ºÚÁϲ»´òìÈ

Extraordinary tax savings for Binghamton donors

The NYS Charitable Tax Credit Program is available through the SUNY Impact Foundation.

The application deadline is Sept. 30, 2025.

The New York state cap remains at $10 million in total, but there are some important changes.

New for 2025

• Credit card gifts are subject to an approximate 3% processing fee, to be paid by the donor. Gifts will be accepted only via credit card, wire transfers and securities. No checks. 
• If designating gifts to multiple SUNY campuses, separate application entries will need to be submitted for each campus through the SUNY Impact webpage. 
• Gifts to directly support students should be for endowments or funds that provide grants for emergency funds, offsetting the costs of participating in high-impact practices (e.g., internships, education abroad), etc. Contributions may not be used for scholarships or tuition assistance. 

What is the program?

Created by New York state for donors who pay New York state taxes in excess of $10,000 and want to make a gift to support ºÚÁϲ»´òìÈ, or any other State University of New York (SUNY) or City University of New York (CUNY) school, this time-limited opportunity creates tax benefits in the form of credits AND deductions for gifts made of $10,000 to $100,000.

For the total qualified gift made, the donor receives:

1. New York state: 85% charitable tax CREDIT 

AND

2. Federal: 15% charitable deduction

3. New York state: 15% charitable deduction

Donors receive the benefit of BOTH a credit and deduction on their New York state tax filing for 2025.

The tax receipt will be issued when the gift is received. This receipt will include a receipt number that will be used on the donor’s tax filing (even if using TurboTax).

How does it work?

2025

• By Sept. 30, the donor will need to complete and submit the online SUNY Impact Foundation application. See special notes below.
• Oct. 1, SUNY Impact Foundation begins processing applications.
• Oct. 10, authorizations are emailed to donors with approved gift amounts (QuickBooks email with invoice to pay ACH and credit card directly) 
• Nov. 21 is the last day for donors' securities transfers to be submitted to brokerage houses.
• Nov. 26 is when all other gifts must be received by the SUNY Impact Foundation.

2026

• SUNY Impact to process tax receipts Jan. 12.
• Jan. 16, SUNY Impact to send the final slate to confirm the designations of each gift.
• In March, funds designated for ºÚÁϲ»´òìÈ will be transferred to the Binghamton University Foundation for campus use.

Example

Example provided by the SUNY Impact Foundation and NYS Charitable Tax Credit Program (NOT TAX ADVICE):

Donation amount: $100,000

New York credit at 85%: $85,000
Remainder to be deducted on
Federal return $15,000 — Federal tax savings (for 37% tax bracket) $5,550

New York return $15,000 — State tax savings (for 8.82% tax bracket) $1,323

In this instance, a $100,000 donation has an out-of-pocket cost of approximately $8,127 ($85,000 New York credit plus federal tax savings of $5,550 and state tax savings of $1,323).

What type of gifts qualify?

• Wire transfers of cash from personal accounts, not corporate accounts.
• Stock/appreciated securities (value is recorded on the day received, not when donor submits request to agent or firm).
• Combination of cash and stock/appreciated securities.
• Checks, in-kind donations, gifts by qualified charitable distribution (QCD), or from donor-advised funds and family foundations are not accepted.

For your planning purposes, the ºÚÁϲ»´òìÈ Foundation will receive up to 98% of your gift. All gifts are subject to a 2% administrative processing fee by the SUNY Impact Foundation, which is held by them before sending us the remainder. Credit card transactions are subject to an additional 3% fee.

Special notes

• Donors must have a New York state tax liability (need to pay the state after filing their taxes) of $10,000 or more and adhere to the gifting calendar and rules as outlined above.
• Donors must have an authorization from the SUNY Impact Foundation to participate. 
• Qualified contributions will be limited to a minimum of $10,000 and a maximum of $100,000 per donor/tax filing.
• Qualified contributions are permissible only from individuals. Businesses, S-Corps and family foundations are not eligible for this program.
• We must know the designation of the gift before the gift is initiated. If the donor designates a gift of $50,000 or more to a new or endowed fund, the state will match it toward a like fund $1 for every $2.
• All gifts should be made payable to the SUNY Impact Foundation.
• We will be sure to keep you informed of the process and the status of your gift.
• THIS INFORMATION IS NOT MEANT TO SERVE AS TAX OR FINANCIAL ADVICE. PLEASE DISCUSS WITH YOUR ADVISOR(S).