The Red Wolves Foundation is recognized by the Internal Revenue Service as a tax-exempt 501(c)(3) organization, and contributions are deductible for federal income tax purposes to the extent allowable by law. Please consult your tax advisor for further information about the tax implications of your contributions.
For any portion of your gift not applied to a per-seat contribution for athletic tickets, we acknowledge that no goods or services were provided in consideration for your donation. We encourage donors to seek their own tax and legal counsel in matters related to charitable giving.
SEASON TICKETS & SEAT DONATIONS
Donors to the Red Wolves Foundation are entitled to receive priority seating for season tickets purchased for football, men's and women's basketball, as well as baseball. The cost of tickets is not tax deductible for federal income tax purposes.
2018 NEW TAX LAW INFORMATION
Prior to January 1, 2018, a donor was permitted to claim a charitable contribution for 80 percent of the amount paid for the right to purchase tickets for seating at athletic events. Under the new federal tax law that took effect January 1, 2018, the tax treatment of donations that result in the right to purchase tickets for seating at athletic events has been modified.
ADDITIONAL BENEFITS
The Internal Revenue Code also addresses other benefits (other than priority seating) that a donor may receive as a result of the gift. A donor may only deduct the amount of a gift that is more than the value of other benefits received. Car decals, newsletters, and other token items do not reduce the amount eligible for deduction for tax purposes; however, other goods or services a donor receives in consideration for a contribution may reduce a donor's eligible deduction.
SUBSTANTIATION REQUIREMENTS
As required by the Internal Revenue Service, the Red Wolves Foundation will furnish donors with receipts for contributions. Donors should retain their receipts for federal income tax purposes. Please consult your tax advisor to determine the amount of your contribution eligible for federal income tax purposes. Tax receipts will be mailed to the address listed on your online account by the end of each year.
