Guide to Year-End Giving

Thank you for making University of Arizona causes part of your giving priorities this year. At the University of Arizona Foundation, we are here to help facilitate and process your gift. This is especially critical in 2020 given several important tax incentives due to COVID-19 that are set to expire on Dec. 31, 2020. See below for answers to common questions we get at this busy time of year, and feel free to contact the Donor Services team for more information. 

Check Out Our Giving Tips for Tax Year 2020

Hours

The University of Arizona will be closed from 5 p.m., Wednesday, Dec. 23, 2020 until 8 a.m. Monday, Jan. 4, 2021. The University of Arizona Foundation will be closed Dec. 24, 25, and Jan. 1. Please be aware that the UAF offices will close at 3 p.m. on Dec. 28 through Dec. 31, so please call before stopping by. 

Designating Your Gift

We offer many ways to find University of Arizona causes that are important to you.

Reciepting Information for Tax Year 2020

Checks

We process and receipt checks received after Dec. 31 according to the postmark date on the envelope. Note that if the check is sent via UPS/FedEx or hand-delivered, the tax receipt will reflect a 2020 processing date only for checks received by the foundation on or before Dec. 31, 2020.

Mail your check to: 

The University of Arizona Foundation
P.O. Box 210109
Tucson, AZ 85731-0109
 

Credit Cards

In accordance with IRS regulations, charged gifts are processed and receipted for the date the charge hits the credit card account. That means that a postmark cannot be used to receipt a credit card gift mailed on Dec. 31 or earlier, if we do not receive the charge until after the 31st. We recommend making your credit card gift online before Dec. 31 to prevent any issues.  

Stock Transactions

Donating appreciated publicly-traded securities is a tax-advantaged way to give, regardless of whether you itemize deductions. By contributing shares of long-term securities (i.e. owned for longer than one year), you avoid paying tax on the capital gain. If you do itemize, you can receive a full, fair-market value tax deduction up to 30% of your adjusted gross income. 

Stock transactions are processed and receipted according to the date when the shares are transferred into our account. Stock will need to be transferred into our accounts before the end of business on Thursday, Dec. 31 (the bond market closes at noon EST/10 a.m. MST; the NYSE at 4 p.m. EST/2 p.m. MST) in order to count in calendar year 2020. Please let Bridget Vergara (520-621-9064) know when stock transfers are expected to help facilitate the processing and receipting of stock transfers.

Real Estate

Real estate gifts must be formally approved and accepted by the UAF Investment Committee which holds its last 2020 meeting on Dec. 19. Contact Chuck Pettis at 520-621-9044 if you have any questions or reach out to donorservices@uafoundation.org for assistance. 

Other Questions

The Donor Services team is ready to assist during the university closure. Call 520-621-5491 or 800-409-9791 or email donorservices@uafoundation.org if you need assistance making a gift. Leave a message if you are directed to voicemail — we are likely busy helping other donors but will return your call as soon as possible.

Thank you for your support, and have a wonderful holiday season!

 

Tips for Tax Year 2020

There are a number of strategies you can implement for year-end giving that also provide tax savings. To learn more, review the information found below or contact the University of Arizona Foundation’s Office of Gift Planning by phone at 520-621-1993 or plangift@al.arizona.edu.

If you itemize deductions, you can deduct cash gifts made in 2020 up to 100% of your adjusted gross income for gifts made to qualifying charities like the University of Arizona Foundation for the benefit of your preferred University of Arizona designation. In addition, the CARES Act raised the deduction limit for corporations from 10% to 25% of taxable income.

Even if you do not itemize deductions, the CARES Act allows you to claim an above-the-line charitable deduction of up to $300 for cash gifts. (Note: If you are married and filing a joint return, your deduction is still limited to $300 for cash donations made in 2020.)

If you are 70 ½ years or older, you can make a gift directly from your IRA to the University of Arizona Foundation for the benefit of your preferred University of Arizona designation and pay no income tax on the distribution. Some limitations apply, including a maximum of $100,000 in qualified charitable IRA distributions per taxpayer, per year. Under the CARES Act there is no required minimum distribution from an IRA in 2020, so unlike past years, a qualified charitable distribution will not count towards your minimum distribution requirement.

The University of Arizona Foundation is a qualified non-profit to receive a grant from your DAF. Please direct your grant to:

University of Arizona Foundation
(Tax ID #86-6050388)
 1111 N. Cherry Avenue
Tucson, AZ 85721

If you have any questions call our Donor Service Line at 520-621-5491 or email donorservices@uafoundation.org. More information on Donor-Advised fund gifts and next steps can be found here.