May 1, 2024
Giving Back & Getting Credit: The Tax Perks of Donating to Your Alma Mater
College donations in the U.S. totaled $58 billion in 2023, with most contributions coming from organizations, while individual donations decreased. While alumni giving rates vary, some institutions like Wellesley College see nearly 50% of alumni donate. Donations are tax-deductible, but limitations apply based on adjusted gross income, though some states offer tax credits. Strategies for maximizing tax benefits include timing donations and always requesting a tax receipt. Donors can also carry forward unused deductions
