Gifts of Cash
Generally, a gift from current income rather than accrued assets, often in the form of currency, check, credit card, debit card, money order or wire transfer.
Cash may be convenient for a donor to give and is easy for Clarkson to accept. Most cash gifts are made by check or credit card. Money orders and electronic transfers may also be used. The value of the gift for accounting and tax purposes is easily determined and Clarkson may use your gift immediately. Checks and money orders may be made payable to “Clarkson University.” The mailing address is:
Office of Philanthropy
8 Clarkson Avenue
Box 5522, Woodstock Lodge
Potsdam, NY 13699
Clarkson University accepts gifts of cash by electronic transfer to its account. Contact the Annie Society at 315-268-7778 (toll-free 1-877-928-4438) or e-mail firstname.lastname@example.org for instructions.
NOTE: The instructions for electronic transfers to Clarkson gift annuities, trusts and pooled fund require specific account information. Contact the Annie Society at 315-268-7778 (toll-free 1-877-928-4438) or e-mail email@example.com for help.
Gifts by MasterCard, Visa, Discover or American Express credit card are often made online. If you pay off your balance each month, a gift by credit card may be useful to generate “points” on your favorite affinity card.
Your employer may match your cash gift to Clarkson. Visit our Matching Gift page to find out if your employer will match your gift, and how to initiate the process.
Gifts of foreign currency are most often converted to U.S. dollars and then transferred by the donor to Clarkson.
Your cash gifts to Clarkson may count in the Evolution to Excellence fundraising campaign, in your next anniversary reunion, and towards Roundtable annual recognition. Contact the Annie Clarkson Society for help related to your unique circumstances.
Tax and Financial Implications
If you itemize on your federal income tax return, gifts of cash to Clarkson may be eligible for a deduction up to 50% of your Adjusted Gross Income. Excess gifts may be eligible to be carried forward for up to five additional tax years. Clarkson issues a receipt for all cash gifts. It is advisable to retain receipts for all of the gifts you make to charity. While determining the value of a cash gift for tax purposes is easier, determining the gift date can pose more of a challenge. In general, the date of your gift is the date that your asset passes out of your control. For example, the gift date is not the date you write at the top of your check, but the date that you give the check to a representative of Clarkson. For gifts mailed through the U.S. Postal Service (USPS), it is the postmark date on the envelope (assuming that your bank honors your check). Care must be taken when gifts are mailed at the end of December. It is possible to use other carriers (e.g., FedEx, UPS) to deliver a gift, but federal law places restrictions on the types of services that may qualify, so the safest course of action may be to use the USPS. Generally, online credit card gifts are considered completed at the time you make them online. A gift by wire transfer is complete on the date the transfer is made successfully, and not the date you give instruction for the transfer to be made.
This web page does not provide legal or financial advice, nor is it a comprehensive review of the topic. You should consult your legal and financial advisors and Clarkson University before making or planning your gift. (rev. 12/2013)
Cash, Checks, Credit Cards
Charitable Lead Trusts
Closely Held Businesses
Charitable Gift Annuities
Charitable Remainder Trusts
Pooled Life Income Fund
Retained Life Estates
Stocks, Bonds & Mutual Funds
Tangible Personal Property
E2E Counting Guidelines