SUNY Impact Foundation Charitable Tax Credit Program 2024

What is it?

A one-time, time-limited opportunity to make a donation to SUNY Poly and receive an extraordinary tax benefit through the SUNY Impact Foundation. There is a $10M cap on the SUNY-wide program.

For the sum of the qualified contributions in 2024, a donor will have the following tax benefits:

NY State: 85% of the qualified contribution is a tax credit against NYS income tax and 15% of the qualified contribution can be a deduction against NYS income tax. A donor can get the benefit of both a deduction and credit on their NYS personal income tax return.
Federal: 15% of the qualified contribution can be a deduction against federal income tax.

What are the important dates?

Applications must be submitted online by 9/30/2024 to guarantee participation.
If all applications received exceed $10 million, the SUNY Impact Foundation will prorate all requests.
- For example, if donors submit a total of $20 million in applications, then every donor’s approved contribution amount will be reduced by 50%.
All authorized donations must be received by 11/30/2024 to qualify.

How does it work?

A donor must contact Andrea LaGatta in the Office of Institutional Advancement to request an online application from the SUNY Impact Foundation.
Once the application has been submitted by the donor, the SUNY Impact Foundation will issue an acknowledgment of application. After October 1, the SUNY Impact Foundation will send the donor an authorization certificate including the authorized donation amount – that may be prorated – along with the payment instructions. Once the authorization certificate has been received, donors can make their donations.
At the completion of the program, the SUNY Impact Foundation will distribute the gifts received to the SUNY Poly Foundation.
Donations qualifying under the NYS Charitable Tax Credit Program will be limited to a minimum of $10,000 and a maximum of $100,000 per donor/tax filing.

How can I make my donation?

Cash: NEW – Wire transfer (only) payable to the SUNY Impact Foundation, Inc.
Combination cash and stock
Stocks: evaluated value on the day of receipt is the actual donation amount. Stock orders must be placed by 11/22/24. (Please note that stock gifts are being processed through the University at Buffalo Foundation, but your gift will be conveyed to SUNY Poly.)
Donations through family foundations, donor advised funds, S-corps, or corporations are not eligible for this tax credit program. Wire transfers and securities must come from a personal account.

Other Important Details:

All donations are subject to a 2% administrative processing fee from the SUNY Impact Foundation.
No in-kind donations are accepted.
Donors can, if desired, designate their intention for the gift.
Only individuals are eligible: no corporations, S-corps, family foundations, or donor advised funds.
Statutory language of New York State Charitable Tax Credit for Higher Education and can be found within Chapter 59 of the laws of 2018, Part LL. (References Article 22 and Section 606 of NYS tax law).
Credit card gifts are subject to an additional 2.98% fee and should be the last option for payment.
To take full advantage of the tax credit, the donor should have a tax liability in NYS for at least the amount of the requested tax credit.

Questions? Please contact: Andrea LaGatta, Vice President of Institutional Advancement: andrea.lagatta@sunypoly.edu / 315-792-7110