Philanthropic Tax Breaks Still Available

The approaching start of the New Year also signals the end of annual opportunities for philanthropy and applicable tax breaks for 2009. Some opportunities tied to last year’s national economic bailout bill are still available.

Texas A&M International University's Office of Institutional Advancement has been contacting University 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.

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; athletics scholarships; programs and professorships in the A.R. Sanchez, Jr. School of Business, and engineering and mathematics scholarships,” she noted.

The 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 applies 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.

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 tamiugiving@tamiu.edu or visit tamiu.edu/adminis/vpia

The University will be closing for the holidays on Wednesday, Dec. 23, at 5 p.m. and reopening on Monday, Jan. 4 at 8 a.m.

Donors interested in making gifts prior to the end of the calendar year can call 956.206.8019.

Journalists who need additional information or help with media requests and interviews should contact the Office of Public Relations, Marketing and Information Services at prmis@tamiu.edu