Cash, Check, or Credit Card
Gifts of cash are the most common form of contribution to Clarkson University. A gift of cash is easy to do, and the gift is not subject to gift or estate taxation. A contribution that you postmark in December is deductible for that tax year—even if Clarkson University receives it in January—provided the account against which the check was written had sufficient funds to cover it in December.
For example, Bob Brown decides to donate to Clarkson University. Mr. Brown made his gift in cash by sending a $10,000 check. Because he submits itemized tax returns and is in the 28 percent tax bracket, Mr. Brown can look forward to saving $2,800 in taxes. In other words, his gift to Clarkson will cost him only $7,200.
Note: A cash gift entitles you to a charitable deduction for the amount of your gift. You may deduct up to 50 percent of your adjusted gross income for the year of your gift. If all deductible gifts in a year exceed the 50 percent limit, you may carry the excess amount over as a deduction for up to five years.
For example, a supporter with an adjusted gross income of $50,000 this year contributes $35,000 to Clarkson University. He may deduct $25,000 this year and carry forward $10,000 to deduct next year.
Checks should be made out to Clarkson University and sent to Office of Development, Box 5515, Clarkson University, Potsdam, New York, 13699-5515. You may make a gift on-line using your VISA, Mastercard, or Discover.
Pledges
Pledges provide you an opportunity to make a larger gift than you otherwise thought possible by committing your gift over a period of three to five years. Ideally, your pledge should be documented in writing.