Tax Implications

James Madison University Foundation is a 501(c)(3) organization.  Therefore, all or part of your Duke Club donation - the amount that exceeds the value of any benefits you receive may be tax deductible. All benefits associated with each specific giving level are automatically accepted by the donor unless the donor submits in writing to the Duke Club any benefits he/she wants to decline.  Additionally, the written declination of benefits must be received along with the donor's first payment toward his/her annual pledge.  A declination of benefits is irrevocable for the Duke Club year.  Please note on your pledge card your choice regarding the number of season tickets, hospitality and priority parking provided at the respective giving level.  Appropriate benefit values are deducted from your donation amount before the 80/20 rule has been calculated.



Example
Sharon is a Bluestone Level Duke Club member.  Benefits under Bluestone include the opportunity to purchase as many as six (6) football priority season tickets with hospitality passes not to exceed the number of football tickets purchased as well as priority parking.  Also included is the opportunity to purchase lower level season tickets in men's basketball with hospitality passes not to exceed the number of men's basketball season tickets purchased as well as priority parking.  

If Sharon plans to purchase only two (2) football priority season tickets with hospitality and only three (3) men's basketball season tickets with hospitality, then she would need to send notification in writing, and at the time of payment to decline any additional hospitality to maximize her tax benefit and/or company matching policy.  Otherwise, it will be an automatic assumption that Sharon will want the maximum number of tickets and hospitality passes and dollar values for all will be excluded from her actual donation when reporting for tax purposes and/or company matching.  Also, if she does not send written notification to decline priority parking, the dollar values for football and men's basketball priority parking will be excluded from the initial donation amount as well.  


Decline All Benefits
There is also an area on the pledge/donation card where you may indicate that you wish to decline ALL benefits associated with your donation, including ticket and parking priority based on Duke Club ranking.  Declining ALL benefits makes your donation to the Duke Club 100% tax deductible.