For Jaybackers with men's basketball season tickets or those Jaybackers who designate their gift to General Fund, Men's Basketball, Coaching Excellence, Leadership, Scholarships, Sixth Man Club or any athletics endowed scholarship that is available to all student-athletes, the tax deduction is equal to the donation amount less 20 percent and less the value of other tangible benefits listed within the membership level (parking passes, gifts, apparel, etc.). This rule is in accordance with Section 170(l)(2)(b) of the Internal Revenue Code. In this brochure, we've listed the value of benefits within each level of 2012-13 Jaybacker membership.
In order to deduct 100 percent of a contribution, the donor must submit in writing - via a letter or an e-mail - a waiver of benefits at the time of making a pledge and/or contribution. A waiver of benefits communication from the donor precludes the donor from receiving rights to any goods or services as a "quid pro quo," anything in exchange for a contribution.
By submitting a waiver of benefits communication, the donor further understands that he or she is ineligible to purchase or renew men's basketball season tickets in donation-required sections of the arena, he or she forfeits points for men's basketball priority seating and that he or she will not receive parking passes, gifts, apparel items or any other tangible benefit. The donor also understands that once priority points are relinquished, they cannot be credited retroactively to his or her account.
For more information regarding tax-deductibility, donors are encouraged to consult with a legal or financial advisor.