SUNY Adirondack Foundation offers tax savings for donors

QUEENSBURY, New York (Sept. 18, 2023) — SUNY Adirondack Foundation announces its inclusion in the 2023 NYS Charitable Tax Credit Program offered through the SUNY Impact Foundation. Applications for the program are due Sept. 30.

Created by New York state for donors who pay New York state taxes in excess of $10,000, the NYS Charitable Tax Credit Program applies to donations to SUNY schools with a minimum gift of $10,000 and a maximum of $100,000 per donor/income tax filing. Donors may designate their gifts to any SUNY Adirondack priority, and cash/stocks or a combination can be donated. 

All donations are subject to a 2 percent administrative fee by SUNY Impact Foundation. IRA donations, donor-advised fund donations and family foundation donations do not apply.

For the total qualified gift made, the donor receives:

• NYS: A credit and deduction on NYS tax filing for 2023: 85 percent of the qualified contribution can be a tax credit and 15 percent of the qualified contribution can be an itemized charitable donation. Please note this benefit is a nonrefundable tax credit for the 2023 tax year, and once the donor’s liability is zero, the excess amount cannot come back as a refund.
• Federal: 15 percent of the qualified contribution can be an itemized charitable deduction. 

This is not an automatic program; donors must contact SUNY Adirondack Foundation and be referred to the SUNY Impact Foundation by Sept. 29 to complete an online application. Please note that completing the application does not oblige a donation. 

For more information, call Rachael Patten at SUNY Adirondack at 518-743-2255, or email foundation@sunyacc.edu. 

SUNY Adirondack Foundation is a 501(c)3 not-for-profit organization created in 1983 that raises and manages necessary funds to help SUNY Adirondack meet the evolving needs of its students and community.