SUNY Impact Foundation Charitable Tax Program
What is it?
A time-limited opportunity to make a donation to SUNY Geneseo and receive an extraordinary tax benefit through the SUNY Impact Foundation Charitable Tax Program. There is a $10M cap on the SUNY-wide program.
For the sum of the qualified contributions in 2022, a donor will have the following tax benefits:
- NY State: 85% of the qualified contribution is a tax credit against NYS income tax and 15% of the qualified contribution can be a deduction against NYS income tax. A donor gets the benefit of both a deduction and credit on their NYS personal income tax return.
- Federal: 15% of the qualified contribution is deductible against federal income tax.
When is the deadline?
Applications to participate in the program must be submitted online by September 30, 2022.
- If all applications received exceed $10 million, 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%.
- From October 1, through November 20, if the $10 million cap has not been reached, application requests will be approved on a first-come, first-served basis.
- All donations must be received by November 30, 2022, to qualify.
How does it work?
- A donor must request an online application from SUNY Geneseo and have an authorization from the SUNY Impact Foundation to participate.
- Donations qualifying under the NYS Charitable Tax Credit program will be limited to a minimum of $10,000 and to a maximum of $100,000 per donor/tax filing.
- Donations through a family foundation or corporations are not eligible for this tax credit program. Checks and securities must come from a personal account.
Ways you can make your donation
- Cash—check or wire transfer
- Combination cash and stock
- 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
- No in-kind donations are accepted
- All donations are subject to a 1% administrative processing fee
- Donor can designate their intention for the gift
For individual consultation, please contact:
- Ellen Leverich, VP for College Advancement: firstname.lastname@example.org / 585-245-5626
- Christopher Smith, AVP for College Advancement: email@example.com / 585-245-5705
Geneseo donors share their experiences from last year
- How was your experience as a participant in the SUNY Impact Foundation NYS Charitable Tax Credit Program?
Mollene Benison ’97 - My first impression is that it seemed too good to be true. I wanted to be sure, so I checked with one of the expert tax accountants at my firm, who confirmed that it was legitimate. In fact, he learned about it from me and then told other accountants and some investment advisors at other firms about it!
Benjamin Dobrzynski, CPA '08 - My experience could not have gone better. At first, I was a little skeptical as I was looking to make a gift for a direct purpose, and I was unsure if this was possible through the SUNY Impact Foundation. Every step of the way was seamless, and I hope to participate in this program again.
Kenneth Rende, Sr. '86 - This opportunity allowed me to give back to the college in a tax-efficient way, and effectively it cost me nothing out of pocket because of the NYS tax credit and the elimination of the capital gains tax from an investment that was held long term.
Geneseo President Denise Battles and Dr. Michael Mills - It was highly satisfactory. As long as this opportunity is provided, we expect to direct our SUNY Geneseo donations through the program.
- How easy was the process from your standpoint?
Mollene Benison ’97 - The process was very smooth and easy, and the communication process was excellent.
Benjamin Dobrzynski, CPA '08 - Very easy! The College Advancement office assisted with the application process, and once I was approved, the transferring of the funds to the Foundation was very simple.
Geneseo President Denise Battles and Dr. Michael Mills - The process could not have been easier. My College Advancement colleagues were wonderful resources, and there were effective and timely communications throughout. We wondered whether our out-of-state tax accountant would have any difficulties preparing our return, given the tax implications; there were none whatsoever.
- Would you recommend to others to consider taking advantage of this opportunity? Why?
Mollene Benison ’97 - Of course I would recommend; My college experience has had a profound impact on my career and personal life. I look for ways to give back, hoping to help future Geneseo alumni. If you can direct where your state tax dollars are directed to some extent, why wouldn’t you take advantage of this opportunity!
Benjamin Dobrzynski, CPA '08 - Yes, absolutely. This is a great way to give an enhanced gift (through tax credits) to a SUNY School. I had been looking at ways to support Geneseo over the last couple of years, and this provided an opportunity to assist sooner in a larger and more meaningful way. I hope this opportunity becomes available again for me and also others that may not have known about the program.
Kenneth Rende, Sr. '86 - I have a passion for SUNY Geneseo and when this opportunity came, I looked at it as a way to give a significant dollar amount but with minimal dollars out of my net worth. This opened the door for showing how to make an impact on the College with substantial dollars.
Geneseo President Denise Battles and Dr. Michael Mills - Yes! We give to the College annually; doing so through the NYS Charitable Tax Credit Program magnified the impact of our donation. We were delighted to hear the program will be continued into 2022.
For individual consultation, please contact: