Take Advantage of an Extraordinary Giving Opportunity with Potential Tax Benefits

This is a time-limited opportunity to make an impact on UB students through a charitable gift to the SUNY Impact Foundation that can be directed back to the program of your choice at the University at Buffalo. And you will also benefit: 85% of your gift will qualify for a non-refundable New York State tax credit.

• There is a $10 million cap on this SUNY-wide program. 
• Gifts must be at least $10,000 and no more than $100,000.
• If the cap is surpassed, the SUNY Impact Foundation will prorate requests. Example: if applications from all SUNY campuses total $20 million, all donors will receive 50% of their requests.

Here are the tax benefits:

• 85% tax credit on New York State taxes.
• 15% deduction on New York State taxes for those who itemize their deductions.
• 15% deduction on federal taxes for those who itemize their deductions.

A tax credit is a dollar-for-dollar amount taxpayers claim on their tax return to reduce the income tax they owe. Eligible taxpayers can use them to reduce their tax bill and potentially increase their refund.  The SUNY Impact Foundation NYS tax credit program is a nonrefundable tax credit. Once a taxpayer’s liability is zero, the taxpayer won’t get any leftover amount back as a refund. 

• Any individual with a personal tax liability in New York State is eligible. Individuals should check with their tax advisor to understand if this program would be advantageous for their personal circumstances. Donors should ensure their NYS tax liability is equal to or more than their authorized gift amount.
• Donations must be at least $10,000 and no more than $100,000.
• Gifts must be paid in full by Nov. 30, 2024.
• Only gifts of stock, cash (wire transfer only, no checks accepted) or a combination will be accepted.
• Gifts from donor-advised funds, family foundations and IRAs are not eligible.

• You can designate which fund or funds you would like to support at UB.
  
• The tax credit must be used in the 2024 tax year and does not carry forward.
• Donors who have an existing pledge and wish to make a new pledge payment can do so through this program. Gifts and pledge payments already made in 2024 do not qualify.
• If you intend to make a pledge payment, but your gift is prorated, you will be responsible for any additional pledge commitment not fulfilled by your SUNY Impact Foundation gift.
• If you give $10,000, it may be prorated below the original minimum. Your gift will still qualify for the tax credits. 
  
• There is a 2% SUNY administrative fee to process your gift, which is assessed before your gift reaches UB.  

1. If you work with a gift officer, start by contacting them directly so they can guide you through the process. 
2. Complete this simple online application. Be sure to select University at Buffalo as your preferred campus. UB will receive a regular report of all interested donors.
3. Without exception, all applications MUST be completed by Sept. 30, 2024. 
4. After the application period closes, SUNY will determine if gifts will be prorated to stay within the $10 million cap. For reference, in 2023, gifts were prorated by about 40%.  
   
5. In early October, SUNY will email you the gift amount you are authorized for, along with a tax authorization certificate, to use when filing your 2024 taxes.
6. Gifts MUST be paid in full by Nov. 30, 2024. Stock and wire transfers must be made a few days in advance of this deadline.
7. If you haven’t already done so, work with your UB advancement officer or UB representative by Dec. 31, 2024 to determine where your gift will be allocated. 
8. The UB Foundation will receive the transfer of funds from SUNY in Feb. 2025.  

Questions?
Please contact University Advancement at nystaxcredit@buffalo.edu.