Frequently Asked Questions
Q. Why is your donation so important to GW Athletics?
A. The cost of running a Division I Athletics Program is on the rise and providing resources to help our student-athletes and coaches achieve excellence in the classroom and in competition follows suit. With 23 varsity programs, GW Athletics works to provide financial support for each of our 450 student-athletes. Your donation will help us increase our annual revenue to assist GW Athletics today while recruiting the best and brightest student-athletes for tomorrow!
Q: Why the Buff & Blue Fund?
A: The Buff & Blue Fund allows GW Athletics to meet its goals of graduation, integrity and winning. The Fund also allows GW to address the rising costs that are associated with competition at the Division I level. Buff & Blue Fund gifts provide all GW student-athletes with uniforms, up to date training facilities and equipment, team travel, meals, the finest coaches, recruiting support, academic support programs and other essential components required to support all of GW teams and sports.
Q: Are contributions to GW Athletics tax deductible?
A: The answer is both yes and no. The Internal Revenue Service (IRS) rules state that a donor cannot deduct the part of any contribution that represents the value of the benefit received. Therefore, if you opt in to hospitality and seating priority access, you will be able to deduct the amount of your contribution that is more than the value of the benefit you receive- Hospitality area benefits. Unfortunately, GW cannot provide tax advice to our donors, please check with your tax advisor as to how the rules apply to your circumstances and the allowable deduction.
Q: How will I know what I may deduct for this contribution?
A: You will receive a written acknowledgement of the contribution and a good faith estimate of the value of any goods and services provided or received in exchange for the contribution. The letter you receive from GW will state (i) the amount of the contribution, (ii) the value of any goods and services provided to you in exchange for the contribution, and (iii) the amount of the contribution that entitles the donor to the right to purchase tickets to athletic events. You or your tax advisor will be able to calculate your deduction based on the information in the letter.
Q: What is the definition of an annual gift?
A: Annual gifts are the sum total of gifts made to GW between July 1 through June 30.
Q: What is the impact of unrestricted giving?
A: Unrestricted giving allows the department to support all 23 teams by providing resources for leadership development, recruiting, team travel, equipment, and facility projects. If you prefer to direct your gift to a specific program or project within GW Athletics, your donation will be eligible for Buff & Blue Fund Benefits.
Q: Can I give to the Buff & Blue Fund and still be a member of the Luther Rice Society?
A: Yes. Any person whose gifts in GW's fiscal year (July 1- June 30) reach or eclipse $1,000 mark will be considered a member of the LRS. Note that if you opt-in to receive Hospitality area access in the Champions Club, your donation will need to be $1,758 to count towards Luther Rice Society. (Refer to Luther Rice Society website - http://www.lutherrice.gwu.edu/)
Q: Why should I increase my donation?
A: The impact your donation has on the 450 student-athletes will increase as your gift increases. Additionally, you will receive additional access and information with increased annual giving.
Q: My company has a matching gift program. Will the company match be included in determining the level of benefits I'm eligible for?
A: Each company may set its own matching gift policies. Some companies prohibit matching any gifts to athletics programs, and many will not match gifts for which the employee receives more than incidental benefits. GW must comply with each company's policy in order to maintain eligibility for its matching gifts to all University programs. Please check with your company's matching gifts program (many companies make their policies available online).
It is up to our donors to obtain the appropriate form from their HR department and to check here http://www.matchinggifts.com/gwu/ to see if your company will match your donation. If a donor's company does not permit the match to go towards athletics, the donor will receive benefits at the level of their personal donation to the Buff & Blue Fund.
Q: Why can't I opt in to hospitality and seating priority access if I make a contribution from my donor advised fund or family foundation?
A: When we receive distributions from donor advised funds and family foundations, they are accompanied by instructions that the individual on whose recommendation the contribution is made may not receive more than incidental benefits in return for the contribution. This condition is based on the Internal Revenue Code, and distributions in violation of this condition are subject to an excise tax of 125% on the donor.
Q: These rules seem complex. What should I do?
A: IRS rules regarding charitable contributions are very complex. Please share your acknowledgment letter with your tax advisor to fully discuss the deductibility of your contribution.
Contact the Buff & Blue Fund: email@example.com | 202.994.8412