Greetings!
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 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 SUNY-wide 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. Due to new Federal regulations, contributions cannot support scholarships or tuition support, but may support other student support such as emergency grants, transportation, or support services, as well as other programs on campus.
In our first four years of participating in the program, donors generously supported a number of programs at the College, including:
- Contributing to our simulated hospital laboratory
- 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
- Funding to support the Native Plant Center
Our supporters in the last four years received nearly one million dollars 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 Foundation this year.
If you choose to participate, it is advisable to complete the online 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 received commitments in excess of $10 million by September 30, so approved contributions to the program were prorated downward accordingly; we were unable to accept applications after October 1.
If you are interested in this opportunity, click on this https://workflow.suny.edu/view.php?id=377488. Please note the following deadlines for submitting your application and making an authorized contribution:
September 30: Donors must complete online applications before 5:00 pm. All qualified donors who have submitted applications by this date will be queued. These applications will be treated equally; there is no advantage to earlier submissions.
October 1: SUNY will begin processing applications and authorizations will be sent. If the $10 million cap is not reached by October 1, 2025 additional applications will be accepted on a first-come, first-served basis until the $10 million is spoken for.
November 21: Authorized contributions made via stock gifts must be submitted to brokerage houses.
November 26: Authorized wire transfer or credit card contributions must be received by SUNY. Please note that no checks will be accepted.
Contributions are made to the SUNY Impact Foundation and then the SUNY Impact Foundation makes a grant to the WCC Foundation for gifts designated to WCCF. (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 complete the application form. If you have any questions, contact Carrie Colon-Lopez at caroline.colon-lopez@sunywcc.edu or 914-606-6451. A fact sheet on the program with frequently asked questions and SUNY’s guidelines for donations can be accessed by visiting: https://wccf-ny.org/taxcreditinfo/.
Thank you for your generous support of SUNY WCC.
Best,
Dolores Swirin-Yao (she/her/hers) What does this mean?
Executive Director, Westchester Community College Foundation
Vice President, External Affairs, Westchester Community College
www.wccf-ny.org
Blog and news: https://wccf-ny.org/news/
Photo credits: WCC Creative Communications