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Tax Information

RIT, under IRS law, qualifies as a charitable and tax-exempt organization. If you make a charitable gift to RIT, you may take an income tax deduction.

Under current law, donations to charitable organizations are tax deductible only for taxpayers who itemize. For itemizers, such donations generally reduce taxable income and, therefore, federal income tax liability. RIT recommends you consult with a tax advisor when attempting to claim a charitable deduction. For more information, please visit the IRS website.

In order to further assist you, the following calendar-year charitable-gift deadlines apply to donors filing U.S. federal tax returns:

Credit
Card

 

Must be charged to your account by 11:59 p.m. EST on December 31.

Stock
gifts

Must be received in our brokerage account by December 31.

Mutual
fund

Must be received in our brokerage account by December 31.

Checks
 

Envelope must be postmarked by December 31.

International Gifts

RIT welcomes gifts from alumni, parents and friends from around the world and we thank you for your generosity.

The university also encourages donors who are taxpayers in other countries to review local tax laws and regulations for details or consult a local professional tax advisor. 

Accepting Foreign Currency and Foreign Securities

RIT reserves the right to accept foreign currency and securities on a case-by-case basis. In cases where RIT accepts a gift of foreign currency, the gift will be recorded in U.S. currency based on the closing exchange rate on the day the gift is received. In cases where RIT accepts foreign securities, the policies and procedures applicable to gifts of marketable domestic securities will apply (see Gifts of Securities and other Assets). In cases where RIT does not accept the foreign currency or securities from the donor, the check/currency or securities will be returned to the donor with proper documentation. With the exception of endowed accounts, any gain/loss on the exchange of the foreign currency and securities between the day the gift was received and the day the electronic deposit is posted to the university’s bank account will be reflected on the general ledger account where the gift was designated. For endowed accounts, the gain/loss is recorded to the investment pool. The reporting requirements for gifts of foreign currency or from foreign entities are satisfied by Finance and Administration.

Gifts to Non-US Affiliates of RIT

Contributions to non-US affiliates of RIT may be recorded as charitable gifts and may be eligible for an official U.S. tax receipt under certain circumstances. Such gifts should be Rochester Institute of Technology Gift Acceptance Policy Page 4 of 16 made to RIT Global Delivery Corporation (RGDC) and should be reviewed on a facts and circumstances basis by RIT’s Development and Controller’s Offices. RGDC is a wholly owned not-for-profit subsidiary of RIT whose exempt purpose is to deliver RIT academic programs in countries outside of the United States. The following guidelines apply to gifts to RIT Croatia, RGDC’s only subsidiary and other foreign campuses where RIT offers programs through RGDC. RGDC will accept gifts to benefit RIT Croatia, and issue an official U.S. tax receipt, so long as RGDC’s board determines that such gifts are consistent with its exempt purpose. Gifts made directly to RIT Croatia will not be issued an official U.S. tax receipt by RIT or RGDC. RGDC may accept gifts that benefit its foreign campuses other than RIT Croatia so long as RGDC’s board determines that such gifts are consistent with its exempt purpose. RGDC will not accept gifts to benefit foreign campuses for purposes other than delivering academic programs. Donors wishing to make gifts to foreign campuses, other than RIT Croatia, are encouraged to contact the foreign campus directly. Such gifts will not be issued a U.S. tax receipt by RIT or RGDC. Under RIT’s consolidated legal entity structure, only gifts to RIT Croatia and the RIT Global Delivery Corporation will be included in RIT’s consolidated financial statement.

Donor Bill of Rights

The Donor Bill of Rights from the Association of Fundraising Professionals (AFP), which RIT adheres to, can be found at https://afpglobal.org/donor-bill-rights

Gift Acceptance Policy

Anyone in a position to receive gifts from individual donors, businesses, or corporations; or coordinate fundraisers in support of your area or an official RIT organization; are required to adhere to the Gift Acceptance Policy. Please familiarize yourself with this policy.

It is important to know that the policy applies to ALL gifts to any area of the university, including student organizations. Gifts include:

  • Contributions (cash, check, credit card), whether a straight forward gift or the sale of an item from which part of the proceeds are a gift (i.e. Buy a $15 t-shirt and $5 of the purchase will go to an RIT group)
  • Gifts-in-kind, such as equipment, supplies and materials, gift certificates, gift cards, securities, etc.
  • Fundraiser proceeds for any area of the university or an officially recognized RIT student club/organization, including raffles and crowdfunding campaigns. This also includes events such as golf tournaments and silent auctions among others.

As these gifts are made to RIT, it is important that the university a) properly record the gift as part of a donor's lifetime giving record; b) provide the donor with an official receipt for tax purposes; and c) appropriately thank the donor for his or her generosity; and d) ensure compliance with all IRS regulations.

The Office of Development and Alumni Relations staff are trained to provide advice (preferably in advance) for your fundraising and gift acceptance efforts; furthermore, we are responsible for tracking these gifts. For questions or more information, please contact Nick McCaffery '12, Director of Gift Processing, at 585-475-7451 or at nmmdar@rit.edu.

Philanthropic gifts are important to the university and equally important is their proper handling due to the variety of regulations that surround them. Thank you for your attention to this policy.

FAQ

Frequently Asked Questions

How do I make a gift to the university?

Learn about the many ways you can make a gift to RIT on the university's giving page.


I have a question about making an online gift. Who should I contact?

Please contact the Gift Office at 585-475-5500 or 1-800-477-0376. 


I have a question about my gift receipt. Who should I contact?

Please contact the Gift Office at 585-475-5500 or 1-800-477-0376.


How do I specify my gift in honor of, or in memory of, a specific individual or group?

You may make your tribute gift in honor of or in memory of someone special by designating so on the online gift form.

Please check THIS IS AN HONORARY OR MEMORIAL GIFT on the giving form. You will be asked to enter in details about what type of gift you are making (in honor of, in memory of) and the name of the person(s) you are recognizing. You also will be asked to enter in the mailing address (optional) if you would like your honoree to receive notification of your gift. For additional questions, please email donorrelations@rit.edu.


How do I thank my scholarship donor?

Please contact Donor Relations at donorrelations@rit.edu.


How can I get more information about my endowed funds, including scholarships and professorships?

Donor Relations is happy to assist you in learning more about your fund. Please contact Heidi Baumer at 585-475-5500 or donorrelations@rit.edu.


I have a question about a thank you letter I received. Who should I contact?

Please contact Donor Relations at donorrelations@rit.edu.


How can I learn more about university-wide events?

Please visit the university events website for more information on events throughout the year.


I have a question about an event invitation I received. Who should I contact?

Please call Barbara Balcaen at 585-475-5500 or babdar@rit.edu.


At left are a number of frequently asked questions. However, please do not hesitate to contact us with other questions that are not on this list. We are happy to assist you and can be reached at 585-475-5500 or 1-800-477-0376.