a contribution, the donor must submit in writing a waiver of benefits at the time of making a pledge and/or contribution. A waiver of benefits precludes the donor from receiving rights to any goods or services as a "quid pro quo," anything in exchange for a contribution. In requesting a waiver of benefits, the donor further understands that he or she forfeits points for priority seating, parking passes and all other benefits. Once priority points are relinquished, they cannot be credited retroactively to a donor's account. Only through a waiver of benefits is a contribution 100 percent deductible. We recommend that you save your receipt for tax purposes and consult your tax advisor to determine how the tax laws may affect you. |
