2008 Window Closing for
Philanthropic Tax Breaks
The approaching start of the New Year also signals the end of annual opportunities for philanthropy and applicable tax breaks for 2008. Some new opportunities are tied to the recent passage of the national economic bailout bill.
Texas A&M International University's Office of Institutional Advancement is in the process of contacting the University’s alumni, area businesses, corporations and the community about year-end giving opportunities at TAMIU, said Candy Hein, vice president for institutional advancement.
She said that while the University is not able to provide tax advice, it is encouraging donors to consult with their tax attorneys, accountants or financial planners to determine opportunities that could help their financial end-of-year planning.
“One option that might interest University donors is participation in the All4TAMIU Annual Giving Campaign to support scholarships for worthy students; a college: a department: a program, or faculty research and development,” Hein said,
“All4TAMIU Annual Giving donations improve our students’ lives by providing funds for much needed scholarships, student/faculty research, and academic programs.”
Another option for donors to consider is create a legacy by establishing a named endowment fund for student scholarships or to support a college, department, program and honor or memorialize an individual, family, business, or friends.
“This is a great time to establish an endowment at TAMIU, “said Hein, “because we have a number of matching challenge opportunities where the donor’s gift is matched by a corporation, foundation or other local philanthropists. We currently have challenge matches with naming opportunities for endowed academic scholarships; athletic scholarships; programs and professorships in the A.R.Sanchez, Jr. School of Business, and engineering and mathematics scholarships.
The recently passed $700 billion economic bailout bill (H.R. 1424, Financial Rescue Package) included a two-year extension of the IRA Rollover provision as well as other charitable giving opportunities. The IRA Rollover provision is retroactive to Jan. 1, 2008, and will apply to gifts made from that date through Dec. 31, 2009.
The provision exempts from taxable income any funds transferred ("rolled over") from an Individual Retirement Account (IRA) to TAMIU or a charitable organization. Limitations apply: the donor must be age 70 or older; the cap on annual IRA rollovers is $100,000 and the contribution must be a direct gift to TAMIU.
Hein noted that TAMIU has dedicated a donor wall, located in the Student Center, in recognition of those who over the past 38 years have contributed over $50 million to the University, its students and its programs. The University also publishes the Prism Annual Report recognizing TAMIU alumni, friends, corporations, foundations and businesses’ support for the University.
For additional information, please contact Hein at (956) 326.GIVE (4483), or stop by offices in the Sue and Radcliffe Killam Library, room 261, e-mail email@example.com or visit tamiu.edu/adminis/vpia
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