Gifts of Cash

Clarkson University » Giving » Gift Planning

Glossary

Definition
Generally, a gift from current income rather than accrued assets.

Further Information
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 discerned and Clarkson may use your gift immediately. Checks and money orders may be made payable to “Clarkson University.” The mailing address is: 
Clarkson University
Office of Philanthropy
PO Box 5522, Woodstock Lodge
Potsdam, NY 13699-5522

Clarkson University accepts gifts of cash by electronic transfer to its account at:
Key Bank
17 Elm Street
Potsdam, NY 13676
ABA #021300077
Beneficiary: Clarkson University
Clarkson's Taxpayer ID#: 15-0543659
Account #322270001397

Please notify Clarkson when initiating an electronic transfer, as your name is not included with the transfer. Contact the Office of Gift Planning 315-268-7778 (toll-free 1-877-928-4438) or e-mail sal@clarkson.edu.

NOTE: The instructions for electronic transfers to Clarkson gift annuities, trusts and pooled fund are different than above, and require specific account information. Contact the Office of Gift Planning 315-268-7778 (toll-free 1-877-928-4438) or e-mail sal@clarkson.edu for help.

Gifts by MasterCard, Visa or Discover 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 matchinggifts.com and click on "Free Lookup of Matching Gift Companies” to determine your eligibility. If your company is not listed, you may wish to contact your Human Resources Office to see if they will match your gift.

Gifts of foreign currency are most often converted to U.S. dollars and then transferred by the donor to Clarkson.

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 advisers and Clarkson University before making or planning your gift.