CHARITABLE CONTRIBUTIONS

VAF is a 501(c)(3) tax-exempt organization recognized as a public charity. In addition, gifts made to the Foundation qualify for the charitable contribution deduction under Section 170(b)(1)(A).

Gifts that qualify for a full income tax deduction are those not associated with the right to purchase tickets for seating at home university athletics events. This includes gifts made to the endowment, Coaches 10 programs, capital projects, special projects, athletics department operations, and Annual Fund or Friends Of contributions where the donor waives their right to benefits.

According to current IRS regulations, gifts that are not tax-deductible are those that provide the right to purchase tickets for seating at home university athletics events. Please refer to our Giving Levels chart at http://virginiaathleticsfoundation.com/giving-levels/ to determine the portion of your Annual Fund or Friends Of gifts that is associated with the right to purchase tickets. In addition, per seat commitments, or suite lease commitments associated directly with home seating benefits may not be tax-deductible.

The recently passed CARES Act also includes a couple of provisions of note. For tax year 2020 only, donors may elect to apply a new 100% of adjusted gross income (AGI) limit to cash gifts to public charities. Also, in 2020 non-itemizers may take a $300 “above the line” deduction for charitable cash gifts. Please refer to the CARES Act for additional information as this information is summarized.

Contributions to the Virginia Athletics Foundation are vitally important to the success of Virginia Athletics. As is the case with most of our peer institutions around the country, contributions for seating priority have been an integral part of our fundraising effort for many years, especially to fund scholarships for student-athletes.

As always, we do not provide tax advice; we advise you to consult with your own tax advisors to determine the tax deductibility of your gift.