Pending Tax Legislation Questions and Answers
The information below is not intended as legal or tax advice. Please consult with your professional advisor before making any tax-based decisions.
Should the proposed legislation go into effect, what will happen to the priority seating system in 2018?
Our Beaver Nation (OBN) is currently working in conjunction with University leadership and our colleagues around the country to better understand how we can maximize the tax benefits for OBN donors who make gifts for ticketing benefits in future years. We expect to have an update once we know the exact language and implications of any legislation enacted. Regardless of the potential changes, we anticipate the continuation of a priority seating and parking model moving forward.
Can I make a gift in 2017 to cover my seat-related giving for years beyond 2018?
Yes. We are currently in the 2018 academic year (July 1, 2017 – June 30, 2018). OBN gifts made during this time frame qualify you for season tickets during the 2018– 2019 academic year (July 1, 2018 – June 30, 2019). OBN annual fund seat-related gifts can be made in 2017 to cover your 2018-19, 2019-20, and 2020-21 seasons and still fall under the current tax code. Gifts made in 2017 for future years may not meet the total financial requirement for those years respectively. In that event, the balance will be required.
If I make a gift in 2017 toward future years, will my gift qualify for early renewal incentives and priority points?
Yes. All gifts received in 2017 will qualify for early renewal incentives and bonus points for subsequent years. In the event that payments made in 2017 do not meet the total financial requirement, additional payments will be necessary to receive early renewal incentives and bonus points.
The total gift amount given this calendar year will be reflected in your priority point lifetime giving total at the time the gift is processed. Priority points earned for current year giving will be awarded in the appropriate academic year. For more information regarding the Beaver Point System visit HERE.
Can I make a gift in 2017 to cover other pledges I’ve made to Oregon State Athletics (capital, endowment, sport specific)?
Yes. The proposed tax reform legislation would increase the standard deduction, which could reduce the incentive to contribute for taxpayers who do not itemize. There are estimates that the increase to the standard deduction could effectively eliminate the charitable deduction for more than 90% of Americans and significantly impact the non-profit community. We have seen estimates that only 6% of taxpayers would itemize under the new legislation.
How should I let Our Beaver Nation know of my intentions to allocate money to future years?
Simply indicate your exact intentions for how you wish gifts to be allocated on your renewal form, in the comments or special requests field provided for online giving or via phone (541) 737-2370. This will help to ensure accurate reporting on gift and tax receipts.
My company matches my annual contribution. If my company matches my gift during the 2018 year, will the gift still be accepted toward this year’s seat contribution?
Yes. Please consult your company’s matching gift coordinator.
Can I fulfill my seat donation through a Donor Advised Fund?
According to the current IRS regulation, donations made for seating priority at intercollegiate athletic events are not fully tax deductible. Therefore, contributions directed to Our Beaver Nation from IRA accounts, donor-advised funds, or private foundations that require the gift to be 100% tax deductible will not be accepted for required seat donations.
When does my gift need to be made in order to count in 2017?
Any gifts made via phone, online or in person at the Our Beaver Nation office or via mail postmarked by December 31, 2017 will be considered by the IRS under the current tax code allowing deductions for a portion of seat contributions made to OBN. Our offices will be set up to take gifts:
Should the proposed legislation go into effect, what will happen to the priority seating system in 2018?
Our Beaver Nation (OBN) is currently working in conjunction with University leadership and our colleagues around the country to better understand how we can maximize the tax benefits for OBN donors who make gifts for ticketing benefits in future years. We expect to have an update once we know the exact language and implications of any legislation enacted. Regardless of the potential changes, we anticipate the continuation of a priority seating and parking model moving forward.
Can I make a gift in 2017 to cover my seat-related giving for years beyond 2018?
Yes. We are currently in the 2018 academic year (July 1, 2017 – June 30, 2018). OBN gifts made during this time frame qualify you for season tickets during the 2018– 2019 academic year (July 1, 2018 – June 30, 2019). OBN annual fund seat-related gifts can be made in 2017 to cover your 2018-19, 2019-20, and 2020-21 seasons and still fall under the current tax code. Gifts made in 2017 for future years may not meet the total financial requirement for those years respectively. In that event, the balance will be required.
If I make a gift in 2017 toward future years, will my gift qualify for early renewal incentives and priority points?
Yes. All gifts received in 2017 will qualify for early renewal incentives and bonus points for subsequent years. In the event that payments made in 2017 do not meet the total financial requirement, additional payments will be necessary to receive early renewal incentives and bonus points.
The total gift amount given this calendar year will be reflected in your priority point lifetime giving total at the time the gift is processed. Priority points earned for current year giving will be awarded in the appropriate academic year. For more information regarding the Beaver Point System visit HERE.
Can I make a gift in 2017 to cover other pledges I’ve made to Oregon State Athletics (capital, endowment, sport specific)?
Yes. The proposed tax reform legislation would increase the standard deduction, which could reduce the incentive to contribute for taxpayers who do not itemize. There are estimates that the increase to the standard deduction could effectively eliminate the charitable deduction for more than 90% of Americans and significantly impact the non-profit community. We have seen estimates that only 6% of taxpayers would itemize under the new legislation.
How should I let Our Beaver Nation know of my intentions to allocate money to future years?
Simply indicate your exact intentions for how you wish gifts to be allocated on your renewal form, in the comments or special requests field provided for online giving or via phone (541) 737-2370. This will help to ensure accurate reporting on gift and tax receipts.
My company matches my annual contribution. If my company matches my gift during the 2018 year, will the gift still be accepted toward this year’s seat contribution?
Yes. Please consult your company’s matching gift coordinator.
Can I fulfill my seat donation through a Donor Advised Fund?
According to the current IRS regulation, donations made for seating priority at intercollegiate athletic events are not fully tax deductible. Therefore, contributions directed to Our Beaver Nation from IRA accounts, donor-advised funds, or private foundations that require the gift to be 100% tax deductible will not be accepted for required seat donations.
When does my gift need to be made in order to count in 2017?
Any gifts made via phone, online or in person at the Our Beaver Nation office or via mail postmarked by December 31, 2017 will be considered by the IRS under the current tax code allowing deductions for a portion of seat contributions made to OBN. Our offices will be set up to take gifts:
- Monday - Friday, 9:00 a.m. - 5:00 p.m. through December 29
- Saturday, December 30, 9:00 a.m. - 5:00 p.m., via online and phone (541-737-7361)
- Sunday, December 31, via online (online gifts made by 9:00 p.m. PST on Sunday, December 31 will be accepted under the 2017 tax code)
