The Virginia Athletics Foundation (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).
Tax ID: 54-0517188
Gifts that qualify for income tax deduction are those not associated with benefits including the right to purchase tickets for seating at home university athletics events. This includes gifts made to the endowment, Sports Enhancement Funds, 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 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. As an Annual Fund donor, if you receive the Cavalier Corner publication, the value of this benefit also reduces your charitable contribution deduction. Please refer to your tax receipt from the VAF.
Required Minimum Distributions Return
While Required Minimum Distributions (RMDs) from Individual Retirement Accounts were suspended for 2020, RMDs returned beginning in 2021. If you are at least 70 1/2 years old, you may be eligible to make a Qualified Charitable Distribution (QCD) from your IRA of up to $100,000 in a calendar year. QCDs count toward your RMD if you are required to take one. You can initiate these gifts directly through your IRA plan administrator. Amounts distributed to support the Virginia Athletics Foundation that would otherwise be deductible as a charitable contribution will be excluded from federal income. Because the QCD is excluded from income for federal tax purposes, you cannot claim a deduction for the gift. Gifts to VAF that are associated with benefits including the right to purchase tickets to home football or men’s basketball games or per seat requirements are not deductible and would not be considered a QCD.
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 have been an integral part of our fundraising effort for many years, especially to fund scholarships and academic affairs for our student-athletes.
As always, we do not provide tax advice. We recommend that you consult with your own tax advisors to determine the tax deductibility of your gift.