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