Announcement from the Executive Director, Dolores Swirin-Yao
August 2024
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.
In our first three 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 three years received a little over $700,000 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 Foundation 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 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 link, to access and complete an online application. Please note the following deadlines for submitting your application and making an authorized contribution:
September 30: Donors must submit 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. Should SUNY receive more than $10 million in commitments, the contributions will be prorated accordingly. If the $10 million cap is not reached by October 1, 2024 additional applications will be accepted on a first-come, first-served basis until the $10 million is spoken for.
November 22: 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 in 2024, no checks will be accepted.
Contributions are made to the SUNY Impact Fund and then the SUNY Impact Fund 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 contact Carrie Colon-Lopez at caroline.colon-lopez@sunywcc.edu 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.
Best,
Photo credits: Kenneth Gabrielsen Photography