Fiscal Year and End of Year Gifts
Gift Receipts and Tax Year
Year-end donations made by credit card must be received by December 15, 2011 to ensure a gift receipt for the 2011 Tax Year. Year-end donations made by check must be post-marked by December 31, 2011 to ensure a 2011 Tax Year gift receipt. Donations received after these dates will be processed and gift receipted for the 2012 Tax Year. The University will provide a gift receipt that reflects 80% of any Preferred or Premium Seat Donation (PSD). This receipt will be issued in the name of the person making the donation. If an additional contribution is made above and beyond the PSD requirement, a second gift receipt will be provided to the donor reflecting 100% deductibility.
Preferred and Premium Seat Donations
All Preferred and Premium Seating Donations are applied to your Victors Club membership and priority point total. In order for your priority points to be active and apply to benefits, you must contribute at least $100 per year. A PSD qualifies for this minimum donation. Gifts are non-refundable, as your contribution represents charitable support for U-M student-athletes. A gift does not guarantee a first-time assignment of season tickets or specific location request.
PSD and Credit Card Receipts
Credit card statements will reflect a transaction titled UM Gift. It will not specify that the contribution was for a PSD.
Matching Gifts
Matching gifts cannot be applied to the Preferred or Premium Seat Donation. The PSD must be fulfilled by the season ticket holder's account. If the season ticket holder works for a company with a matching gift program, a matching gift form can be submitted. When matching funds are received by the Victors Club, they will be treated as additional donations and reflected in any priority point totals.
IRS 80/20 Rule
Under Internal Revenue Code Section 170 (1), if you itemize deductions you may be eligible to deduct 80% of any amount donated for preferred seating at athletic events.
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