Year End Giving
When you give at the end of the year, your gifts can have a substantial impact on your tax situation. They can generate income tax deductions that could help reduce your income tax bill. Your gifts also increase support for Saint Mary’s students.
Only gifts made by December 31 can help reduce the amount of taxes you will owe in April.
Dates and Times
Timing is critical when it comes to tax benefits. And that timing varies depending on your giving method.
Checks: The date your check is received by the College will be the date on your receipt.
Credit Cards: The date your payment is processed is the date of the donation. We process credit card transactions on the date we receive authorization (by mail, phone, or online). If you mail your gift, please allow ample mail time. To ensure your year-end gift is processed on time, make your donation online or by phone at (800) 762-8871.
Please be advised that the date on your Saint Mary’s receipt reflects when the College received your gift. It does not imply the date the gift was made. To determine the tax consequences of your gift, consult your tax advisor.
Indiana Tax Credit
If you are an Indiana resident and you make a gift to Saint Mary’s, the state of Indiana will give you a tax credit on your Indiana income tax return. The credit will equal half of your gift to the College—up to $200 if filing jointly and $100 if individually. The tax credit is applied directly against the “bottom line” of your state income tax return. It will either reduce the amount of taxes owed or provide a refund on taxes paid.
To take advantage of this opportunity, you must use the Indiana Department of Revenue Schedule CC-40 when filing your state income tax return.
You can make a gift of publicly traded shares of stock by electronic transfer with your broker’s assistance.
Request your broker to transfer the stated number of shares electronically to:
National Financial Services DTC #0226
For the Benefit of: Saint Mary's College, Notre Dame, Indiana
If you or your broker have questions, please contact Jordan Marshall at (574) 284-4706.
Gifts from Retirement Accounts
Retirement plan assets can be a source for year-end gifts. For more information on making a gift from a retirement plan, visit the Planned Giving page. Please contact Valerie Sherman for assistance at firstname.lastname@example.org or (574) 284-4600.
© Saint Mary's College. This information reprinted with the permission of Robert F. Sharpe and Company.
The purpose of the above information is to provide general gift, estate, and financial planning information. It is not intended as legal, accounting, or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisors should be obtained. Consult an attorney for advice if your plans require revision of a will or other legal document. Tax deductions vary based on applicable federal discount rates, which can change on a monthly basis. Some opportunities may not be available in all states.