Donations or gifts to charitable organizations like the TSUAA provide substantial tax advantages and income benefits. We would be pleased to provide professional assistance to help you craft your gift to TSU Athletics.
The following information is taken from IRS Publication 526 "Charitable Contributions."
Contributions From Which You Benefit
"If you receive a benefit as a result of making a contribution to a qualified organization, you can deduct only the amount of your contribution that is more than the value of the benefits you receive."
"If you make a payment to, or for the benefit of, a college or university and, as a result, you receive the right to buy tickets to an athletic event in the athletic stadium of the college or university, you can deduct 80% of the payment as a charitable contribution. "Example 1. You pay $300 a year for membership in an athletic scholarship program maintained by a university (a qualified organization). The only benefit of membership is that you have the right to buy one season ticket for a seat in a designated area of the stadium at the university's home football games. You can deduct $240 (80% of $300) as a charitable contribution."
Based on these IRS guidelines, found on page three of the "Charitable Contributions" publication, the TSUAA advises you that if you purchased either football or basketball tickets in the club's priority seating areas of LP Field or the Gentry Center, then only 80% of your club membership contributions are tax-deductible.
Further, club members must subtract the value of any tangible benefits they received, in addition to priority seating, according to the following TSUAA Disclosure Statement:
In compliance with IRS regulations, the TSUAA is required to provide details "to donors who make a gift of more than $75 for which the donor receives something in return. The statement must inform the donor how much of such a quid pro quo contribution is tax deductible."
Loosely translated, the Latin phrase "quid pro quo" means "something for something." As you figure your annual charitable contributions, to deduct them from your taxes, you must subtract the value of any benefits you receive for making the contribution from the total amount donated.
In computing your tax benefit for charitable contributions to the TSUAA, you should subtract the value of any benefits you received from the total amount of your membership dues and other contributions according to the following benefits
· Tiger Town Tailgate, $5 per person, per tailgate
· Basketball Game Reception, $5 per person
· Media guides for football and basketball, $5 each
· TSUAA Gift, $5 per gift
· Athletic Awards Banquet, $5 per person, per banquet
· Courtside Dining Seats, $30 per person
· Membership plaque (one time only) $20.00
Presently, no dollar value has been placed on other club benefits.
For additional information, please contact the TSU Foundation Office at (615) 963-5481 or consult with your tax advisor.