Towering Titan Organization Tax Disclosure Statement
If your contribution to Westminster College Athletics is $50 or more, this entitles you to receive benefits as a member of the Towering Titan Organization (TTO). Tax laws and regulations require Westminster College to provide you with the following written disclosure statement.
The amount of your contribution that is deductible for federal income tax purposes is limited to the excess of money (or in some but not all cases the fair market value of contributions other than money) you contribute to Westminster College Athletics over and above the value of goods or services made available to you from your membership to the Towering Titan Organization in connection with your contribution. In exchange for your contribution, you may have received, or been entitled to receive, one or more of the following benefits, which have the following estimated fair market values:
In computing your charitable deduction for contributions to Westminster College Athletics, you should subtract the value of any benefits you received, or had the right to receive, according to the benefits schedule set forth above, from the total amount you contributed.
Westminster College Athletics welcomes grants from private foundations and donor advised funds. However, federal law may impose significant penalties on donors and fund administrators for grants from a private foundation or a donor advised fund (DAF) if a benefit is provided to an individual in exchange for the grant.
You should also be aware that Towering Titan Organization benefits for qualified charitable distributions (QCDs) directly from IRAs may disqualify the distributions from preferred tax treatment. Please consult your tax advisor(s) for specific information about the tax implications of Towering Titan Organization benefits. For additional information please visit athletics.westminster.edu and click on donate or contact the Institutional Advancement at 724-946-6995 or development@westminster.edu.
All TTO members are encouraged to consult with their tax advisors.
For more information or to join the Towering Titans, contact Westminster Director of Athletics Jason Lener at (724) 946-7313 or e-mail at lenerja@westminster.edu.
