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Innovator
Vol. 35 No. 2 - Winter 04-05:
Development Notes
The School of Education relies heavily on major grants to fund much of its work not covered by the University budget. As you can see by the long list of donors published in this issue, however, gifts from individuals constitute important support for a wide variety of projects and activities, from student scholarships to faculty research.
Your year-end gift will assist these many endeavors and may help reduce your 2004 taxes. Of course, we advise consulting your own tax advisor concerning your personal tax situation. In general, however, the following information may help your decision making.
Tax Benefits
Your gift may provide you with federal and state income tax benefits:
- If you itemize deductions on your federal income tax return, you may be able to deduct your contribution to UM from your adjusted gross income. In addition, gifts of appreciated property avoid long term capital gains tax. Check with your tax advisor for deduction and capital gains tax requirements and limitations for your situation.
- Your state may also allow a credit or deduction. For example, Michigan residents may take a credit against state tax of 50 cents for each dollar of their gift to UM, with a maximum tax credit of $100 for taxpayers filing singly or $200 on a joint return.
Year-End Gifts
To qualify for the 2004 tax year, checks must be in envelopes postmarked on or before December 31, 2004 and received by the UM Gift Processing Office by January 11, 2005. Checks received after January 11th will be recorded as 2005 gifts.
Another option is to take advantage of our online giving service. Friday, December 31, 2004, at 5:00 p.m. is the last day for a donor to make a 2004 gift using Michigan Online Giving. The gateway to Michigan Online Giving is found on the Office of Development Web Site: http://www.giving.umich.edu
If you’d like to discuss your gift in further detail, please contact us at (734) 764-7563 or via email at educalum@umich.edu. The School of Education welcomes gifts at this time of year and, indeed, at any time of the year. We thank you for your generous support in the past, and look forward to continuing our great work with the help of our alumni and other benefactors.
