SUNY Impact Foundation
Thanks to the SUNY Impact Foundation, New York State taxpayers can support Purchase College and the campus programs they love and at the same time become eligible for an incredible tax benefit on their 2022 filing.
Priority Deadline: September 30, 2022
New York State taxpayers who plan to give between $10,000 and $100,000 this fall may apply to participate. Donors can designate their intention for the gift (e.g., a named scholarship fund, the Neuberger Museum of Art, an academic program, etc., and funds will be used explicitly for that purpose).
What is It?
- A time-limited opportunity to make a donation to Purchase College, SUNY and receive an extraordinary tax benefit through the SUNY Impact Foundation Charitable Tax Program. There is a $10 million cap on the SUNY-wide program.
- For the sum of the qualified contributions in 2022, a donor will have the following tax benefits:
—NY State: 85% of the qualified contribution is a tax credit against NYS income tax and 15% of the qualified contribution can be a deduction against NYS income tax. A donor gets the benefit of both a deduction and credit on their NYS personal income tax return.
—Federal: 15% of the qualified contribution is deductible against federal income tax.
When is the deadline?
- Applications to participate in the program to be submitted online by September 30, 2022.
- If all applications received exceed $10 million, the SUNY Impact Foundation will prorate all requests accordingly. For example, if donors submit a total of $20 million in applications, then every donor’s approved contribution amount will be reduced by 50%.
- From October 1, through November 20, if the $10 million cap has not been reached, application requests will be approved on a first-come, first-served basis.
- All donations must be received by November 30, 2022, to qualify.
How does it work?
- A donor must request an online application from Purchase College, SUNY and have an authorization from the SUNY Impact Foundation to participate.
- Donations qualifying under the NYS Charitable Tax Credit program will be limited to a minimum of $10,000 and to a maximum of $100,000 per donor/tax filing.
- Donations through family foundations, donor advised funds, or corporations are not eligible; checks and securities must come from a personal account.
How can donations to the SUNY Impact Foundation be made?
- Cash—check or wire transfer
- Combination cash and stock
- Stocks: evaluated value on the day of receipt is the actual donation amount regardless of its value the day donor submitted their request to their agent
What else should I know?
- No in-kind donations are accepted
- All donations are subject to a 1% administrative processing fee; additional fees apply for credit card and stock gifts.
- Purchase College Foundation will receive the grant less administrative fee from the SUNY Impact Foundation in February.
- Donors can designate their intention for the gift (e.g., a named scholarship fund, the Neuberger Museum of Art, an academic program, etc., and funds will be used explicitly for that purpose).
Amanda Walker PhD
Executive Director, Purchase College Foundation
Vice President for Institutional Advancement, Purchase College, SUNY