Tax Law Changes Affect Corporate Matching Programs
Release: April 03, 2018
Due to tax legislation changes that took place January 1, 2018, gifts made to IPTAY that relate to seating rights are no longer tax deductible. Many corporate matching programs rely on the tax-deductible amount of a gift to determine the eligibility for a match. Since the tax-deductible amount is now effectively $0 for gifts to IPTAY that provide seating rights, many companies have indicated that they will no longer match gifts to IPTAY.
For specific questions regarding a company’s matching gift program, please contact their matching gift officer for additional information.
Additionally, IPTAY will no longer accept gifts that are directed to IPTAY via a Donor Advised Fund or from a third-party service, like Benevity, that uses a Donor Advised Fund to direct gifts to IPTAY. Federal law prohibits use of gifts from a donor advised fund or private foundation if tangible benefits, such as priority consideration for the purchase of athletic tickets, are received. Gifts from donor advised funds may not be used to fulfill an outstanding pledge agreement and no gift credit or priority points will be given to individual donors for these gifts. IPTAY can only accept gifts from donor advised funds if the donor expressly waives the right to any benefits that they might have otherwise received for making a donation.
While this is an unfortunate change that affects how many of our loyal IPTAY donors give, we appreciate your understanding as we navigate the changes in the tax law. Further communication will be sent as additional information is obtained from the IRS relating to tax-deductibility of gifts to IPTAY. While IPTAY desires to be as informative as possible, please be advised that this article does not provide tax advice for which a donor may rely. Donors are encouraged to speak with personal advisors for their specific situation. If you have any other questions, please contact the IPTAY Center at firstname.lastname@example.org or by calling 1-800-CLEMSON.