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, 2010 THROUGH JANUARY 7, 2011, MAILING ENVELOPES MUST ACCOMPANY GIFT TRANSMITTAL FORMS AND CHECKS THAT ARE SUBMITTED TO THE TUF OR DEVELOPMENT OFFICE.
? In order for donors to be receipted for 2010, we will accept checks postmarked December 31 or earlier until 4:00 p.m. on Friday, January 7, 2011. Any gifts or pledge payments received in our office after that date, regardless of postmark date, will be receipted for 2011.
? Credit card gifts and/or pledge payments must be in our office no later than 12:00 p.m. on Friday, December 31 to be processed by the close of business. For tax receipting purposes, credit card gifts are deductible in the year when the charges are made on the card owner’s account. Please note that credit card gifts can be made through the TU online giving site {http://www.tutigertracks.com/supporttu} any time prior to midnight on December 31.
? The Foundation will be closed on Wednesday, December 22, Thursday, December 23, and Friday, December 24. While the Administration Building will be closed from December 22-31, we will have office coverage December 27-31.
If you have any questions or need additional information, please do not hesitate to contact a member of the Foundation or Development staff:
John Mease, Vice President, TUF x43278 jmease@towson.edu
Donna Mayer, Associate Vice President, Development x43375 dmayer@towson.edu
Jeri Bielas, Director of Advancement Services x43375 jbielas@towson.edu
Thank you in advance for your assistance and cooperation.
