As many of you are aware, the end of the calendar year tends to be a busy time for gift processing. Many donors make their charitable contributions on or around December 31 in order to take advantage of tax deductions for the calendar year.
In order to assist you in your planning, please note the following:
- The IRS has taken renewed interest in ensuring that tax receipts issued for charitable contributions are substantiated with appropriate documentation, which includes verification of the date of gift. For gifts or pledge payments made by check, the postmark date on the envelope confirms the gift date. Therefore, FROM DECEMBER 22, 2017, THROUGH JANUARY 10, 2018, MAILING ENVELOPES MUST ACCOMPANY GIFT TRANSMITTAL FORMS AND CHECKS SUBMITTED TO THE TUF OR UNIVERSITY ADVANCEMENT.
- In order for donors to be receipted for 2017, we will accept checks postmarked December 31 or earlier until Wednesday, January 10, 2018. Any gifts or pledge payments received in our office after that date, regardless of postmark date, will be receipted for 2018.
- Credit card gifts and/or pledge payments must be submitted to University Advancement no later than 12:00 p.m. on Thursday, December 21 to be processed by close of business. For tax receipting purposes, credit card gifts are deductible in the year when the charges occurs on the card owner’s account. Please note that credit card gifts can be made through the TU online giving site (www.towson.edu/giving) any time prior to midnight on December 31.
- The Foundation and University Advancement will be closed Friday, December 22 – Tuesday, January 2. We will, however, be responding to email and voice mail messages. During that time, please contact one of the following members of the Foundation or Development staff should you have any questions or need additional information:
John Mease, Vice President, TUF x42040 jmease@towson.edu
Brian DeFilippis, Vice President, University Advancement x42358 bdefilippis@towson.edu
Todd Langenberg, Associate Vice President, Development x44679 tlangenberg@towson.edu
Jeri Bielas, Senior Director of Advancement Services x46083 jbielas@towson.edu
Thank you in advance for your assistance and cooperation.
