SUNY Impact Foundation

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 2023, 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 Friday, September 29, 2023.
• 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 16, if the $10 million cap has not been reached, application requests will be approved on a first-come, first-served basis.
• November 21st is the last day for stock transfers to be submitted to brokerage houses.
• All donations must be received by November 30, 2023 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 2% 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).