University of Southern Indiana

Tax Information

The USI Foundation is a 501(c)(3) not-for-profit corporation and issues a receipt for every gift. The USI Foundation’s fiscal year is July 1 – June 30. Please contact your own financial advisor for more information on tax credits and deductions.

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. Individuals must itemize deductions.

Indiana Tax Credit

Indiana residents are eligible to take a tax credit for 50% of a gift up to a maximum of $200/individual or a maximum of $400/couple. You do not have to itemize to receive this credit, just file Schedule CC-40. 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 Charitable Rollover

The IRA Charitable Rollover allows individuals who have reached the age of 70 and older the ability to transfer up to $100,000 from their individual retirement accounts directly to a qualified charitable organization without being subject to income taxes on the distribution.

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