From the Desk of the Executive Director
We have recently learned that a temporary tax credit for donors to New York State public colleges like Westchester Community College will be available again this year. The New York State Charitable Tax Credit for Higher Education provides an 85% New York State tax credit, in addition to a NYS and Federal tax deductions subject to NYS and IRS limitations, for contributions made to benefit SUNY colleges under certain conditions.
Eligible minimum gifts are $10,000 and maximum gifts are $100,000. There is a $10 million statewide cap after which no additional SUNY contributions will be eligible for the tax credit. Gifts are made through the SUNY Impact Fund, which administers this tax credit program, and the donor would designate them for Westchester Community College Foundation.
In our first two years of participating in the program, donors generously supported a number of programs at the College, including:
- Contributing to our simulated hospital laboratory
- Establishing an endowed scholarship
- Funding an endowment to sponsor student membership in the Phi Theta Kappa honors society for two-year colleges, which opens doors to jobs, scholarships and networking for our students.
Our supporters in the last two years received nearly $600,000 in tax credits, allowing them to enjoy tax benefits while providing important support to WCC students.
We are letting you know about this opportunity in case the tax advantages would be helpful to you should you be considering a new contribution or pledge payment to WCC this year.
If you choose to participate, it is advisable to submit an application before September 30 because all qualified applicants who have submitted applications by that date will be approved, with the amounts prorated if the $10 million cap has been reached.
Last year, SUNY had received commitments of over $13 million by September 30, so approved contributions to the program were prorated downward accordingly; we were unable to accept applications after October 1.
Our process is:
- WCC Foundation’s interested donors notify our Executive Administrator, Carrie Colon-Lopez, that they wish to contribute. Carrie is at email@example.com or 914-606-6451.
- We will request an electronic application from the SUNY Impact Fund for interested donors.
- Donors submit applications by September 30 at 5:00 pm. All qualified donors who have applications in by September 30 will receive authorizations to contribute, prorated if necessary should SUNY have received more than $10 million in commitments. All applications received by September 30 will be treated equally; there is no advantage to earlier submissions.
- The program opens on October 1.
- If commitments are not at the $10 million threshold by October 1, additional applications will be accepted on a first-come, first-served basis until the $10 million is spoken for.
- Authorization must be received from SUNY before the contributions are made; contributions have to be made by November 30, with somewhat earlier deadlines for stock gifts (November 20) and wire transfers (November 28).
- Contributions are made to the SUNY Impact Fund and then the SUNY Impact Fund makes a grant to the WCC Foundation for gifts made by our donors. (Contributions made directly to WCC Foundation are not eligible.)
If you think or your financial advisor thinks that this tax credit might be advantageous for you and you would be interested in learning more, please contact Carrie Colon-Lopez at firstname.lastname@example.org or 914-606-6451. A fact sheet on the program with frequently asked questions can be accessed by visiting: https://wccf-ny.org/taxcreditinfo/.
Thank you for your generous support of SUNY WCC.
Dolores Swirin-Yao (she/her/hers) What does this mean?
Executive Director, Westchester Community College Foundation
Vice President, External Affairs, Westchester Community College
75 Grasslands Road
Valhalla, NY 10595
Office phone: 914-606-6562
Mobile phone: 917-723-2008