Indiana University Athletics
Varsity Club End-of-Year Giving Information
11/18/2014 12:00:00 AM | Varsity Club
BLOOMINGTON, Ind. -- The holidays and the end of the year are quickly approaching, but you still have time to make a gift to the IU Varsity Club and take advantage of great 2014 tax benefits!
State of Indiana Tax Credit
Indiana taxpayers may take a tax credit of 50% of their gift to IU. For a joint return, the maximum credit is $200, based on gift of $400 or more. For a single return, the maximum credit is $100 (based on a gift of $200 or more).
After you make your gift to IU, you will be required to fill out one form--the Indiana CC-40. Attach this form to your Indiana income tax return for the tax year in which you made the gift.
Stock Transfers
Did you know you can transfer stocks to the IU Foundation for your annual Varsity Club gift? Gifting long-term appreciated stock is a great way for donors to take advantage of tax benefits while also fulfilling their Varsity Club donation. Read more.
Tax Information
In accordance with Internal Revenue Service guidelines, a portion of your gift may be tax deductible. Your tax deduction may be reduced by the value of donor benefits received. You will receive a gift receipt from the IU Foundation for your charitable contribution. Please consult your tax advisor to determine the tax implications of your donation.
Holiday Hours
The IU Varsity Club is open weekdays 8:00 a.m. - 5:00 p.m. However, we will be closed November 27-28, Thursday, December 25, and Thursday, January 1. Let us assist you with 2014 end-of-year giving questions, online assistance, membership questions, and more. Contact us at (812) 855-0866 or varsity@indiana.edu.
Online Donations: Contributions through the IU Foundation website are processed immediately and securely. Gifts made through the site can be made up until 11:59 pm on December 31.
Credit Card Donations: As outlined by the IRS, credit card gifts must be processed by December 31, 2014 to count as a 2014 tax deduction. All credit card gifts must be received by noon on 12/31/14 at the IU Foundation to allow time for processing.
Checks: In order to count the donation as a 2014 tax deduction, checks must be dated and postmarked on or before December 31.
