Making a Large Lump-Sum Donation

[TruthGeneral]

Be very careful, I know someone that is an elderly lady that
donated an inherited house from a relative to the academic side and the next year they acted like they did not know her. Spend the money on family and friends and have a good time. If not a million + you are not important.
Sorry, just the way it is.

[BruinVol]

Originally Posted by LWSVOL

80%

I understand the value of the tickets being deducted but why isn't 100% of the remaining donation a tax deduction?
Posted via VolNation Mobile

[JayVols]

Originally Posted by FearlessFreep

Just to echo the good information posted earlier. You used to be able to donate to academic departments and get gift credit towards tickets. We did just that because we wanted the academic departments themselves to get the money.

This all changed when Hamilton made a power grab for all of that cash. Now everything has to go through the athletic department and they out of the graciousness of their heart might give some to academics - but you don't get any say in that. It all goes in the Big Pool 'O Cash and only the athletic department decides what to do with it.

We cancelled our football tickets because of this. This was a big hook for people to give directly to non-athletic causes and get ticket credit. These programs get a mere pittance of what the AD gets and often times a small donation means so much more.

I'm all for the AD making it's share, but don't penalize the academic side of the house just for your greed. This only underscores what most people already know - the athletic department is a part of the University in name only.

Don't hate on Hammy. It takes lots of money to build new buildings (football facility), renovate old facilities (Neyland Stadium), and tear down old institutions (our football program).

[UTFANIAM]

Originally Posted by JayVols

Don't hate on Hammy. It takes lots of money to build new buildings (football facility), renovate old facilities (Neyland Stadium), and tear down old institutions (our football program).

Wow, heavy man

[Scotty's Flat Top]

Originally Posted by TruthGeneral

Be very careful, I know someone that is an elderly lady that
donated an inherited house from a relative to the academic side and the next year they acted like they did not know her. Spend the money on family and friends and have a good time. If not a million + you are not important.
Sorry, just the way it is.

I know nothing about it, but this sounds 100% accurate.

[AJeray4TN]

UT should make a large lump-sum donation to me for the liver transplant I'll need in 20 years from attending their little school on the hill.

[l3rewski]

If you really want to help, buy something a particular department will find useful and donate it.... say like a Nikon D4 & a 300mm lens for the UTAD photo department.

[AJeray4TN]

Originally Posted by l3rewski

If you really want to help, use your hard earned money and spend two weeks in Hawaii

Fyp. This is how I like to give back.

[LWSVOL]

Originally Posted by BruinVol

I understand the value of the tickets being deducted but why isn't 100% of the remaining donation a tax deduction?
Posted via VolNation Mobile

IRS rules. I think because you derive a benefit from the donation only 80% is eligible. benefit is opportunity to buy tickets and the other perks you get.

I think that is what drives it

[BruinVol]

Originally Posted by LWSVOL

IRS rules. I think because you derive a benefit from the donation only 80% is eligible. benefit is opportunity to buy tickets and the other perks you get.

I think that is what drives it

Thanks. Just Doesn't seem fair if a donor donates 100K getting 5K worth of benefits but can only claim 80K instead of a 95k deduction. Then again its the IRS.
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[otis72]

hear i am The United Otis Fund.Help the needie,buy a lunch,if u call in the next 15 mints u could get a 6 pack for Otis...Main thing we all need...have a nice day..

[ImportedVoL]

I love to see a donation to the academic areas of the school. Very nice! we need more of that going on. If I wasn't struggling to get bills paid it would be nice to do something like this.. here's to hoping I am in a position to do this at some point in my life

[82_VOL_83]

Originally Posted by BruinVol

I understand the value of the tickets being deducted but why isn't 100% of the remaining donation a tax deduction?
Posted via VolNation Mobile

No, 80% of the TOTAL DONATION. You pay for the tickets.....if you donate $1000 for a 2 seat "license" you can deduct $800.

Edit: Sorry, this was already posted.

[82_VOL_83]

Originally Posted by BruinVol

Thanks. Just Doesn't seem fair if a donor donates 100K getting 5K worth of benefits but can only claim 80K instead of a 95k deduction. Then again its the IRS.
Posted via VolNation Mobile

Don't think that the guys giving 100k a year and doing it for tickets......

[Orange Blazer]

Originally Posted by TNGlen

Don't think that the guys giving 100k a year and doing it for tickets......

Agreed. My uncle is a big doner. He couldn't tell you where his tickets are outside of his suite. He has a torch fund for the MBA program and donates a lot to football. He said he gets a call weekly to donate more to the football facilities.