
SUNY IMPACT FOUNDATION
NYS Charitable Tax Credit Program
What is it?
A one-time, time-limited opportunity to make a donation to Farmingdale State College and receive an extraordinary tax benefit through the SUNY Impact Foundation. There is a $10M cap on the SUNY-wide program.
For the sum of the qualified contributions in 2022, a donor will have the following tax benefits:
• Federal: 15% of the qualified contribution can be a deduction
• NY State: 85% of the qualified contribution as a tax credit and 15% of the qualified contribution can be a deduction. A donor gets a benefit of both a deduction and credit on their NYS tax filing.
• The receipt(s) issued once the donation(s) is received will include a receipt number which must be used with NYS income tax filing
• Donors can claim this tax credit on their income tax return, even if using Turbo Tax.
When is the deadline?
• All applications must be received by 5pm (EST) on September 30, 2022 to be eligible for the program.
• All donations must be received by November 30, 2022, to qualify.
How does it work?
• A donor must have an authorization from the SUNY Impact Foundation to participate.
• Donations qualifying under the NYS Charitable Tax Credit program will be limited to a minimum of $10,000 and to a maximum of $100,000 per donor/ tax identification number and tax filing.
• Donations through a family foundation are not eligible for this tax credit program.
• Funds will be transferred to campuses on February 1, 2023
Ways you can make your donation:
• Cash—check or wire transfer
• Combination cash and stock
• Stocks: evaluated value the day of receipt is the actual donation amount regardless of its value the day donor submitted their request their agent
• No in-kind donations are accepted
• All donations are subject to a 1% administrative processing fee
• Donor can designate their intention for the gift