Below is useful information that may help you and your advisors consider the tax benefits and requirements related to your giving. Please remember, though, that information provided to you by
Cal Poly should not be construed as specific legal or tax advice. We always encourage our donors to discuss their philanthropic intentions with their financial, legal and/or tax advisors before finalizing a planned gift.
Many questions may be answered by the Internal Revenue Service, via its web site
Commonly needed IRS publications and forms include:
- Introduction to Estate and Gift Taxes
- Itemized Deductions/Standard Deductions: Gifts & Charitable Contributions
- Determining the Value of Donated Property
- IRS Form 8283
- IRS Form 8283 Instructions
Deductions for charitable gifts to Cal Poly
The California Polytechnic State University Foundation qualifies as a public charitable organization and meets the requirements of Internal Revenue Code Section 501(c)(3). Gifts to Cal Poly are deductible at the highest limits allowed for federal income or estate tax purposes.
Its federal tax identification number is 20-4927897. A copy of the Cal Poly Foundation's IRS determination letter is available here.
Income tax deductions
A person may deduct gifts of cash (or elect to deduct only the cost basis of an appreciated asset) up to 50 percent of their adjusted gross income (AGI) in a year. Gifts of appreciated real or personal property may be deducted up to 30 percent of a person's AGI. Excess deductions may be carried over for up to five (5) additional years.
Estate tax deductions
Testamentary gifts are deductible at 100 percent of the value of the assets donated to Cal Poly.