Section 170(I) of the Internal Revenue Code states 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. A donor may decline seating priority benefits in writing in order to preserve 100% deductibility of gifts.
The USF Foundation is established by Florida Statues as the entity charged with receiving, managing and distributing all charitable gifts to the University of South Florida or any of the constituent unites, including athletics. All gifts to athletics should be made payable to the USF Foundation, Inc. The Foundation is a 501(c)(3) tax-exempt organization soliciting tax-deductible private contributions for the benefit of the University of South Florida. The Foundation is registered to solicit charitable contributions with the appropriate governing authorities in all states requiring registration.
The above information is provided as a courtesy to assist donors in researching questions about tax deductibility with respect to athletics giving, and does not constitute professional advice or opinion. As always, we strongly encourage you to discuss any questions about tax deductibility with your professional advisors.