2010 Year-End Giving Guidelines
Maximum tax benefits depend on timing. Here’s how to complete your 2010 gift to Virginia Tech by year end.
Your gift by check
US Postal Service
- Date your check on or before Dec. 31, 2010.
- Mail via U.S. Postal Service with postmark on or before Dec. 31, 2010.
- Gift checks mailed via U.S. Postal Service with postmark and check date on or before Dec. 31, 2010 will be counted for 2010 regardless of when received at Virginia Tech.
- Date your check on or before Dec. 31, 2010.
- Deliver by hand or ship via FedEx, UPS, or other shipper so that it is received at Virginia Tech’s Office of University Development by 5 p.m., on Thursday, Dec. 30, 2010.
- Gift checks not mailed by U.S. Postal Service are effective as of date received at Virginia Tech.
The address for mailing, shipping, or hand-delivery of your check:
Virginia Tech (0336)
Attn: Gift Accounting
902 Prices Fork Road
Blacksburg, VA 24061
Questions about your gift by check? E-mail Gift Accounting at email@example.com or call 800/533-1144.
Your gift by credit card
The way you send your gift (mail/ship, phone, on-line) determines the deadline, since your credit card gift is effective for tax purposes on the date the card is charged (processed by gift accounting).
U.S. Postal Service and FedEx/UPS Shipping
- Deadline is 5 p.m. (Eastern Standard Time) on Thursday, Dec. 30, 2010.
- Use University Development address above.
- Important: Your credit card gift must be received in University Development’s Office of Gift Accounting by the 5 p.m., Dec. 30, 2010, deadline in order to be charged.
AFTER 18 DECEMBER, you may prefer to make your gift online or by telephone to avoid mailing or shipping delays and help assure your credit card gift is processed in time to count for 2010 tax purposes. See below for those deadlines.
- Deadline is 4 p.m. (Eastern Standard Time) on Thursday, Dec. 30, 2010.
- Call 800/533-1144 or 540/231-2829
- Deadline is 11:59 p.m. (Eastern Standard Time) on Friday, Dec. 31, 2010.
- Make your gift using our secure online giving form.
Questions about your credit card gift? E-mail Gift Accounting at firstname.lastname@example.org or call 800/533-1144.
Your Gift of Securities (stocks, bonds, mutual funds)
- Gifts of securities (stocks, bonds, and mutual funds) require planning. The effective date of your gift for tax purposes depends upon how you deliver the gift. Use deadlines below to assure your gift counts for 2010.
- View signature rules for transfer of physical stock certificates to Virginia Tech at www.idm.vt.edu/public.html.
- The amount of your charitable deduction depends on the value of the securities at the time the gift is complete.
- Mutual fund gifts: Start early to determine the fund’s turnaround time, which varies from fund to fund. Some can complete your transfer within days of receiving your instructions; many take from three to six weeks.
- Your hand-delivered gift of securities is effective on the date received by Virginia Tech.
- Deadline is 4 p.m., on Friday, Dec. 31, 2010.
U.S. Postal Service
- Your mailed (U.S. Postal Service) gift of securities is effective as of the postmark date. If you mail stock certificates in two envelopes (see below) the later of the two postmarks is used.
- It is safest to send unendorsed stock certificates, along with a letter of instruction. Instead of signing your stock certificate on the back, please sign a stock or bond power and send it in an envelope separate from the actual certificate. Your gift will be effective as of the later of the two postmark dates. For sample forms and step-by-step instructions, visit http://www.idm.vt.edu.
- Deadline: Latest postmark on mailed materials must be on or before Dec. 31, 2010.
- Mail to the Office of Investments and Debt Management at the address below.
Shipping Services (FedEx, UPS, or Other Shipping Service)
- Virginia Tech considers your gift of securities sent by a private shipping company such as FedEx or UPS to be effective when received at Virginia Tech. Because IRS regulations are unclear about whether a gift sent by private shipping service is effective as of the date sent or when received, Virginia Tech’s deadline assures your gift will be effective for 2010 tax purposes.
- Deadline: Your gift must be received at Virginia Tech by 4 p.m., on Friday, Dec. 31, 2010.
- Ship to the Office of Investments and Debt Management at the address below. Allow extra time for shipping during December.
The address for hand delivery, mailing, or shipping your gift of securities:
Office of Investments and Debt Management
Virginia Tech Foundation, Inc. (0455)
University Gateway Center, Suite 2400
902 Prices Fork Road
Blacksburg, VA 24061
Electronic Securities Transfer
- Your electronic transfer of securities from a brokerage account is complete when the securities have been received by an account owned by Virginia Tech. Important: These gifts are not considered complete upon giving instructions to a broker.
- Your electronic transfer gift is counted for tax purposes only when it is complete (see above).
- Initiate your transfer early. It is wise to allow several weeks. While some transfers may be received within days of your instructions, longer delays are possible, especially at year-end.
- Deadline: Your electronic transfer must be received by 11:59 p.m., on Friday, Dec. 31, 2010.
Questions about transferring any gift of securities (stocks, bonds, mutual funds)? Call Greer Boyd in the Office of Investments and Debt Management at 540/231-2325, or email IDM@vt.edu. Forms and instructions are available for download at www.idm.vt.edu.
Your Gift of Real Estate
- Your gift of real estate typically is considered complete on the date a signed deed is delivered to Virginia Tech.
- Begin as early as possible if you wish to complete a real estate gift within a certain time frame for tax purposes. It often takes 30 days or more to determine whether a gift of real estate can be accepted.
Questions about your gift of real estate? Call the Office of Gift Planning at 800/533-1144 or 540/231-2813; or e-mail email@example.com.
Reduce Income Tax on Your 2010 Roth IRA Conversion
If you converted your traditional IRA to a Roth IRA this year, you can offset the taxable income generated by the conversion by making a charitable gift to Virginia Tech or by making an additional pledge payment on an existing gift. Timing is the key. Your Roth conversion and your gift work together, so to ensure your plan works as you intend, your gift or pledge payment should match the tax year in which the income is reported. For a 2010 conversion, you can either report the income during 2010, or you can elect to spread the federal income taxes owed on a 2010 Roth conversion equally over tax years 2011 and 2012. Consult your accountant or financial advisor to make sure your Roth conversion and your charitable gift fit your overall tax strategy. Learn more from our Roth IRA conversion Q&A with Director of Gift Planning Steve Clark; or by calling the Office of Gift Planning at 800/533-1144 or 540/231-2813; or e-mailing firstname.lastname@example.org.
IRA Charitable Rollover Legislation
DECEMBER UPDATE: Charitable IRA Rollover Extended for 2010 and 2011.
The December 17, 2010, tax bill extended the charitable IRA rollover opportunity for older donors who wish to make a gift directly to the university from their traditional or Roth IRA. This generally produces a more favorable tax outcome than simply withdrawing funds to make a gift.
- Extension last through 2011.
- Due to the late date of the extension for 2010, qualifying charitable IRA rollovers made by January 31, 2011 can count as if they were made in 2010.
- You must be 70 1/2 or older.
- Your gift(s) must be transferred directly from your traditional or Roth IRA(s) to qualified charities such as the Virginia Tech Foundation Inc.
- You may exclude up to $100,000 per person, per tax year.
No personal benefits can be received from your gift.
- (Donor recognition is permitted, but Hokie Club priority points are not.)
Visit our IRA rollover Q&A page for answers to frequently asked questions about the rules for such gifts.
Plan ahead to maximize benefits of your 2010 gift to Virginia Tech
- Maximize your tax benefits. Begin early to evaluate the charitable gifts you have made this year, and those you are considering. Allow time to consult financial advisors and to complete all necessary steps in time to count your gift for the 2010 tax year.
- Invent the Future. Your qualifying 2010 contribution will support the area of the university you designate and count toward the billion-dollar goal of The Campaign for Virginia Tech: Invent the Future.