Tax Information

Tax Deductibility of Gifts to Athletics.   Section 170(l) of the Internal Revenue Code provides that gifts which provide the taxpayer "the right to purchase tickets for seating at an athletic event in an athletic stadium" are deductible at the rate of 80 percent of the gift.    The fair market value of seating benefits, upon which the non-deductible portion of the gift is determined, is based on the minimum required gift to purchase seats in a given section.    Because the maximum donation required for the most prominent seating is $10,000 (annually), the portion of a gift that exceeds that threshold should be deductible at the rate of 100 percent.   As a result, the non-deductible portion of a gift in excess of $10,000 will generally not exceed $2,000.   Deductibility for gifts associated with cumulative benefits will be calculated differently and should be discussed on a case-by-case basis.   A donor may decline seating benefits in writing in order to preserve 100% deductibility of gifts.

Coaches' Clubs.  Gifts to the Coaches' Club Programs are not associated with seating priority and therefore are generally fully deductible, except when a benefit (such as complimentary travel with the team) has a fair market value exceeding two percent of the gift.   In that event, your gift receipt will provide information about the amount of the contribution that is non-deductible.  

Green Jackets.   The blazer provided to first-time donors at the Green Jacket level and above has a market value of $150.  Therefore, in the year in which a green jacket is provided, an additional $150 will be reduced from the deductible portion of the gift.

The USF Foundation.  The USF Foundation is established by Florida Statutes as the entity charged with receiving, managing, and distributing all charitable gifts to the University of South Florida or any of its constituent units, including athletics.   All gifts to athletics should be made payable to the USF Foundation.   The Foundation is (501)(c)(3) organization.   Click here to visit the USF Foundation's web site.

We encourage you to discuss any questions about the tax deductibility of gifts to the Bulls Club with your professional advisors.