Is my gift to U.Va. tax deductible?
Yes. Because U.Va. is qualified as a tax-exempted organization under section 501(c)(3) of the IRS Code, all gifts to the University are tax deductible. For how much you can deduct, consult your tax adviser and the IRS web site.

Do I need a receipt to claim a tax deduction?
It depends on the amount of your gift. Typically, any gift of $249.99 or less does not need a receipt. (The University will still issue you a receipt, but the IRS does not require it.)

For a single gift of $250 or more, you are required to have a receipt to substantiate your claim.

If you make a quid pro quo contribution — that is, when you receive goods or services in exchange for a portion of your gift — the University is required to issue you a receipt specifying the amount of the contribution and the goods and/or services received. For example, if you attend a benefit dinner for a University program and your charitable contribution includes the cost of the dinner, then that cost must be subtracted from your charitable deduction.

Does the receipt have to be a physical note?
No. An electronic receipt is just as acceptable as a letter or postcard.

When will I receive my receipt from U.Va.?
Receipts are issued as quickly as possible as gifts come in. Most receipts — even those for gifts made on December 31 — are issued by the end of January to help donors prepare for their taxes. If you make an end-of-year gift and do not receive your receipt by early February, contact U.Va.'s Gift Accounting Department.

Do I need to send the receipt to the IRS?
No. Just keep your receipt in a file to support your claim (in case you are audited). The statute of limitations for the IRS is three years, so retain the receipt for at least that long. Depending on what type of contribution you make, you may want to keep it longer. Consult your tax adviser for details.

Where on my federal tax return can I deduct contributions to the University?
Most gifts can be claimed on Form 1040, Schedule A, Itemized Deductions, under the section Gifts to Charity (lines 15-18). (View the Schedule A form as a PDF file.) These gifts include cash and non-cash contributions.

Please note that you will need to itemize your return (and not take the standard deduction) in order to take a deduction for charitable gifts.

If you have a non-cash gift over $500, use Form 8283, Non-Cash Charitable Contributions. (View Form 8283 as a PDF file.)

What is the last day I can make a contribution in 2008?
It depends on your gift. If you're contributing by credit card at Virginia's online giving page, you have until midnight, December 31. Your credit card must be charged in the same tax year that you want to claim a deduction.

If you are mailing your check, the postmark (and not just the check) must be dated prior to December 31 to qualify for a 2008 deduction.

If you are giving securities and your broker is executing the transfer, allow a minimum of a week for the securities gift to be transferred to the University of Virginia.

IRS Links (PDF files)
Publication 526, Charitable Contributions
Publication 1771, Charitable Contributions: Substantiation and Disclosure Requirement