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Tax
Information
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, if you itemize deductions, subject to the general
limitation of 50 percent of adjusted gross income. The Foundation issues
receipts for every gift.
Indiana Tax Credit
Indiana residents qualify for the Indiana College Credit when they make
charitable gifts to colleges and universities located in the State of Indiana. Taxpayers who make charitable gifts to the
USI Foundation of up to $400 on a joint return, or $200 on a single return,
are allowed a credit against their Indiana state adjusted gross
income tax liability. File Schedule CC-40 with your Indiana tax
return to receive up to $200 on a jointly filed return or up to $100 on a
single return. 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.
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