University of Southern Indiana

Tax Information

Federal Tax Deduction
Every dollar of your charitable gift to the USI Foundation qualifies for a deduction as a contribution on your federal income tax return, if you itemize deductions, subject to the general limitation of 50 percent of adjusted gross income. The Foundation issues receipts for every gift.

Indiana Tax Credit
Indiana residents qualify for the Indiana College Credit when they make charitable gifts to colleges and universities located in the State of Indiana. Taxpayers who make charitable gifts to the USI Foundation of up to $400 on a joint return, or $200 on a single return, are allowed a credit against their Indiana state adjusted gross income tax liability. File Schedule CC-40 with your Indiana tax return to receive up to $200 on a jointly filed return or up to $100 on a single return. The amount of a corporation's credit is equal to 50 percent of the total amount given during the tax year. However, the credit may not exceed the lesser of a) 10 percent of the corporation's adjusted gross income tax liability, or b) the amount of $1,000.

Gifts of Stock
Transferring gifts of stock directly to the USI Foundation may enable you to avoid capital gains tax. Please contact your own advisor for more information.

Federal ID Number
The federal identification number for the University of Southern Indiana Foundation, Inc. is 23-7042320. The USI Foundation is a 501 (c)(3) not-for-profit corporation.

IRA Rollover
The Senate Finance Committee has approved IRA Charitable Rollover Extension. On Tuesday, July 21, 2015 the Senate Finance Committee approved by a 23-3 vote a $95 billion tax extenders package that would retroactively renew 52 expired tax provisions – including the IRA Charitable Rollover – through the end of 2016.  This vote marks the latest step in Congressional efforts this year to revive the Rollover, which lapsed once again at the end of 2014.

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