by: KATIE MARASCO, ESQ.

And it’s all about the women leaders… In the past two months at least thirteen colleges and universities, who are all led by woman, have received very large and anonymous charitable gifts. These mystery gifts have varied from one million to ten million dollars, the gifts overall total $74.5 million so far! Not even the schools are aware of who is making these donations, they were all contacted by a law firm or other intermediary and had to promise in writing they would not investigate where the donation came from. If you are thinking it might be a coincidence, it’s unlikely. Only 23 percent of colleges around the country are led by women.

While most of us don’t have millions to give away, this brings up the topic of charitable giving and the tax benefits available for the donor. To be deductible, charitable contributions must be made to qualified organizations. For any contribution of $250 or more, you must obtain and keep in your records a written acknowledgment from the donee organization indicating the amount of the cash and a description of any property contributed, and whether the donee organization provided any goods or services in exchange for the gift. If you are gaining a benefit in exchange for the donation you make only deduct the amount your donation exceeds the fair market value of your benefit.

For more information on charitable tax deductions see a tax attorney. LawInfo can help you find one in your area.