Women's Basketball Colonials Club Tax Information
Contributions From Which You Receive Benefits
Based on Internal Revenue Code (IRC) guidelines if you receive benefits from your contribution, you may only deduct the amount of your contribution that exceeds the value of the benefits received. Additionally, if you make a contribution, and as a result of your contribution, you receive preferred rights or priority to buy tickets to an athletic event in the athletic stadium of a college or university, your charitable deduction is limited to 80% of the contribution. This limit has already been taken into account on your written contribution acknowledgment if it applies to you. The total value of all benefits received is stated below for each membership category.
Corporate sponsors that receive return benefits should consult their tax advisors regarding the deductibility of their gift.
Please refer to IRS Publication 926 "Charitable Contributions" for additional information, and we recommend that you consult with your personal tax advisor.