ATHENS, Ohio (Dec. 14, 2005) -- Each December, alumni and friends open their hearts -- and their checkbooks -- in support of Ohio University's mission to provide a high-quality, learning-centered educational experience and to conduct world-class research. Since 2000, this generosity has amounted to an average of $2 million in gifts to The Ohio University Foundation during this month alone.
This $2 million represents strictly year-end, cash gifts in support of the people and programs that make Ohio great and does not include pledge payments or new pledges.
"The majority of these year-end gifts are unrestricted to colleges and units and provide valuable flexibility for deans, directors and department heads," said Larry Lafferty, executive director of development. "Funds can be used throughout the coming year where the need and the impact will be greatest. These gifts make a quality difference in the lives of students and faculty across the campus every day."
This December, there is added incentive to support Ohio during the season of giving. In an effort to encourage generosity to charitable organizations, President George W. Bush signed the Katrina Emergency Tax Relief Act of 2005 (KETRA) in September. Among its provisions:
- Charitable deductions for up to 100 percent of an individual's adjusted gross income (AGI) on cash gifts made between Aug. 28 and Dec. 31, 2005.
- Gifts from individuals may be made to any public charity for any public purpose, not just for Katrina relief.
- No ceiling on contributions other than 100 percent AGI.
- Withdrawals from qualified plans for individuals over age 59½ are eligible.
- Some Life Income Gifts may qualify as well.
- Since this provision expires Dec. 31, it creates an important planning opportunity that must be acted upon by the end of the year.
There are some exceptions and limitations, so consult with a tax advisor when making charitable gift plans.
To make a year-end gift to The Ohio University Foundation, or for questions regarding KETRA, please call (800) 592-FUND or e-mail firstname.lastname@example.org. Secure giving is available online at www.ohio.edu/give.
The Ohio University Foundation is the repository for all private gifts through annual giving programs, capital, and special campaigns and planned or deferred gifts. The Foundation is an institutionally related, non-profit, tax-exempt, 501c(3) organization.
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Media Contact: Director of Development Communication Jennifer Bowie, (740) 597-2987