Maximum tax benefits depend on timing. Here’s how to complete your 2013 gift to Virginia Tech by year end.
Your gift by check
US Postal Service
- Date your check on or before Dec. 31, 2013, and
- Mail via U.S. Postal Service with postmark on or before Dec. 31, 2013.
- Gift checks mailed via U.S. Postal Service with postmark and check date on or before Dec. 31, 2013 will be counted for 2013 regardless of when received at Virginia Tech.
- Date your check on or before Dec. 31, 2013, and
- Hand-deliver your check 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 Tuesday, Dec. 31, 2013.
- Gift checks delivered by any method other than being mailed via 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? Email Gift Accounting at firstname.lastname@example.org 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).
Credit Card Gifts via U.S. Postal Service and FedEx/UPS Shipping
- Deadline is 5 p.m. (Eastern Standard Time) on Tuesday, Dec. 31, 2013.
- 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. 31, 2013, deadline in order to be charged.
After Dec. 16, 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 2013 tax purposes. See below for those deadlines.
Credit Card Gifts by Telephone
- Deadline is 4 p.m. (Eastern Standard Time) on Tuesday, Dec. 31, 2013.
- Call 800-533-1144 or 540-231-2829
Credit Card Gifts Online
- Deadline is 11:59 p.m. (Eastern Standard Time) on Tuesday, Dec. 31, 2013.
- Make your gift using our secure online giving form.
Questions about your credit card gift? Email Gift Accounting at email@example.com 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 2013.
- View signature rules for transfer of physical stock certificates to Virginia Tech at www.idm.vt.edu.
- 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 processing time, which varies from fund to fund. Some can complete your transfer within days of receiving your instructions; some take as much as six weeks.
- For all gifts of securities: Please notify the Office of Investments and Debt Management of your intention to make a gift of stock to the Virginia Tech Foundation. Phone 540-231-2325, or email IDM@vt.edu.
- Your hand-delivered gift of securities is effective on the date received by Virginia Tech
- Deadline is 4 p.m., on Tuesday, Dec. 31, 2013.
U.S. Postal Service
- Your gift of securities mailed via U.S. Postal Service 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 www.idm.vt.edu.
- Deadline: Latest postmark on materials mailed via USPS must be on or before Dec. 31, 2013.
- 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 2013 tax purposes.
- Deadline: Your gift must be received at Virginia Tech by 4 p.m., on Tuesday, Dec. 31, 2013.
- 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 Tuesday, Dec. 31, 2013.
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 email firstname.lastname@example.org.
Reduce Income Tax on Your 2013 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. Consult your accountant or financial advisor to make sure your Roth conversion and your charitable gift fit your overall tax strategy.
IRA Charitable Rollover to Expire Dec. 31, 2013
The January 2013 tax bill extended – until the end of 2013 only – the charitable IRA rollover (qualified charitable distribution) for older donors who wish to make a gift directly to the university from their traditional or Roth IRA. This opportunity has allowed many Virginia Tech donors age 70 ½ or older to exclude from taxable income – and count toward their required minimum distribution – qualifying gifts transferred directly from their IRAs to the Virginia Tech Foundation, Inc. A qualifying charitable IRA rollover generally produces a more favorable tax outcome than simply withdrawing funds to make a gift.
- Extension ends Dec. 31, 2013.
- 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. (Other retirement plans, such as 401(k) accounts, do not qualify.)
- You may exclude up to $100,000 per person, per tax year.
- Qualifying 2013 gifts can be made at any time during calendar year 2013, up to a maximum of $100,000 per person.
- An individual who made a qualifying gift for tax year 2012 can make another qualifying gift for tax year 2013, however the same gift may not count in both tax years.
- No personal benefits can be received from your gift.
- (Donor recognition is permitted, but Hokie Club priority points are not.)
LEARN MORE about Charitable IRA Rollover qualifications and restrictions online. Visit bit.ly/irarollover.
CONTACT THE OFFICE OF GIFT PLANNING at 800-533-1144 or 540-231-2813, email email@example.com.
Plan ahead to maximize benefits of your 2013 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 2013 tax year.
- Invent the Future. Your qualifying 2013 contribution will support the area of the university you designate and help invent the future at Virginia Tech.
Other questions about your year-end gift to Virginia Tech?
- Call the Office of Gift Planning at 800-533-1144 or 540-231-2813; or email firstname.lastname@example.org.
- Forms and instructions for gifts of securities, including new signature rules, at www.idm.vt.edu.