Jackrabbit Club

[jackmd]

I figured I would post the link since we have been discussing increasing the donor pool. Its easy to join and there are some nice benefits. Check it out and consider signing up. Forward this link to anybody who might be interested.

http://www.sdsufoundation.org/s/1109...id=1&pgid=1006

[filbert]

Re: Jackrabbit Club

Good idea. I made the thread sticky.

[Nidaros]

Re: Jackrabbit Club

There has not been much publicity about a change in the tax law for 2018. For tax years 2018-25, you no longer can deduct 80 per cent of your contributions to the booster clubs such as the Jackrabbit Club. If you do not file the long form or itemize deductions, this will not affect those donors. I choose to complete Schedule A and itemize my deductions and am currently filling out my 2018 return. I really do not like this change especially since I contributed in excess of 2000 dollars. I dont know how I missed this at the beginning of the year but I did. The IRS has not published it's 2018 version of Pub526.(this Pub covers Charitable Contributions). I read about this in a Forbes tax article and was flabbergasted, and checked the IRS site, and found temporary relief only to discover I was reading the 2017 edition. Does it affect contributions to scholarship funds, groups such as Difference Makers? I dont know the answer, but most likely it does since they award priority points for each contribution.

[Nidaros]

Re: Jackrabbit Club

There has not been much publicity about a change in the tax law for 2018. For tax years 2018-25, you no longer can deduct 80 per cent of your contributions to the booster clubs such as the Jackrabbit Club. If you do not file the long form or itemize deductions, this will not affect those donors. I choose to complete Schedule A and itemize my deductions and am currently filling out my 2018 return. I really do not like this change especially since I contributed in excess of 2000 dollars. I dont know how I missed this at the beginning of the year but I did. The IRS has not published it's 2018 version of Pub526.(this Pub covers Charitable Contributions). I read about this in a Forbes tax article and was flabbergasted, and checked the IRS site, and found temporary relief only to discover I was reading the 2017 edition. Does it affect contributions to scholarship funds, groups such as Difference Makers? I dont know the answer, but most likely it does since they award priority points for each contribution.

I have an answer to my own questions after receiving my 2018 Annual Donation Summary provided by the SDSU Foundation. The report lists gifts given this past year and also the Value Received in Exchange. The good news is that value received in Exchange does not apply to scholarships funds and to such groups as Difference Makers. I will be able to deduct my contributions made to the Difference Makers and other scholarship funds. I spoke Tim Dwire from the Foundation, who seemed to be very knowledgeable on this issue. Tim went on to tell me that the Priority points are just a means for ranking donors and if choice seating boils down to two donors, the donor with the most priority points receives the choice seating. The priority point system belongs to SDSU and even though you the donor gave the money, there is nothing of value given to you in exchange. Your value for your donation is the long form 1040 Schedule A and the full deduction. Donations given directly to the Jackrabbit Club in support for seating and parking are not deductible. for tax years 2018 through 2025.

The bad news is that I will not be able to put my priority points in my will like some UNL donors have allegedly done. The rumor mill says it is done in Lincoln, but have no source or proof that it occurs. I have more priority points than I care to admit and I can not like other assets of value take them with me to the grave. So I appreciate Mr. Dwire's input and he helped clarify what is a charitable contribution and what affect it has on my 2018 taxes.