Gifts to OSU Athletics are made payable to the OSU Foundation. The Oklahoma State University Foundation is a not-for-profit corporation organized under the General Corporation Act of the State of Oklahoma. The Foundation has qualified as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. Gifts made to the Foundation are deemed to be made to a qualified organization and are deductible under Section 170 of the Internal Revenue Code. The Foundation is a separate and distinct legal entity from Oklahoma State University.
Donations or gifts to charitable organizations like OSU provide substantial tax advantages and income benefits. We would be pleased to provide professional assistance to help you craft your gift to OSU Athletics.
80/20 Split
The following information is taken from IRS Publication 526 "Charitable Contributions."
- Contributions From Which You Benefit
"If you receive a benefit as a result of making a contribution to a qualified organization, you can deduct only the amount of your contribution that is more than the value of the benefits you receive."
- Athletic Events
"If you make a payment to, or for the benefit of, a college or university and, as a result, you receive the right to buy tickets to an athletic event in the athletic stadium of the college or university, you can deduct 80% of the payment as a charitable contribution. "Example 1. You pay $300 a year for membership in an athletic scholarship program maintained by a university (a qualified organization). The only benefit of membership is that you have the right to buy one season ticket for a seat in a designated area of the stadium at the university's home football games. You can deduct $240 (80% of $300) as a charitable contribution."
For additional information, please consult with your tax adviser.
