Tax Efficient Giving
Tax implications of gifting to WIT Foundation are as follows:
- Donors can avail of Income Tax relief on any donations to WIT. Corporations wishing to contribute will benefit from a Corporation Tax deduction.
- Donors can gift to WIT Foundation via the Ireland Fund offices worldwide.
http://www.irlfunds.org
Ireland
Waterford Institute of Technology Foundation is a registered charity [CHY16484] in Ireland. In April 2001 the Minister for Finance introduced a scheme of tax relief on all philanthropic gifts over €250 toward approved bodies and eligible charities. WIT Foundation is such a body and therefore all gifts over €250 are eligible for tax relief.
Tax Benefits Available When Making a Gift
As a PAYE Taxpayer
When an individual donates €1,250 in cash, assuming the donor is taxed at the higher rate of 42%, the value of the donation is grossed up at the donor's tax rate: €1,250 x 100/58 = €2155. WIT will benefit from the €2,155.00, while the actual cost to the individual remains only €1,250.00. WIT Foundation will claim the €905 tax element of the gift from the Revenue, once the donor returns a CHY2 Form.As a Self-assessed Individual
When an individual donates €1,250 to WIT Foundation, assuming he/she is taxed at the higher rate of 42%, the donor claims tax relief of 42% x €1,250 = €525. WIT will benefit from the €1,250.00, while the actual cost to the individual is only €725.00. The individual simply claims the donation as an allowable deduction from the Revenue Commissioners. A receipt will be issued by WIT Foundation supporting this claim.As a Corporate Body
When a company donates €1,250 to WIT Foundation, assuming a corporation tax rate of 12.5%, relief to the company is: 12.5% x €1,250 = €156. WIT will benefit from the €1,250, while the actual cost to the company is only €1,094. The company simply claims the donation as a trading expense. A receipt will be issued by WIT Foundation supporting this claim.
United States of America
WIT Foundation works closely with the American Ireland Fund which is a registered United States 501(c) (3) not-for-profit organisation. Kingsley Aikins, President and CEO of the American Ireland Fund has agreed to facilitate gifts for the Waterford Institute of Technology Foundation from our friends and Alumni who are located in the USA.
As a Donor you can send a cheque made payable to The American Ireland Fund marked for the attention of Kingsley Aikins. The cheque needs to be accompanied with a letter saying.......'I enclose a check for 'x' dollars and would request that your Board considers supporting Waterford Institute of Technology-Foundation with a grant of the same amount as part of your campaign to raise funds for educational institutions in Ireland'.
Kingsley Aikins and the American Irish Fund Directors will consider the request at the next AIF Board meeting and process the grant accordingly.
This facility enables you as a Donor to receive Tax relief under USA regulations. If you have any questions contact
Waterford Institute of Technology Foundation & Alumni Office:
Email: cwymberry@wit.ie
Tel: +353 51 302192
+353 87 2367973
The address for the American Ireland Fund is as follows:-
211 Congress Street,
Boston, MA 02110
Toll free: 1.800.IRL.FUND
Tel: +1 617.574.0720
Fax: +1 617.574.0730
Email: info@irlfunds.org
