Year-End Giving

At the University of Tennessee at Martin, we are grateful that those who care about our mission and vision continue to find ways to support us generously at year-end. Charitable organizations like ours benefit from support now more than ever, and we hope charitable people will continue to be a transformational force in our community, our country, and the world.

MAKE A YEAR-END GIFT

As 2024 comes to a close, there are many options to ensure your gift is processed before the end of the calendar year.

The university will be closed December 21, 2024–January 1, 2025. If you wish to make a gift during this time, please do so online.

Year-End Giving FAQs

It depends on your gift.

Gifts made by credit card online must be received by 10:30 p.m. CST on Tuesday, December 31, 2024.

If you are sending a gift by mail the donation is effective on the date mailed as indicated by the postmark. If the envelope is postmarked by December 31 the gift is credited to 2024 even if it is physically received by the charity in 2025. The postmark is the key to your deduction and not the date on the check or the date a security certificate is signed over.

To make a gift by mail, please send your payment, made payable to UT Foundation, to:
The University of Tennessee at Martin
Office of Advancement
424 Andy Holt Humanities Building
Martin, TN 38238

Wire transfers of stock or other securities and cash must be received in the UT Foundation account before the close of business on Tuesday, December 31. Please be aware that electronic transfers can take 24 hours and as much as 48-72 hours to process. In order to qualify as a 2024 gift, our account must show receipt on or before December 31.

Gifts of securities must be received in the Foundation’s brokerage account by Tuesday, December 31, 2024, for calendar year 2024 credit.
Gifts of mutual funds and physical stock certificates should be initiated by Friday, December 13, 2024, for calendar year 2024 credit.
Electronic transfers of securities should be initiated by Friday, December 20, 2024 to qualify as a 2024 gift.
Foreign security gifts also take time. We recommend initiating this type of donation prior to Friday, December 13, 2024, to receive a 2024 tax credit.

STEP 1: Information to give your broker for transferring stock or other securities:

DTC Eligible Securities
DTC Number: 0443
Pershing, LLC
For credit to account number: N7M002366
Client account name: The University of Tennessee Foundation

STEP 2. Please send the following information to your development officer or stock@utfi.org:

Name(s) and address or other contact information that needs to be updated, if applicable
Name of security and number of shares to be transferred
Purpose of the gift or the specific account name or allocation

Note: Gifts of closely held securities must be approved in advance by UTFI’s Executive Committee. When considering gifts of closely held securities the committee shall consider any restrictions that might prevent converting the security to cash, marketability and potential for undesirable consequences to UTFI.

For wire transfers, please provide the following information to your financial institution for gifts to the UT Foundation:

Bank: First Horizon Bank, N.A., Memphis, Tennessee
Routing Number: 064207195 (ACH Transfers)
ABA Number: 084000026 (Wire Transfers)
Swift Code: FTBMUS44 (International Wire Transfers)
Account Name: University of Tennessee Foundation
Checking Account Number: 220002935583

Please send the following information to your development officer or wires@utfi.org:

Name(s) and Address or other contact information that needs to be updated, if applicable
Dollar amount to be transferred
Purpose of the gift or the specific account name or allocation

Important: The date of gift is the date the transfer is received in UTFI’s account, not the date the transfer leaves the donor’s account.

When you take a distribution from your Individual Retirement Account (IRA), you might owe taxes on it. If money from your IRA is donated directly to a qualified charity like UT Martin, you could save on taxes.

This kind of donation is called a “qualified charitable distribution” (QCD) and can be used to satisfy all or part of your required minimum distribution (RMD) from your IRA. If you are required to take a distribution but don’t need the money for living expenses, consider reducing your taxes and allocate those funds to UT Martin.

Even if you aren’t required to take an RMD yet you might still be able to use your IRA to contribute to Direct Relief. Talk to your IRA custodian, financial advisor, accountant, or lawyer to find our whether a QCD is right for you.

This information is offered to help you understand some of your options for making a charitable gift. Only a lawyer or tax professional can give you tax advice.

Yes. The University is qualified as a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code, all gifts to UT Martin are tax deductible. To determine the amount you can deduct, consult your tax advisor.

Under IRS rules, you cannot claim a tax deduction for a contribution of cash or other property unless you maintain a record of the contribution. In addition, for a single gift of $250 or more, you are required to have a receipt from the charity to substantiate your claim.

No. An electronic receipt is just as acceptable as a letter or postcard.

Receipts are issued as promptly as possible as gifts are received.

The University of Tennessee System, University of Tennessee at Martin, and the University of Tennessee Foundation, Inc., cannot provide tax advice or counsel. This information is offered to help you understand some of your options for making a charitable gift. Only a lawyer or tax professional can give you tax advice.

Review your investment portfolio
As year-end approaches, it’s a good idea to review your portfolio. And in particular, it’s worth looking at the stocks you have held for more than a year to identify those that have appreciated in value. Which ones have appreciated the most? It may be prudent for you to make your year-end gift using one or more of these stocks.

Here’s why: If you sold the stock, you would incur capital gains tax on the appreciation. However, if you give the stock and allow the UT Foundation to sell it, capital gains taxes are avoided. You receive a charitable deduction for the full fair market value of the stock (subject to the deduction limits), just as you would if your gift was made with cash. If you can’t use all of the income tax charitable deduction resulting from the gift, you can carry it forward for up to an additional five years. The annual deduction limit for appreciated securities is 30% of AGI.

The fair market value for securities is the average price per share between the highest and lowest selling prices on the date of delivery. For mutual funds, the fair market value is the price per share at market closing on the date of delivery.

The flip side of giving from securities may make sense as well. If you own securities worth less now than when purchased, you can sell them and contribute the cash proceeds. This way, you can take a capital loss on your return, which you can’t do if you donate those securities directly to UT Martin.

Talk to your advisors
Before making any significant gift to any nonprofit organization, you should have your CPA, attorney, and/or financial advisor help you understand the impact of your gift on your income tax return and estate plans. We want your giving to be prudent, generous, and joyful.

We can help!

Your tax benefits depend on what you give and when you give it. We can assist you and your financial advisors with the planning and details of making a gift to help support our mission. Please feel free to contact me directly if I can be of service in any way.

Jeanna Curtis-Swafford
Vice Chancellor of Development
731-881-7629
jswafford@utm.edu