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 20, 2013 THROUGH JANUARY 8, 2014, 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 2013, we will accept checks postmarked December 31 or earlier until Wednesday, January 8, 2014. Any gifts or pledge payments received in our office after that date, regardless of postmark date, will be receipted for 2014.
- Credit card gifts and/or pledge payments must be in our office no later than 12:00 p.m. on Friday, December 20 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 (www.towson.edu/giving) any time prior to midnight on December 31.
- The Foundation will be closed Monday, December 23 – Wednesday, January 1. 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 – x4-2040, jmease@towson.edu
Mike Cather, Associate Vice President, Development – x4-4679, mcather@towson.edu
Jeri Bielas, Senior Director of Advancement Services – x4-6083, jbielas@towson.edu
Thank you in advance for your assistance and cooperation.
