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Mustang Club donation question

Postby Junior » Wed Jan 28, 2015 6:06 pm

I have a question, so I wanted to see if any of you guys knew the answer. I sent the MC an email about 3 weeks ago, no response. I called them yesterday morning. Talked to someone who said she'd have someone call me back, no response.

I split my bball season tix with two buddies. Historically, our seats didn't require a donation, but the donation will be $XXX/seat next season.

For purposes of the MC donation, if we all three submit checks for the donation, will all three of us receive the gift contribution form for tax purposes?

Best case, yes. Worst case, I would take the gift form, make a copy of it and write a short memo to the file indicating that the donation belongs 1/3 to each of us for tax purposes so we could all get the appropriate tax benefit.

Anyone know?
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Re: Mustang Club donation question

Postby SMU Section F » Wed Jan 28, 2015 6:19 pm

Junior wrote:I have a question, so I wanted to see if any of you guys knew the answer. I sent the MC an email about 3 weeks ago, no response. I called them yesterday morning. Talked to someone who said she'd have someone call me back, no response.

I split my bball season tix with two buddies. Historically, our seats didn't require a donation, but the donation will be $XXX/seat next season.

For purposes of the MC donation, if we all three submit checks for the donation, will all three of us receive the gift contribution form for tax purposes?

Best case, yes. Worst case, I would take the gift form, make a copy of it and write a short memo to the file indicating that the donation belongs 1/3 to each of us for tax purposes so we could all get the appropriate tax benefit.

Anyone know?

I assume one of you is the primary account holder? (Where are the tickets sent?) That person will probably receive the tax form and you'll need to follow your "worst case" scenario.

If you have a shared account (all three of your names / addresses) I assume you'd get individual forms, but I wasn't aware SMU accommodated this situation. If so, how are your Mustang Club points allocated?
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Re: Mustang Club donation question

Postby DanFreibergerForHeisman » Wed Jan 28, 2015 6:23 pm

Good questions, and with the massive increase in prices it's probably something for which they should have some sort of formal plan.
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Re: Mustang Club donation question

Postby Dairy Crampus » Wed Jan 28, 2015 7:51 pm

One take out of this, unfortunately, is the pitiful response of the Mustang Club. It's abysmal. I'm still waiting for a response of an email sent 12/22. Ain't holding my breath.
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Re: Mustang Club donation question

Postby DanFreibergerForHeisman » Wed Jan 28, 2015 7:53 pm

Dairy Crampus wrote:One take out of this, unfortunately, is the pitiful response of the Mustang Club. It's abysmal. I'm still waiting for a response of an email sent 12/22. Ain't holding my breath.

They seem to have plenty of time to tell you how great The Mustang Club is on twitter.
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Re: Mustang Club donation question

Postby RGV Pony » Wed Jan 28, 2015 7:58 pm

Junior pm me your contact info and I'll see to it you get a response if you haven't already.
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Re: Mustang Club donation question

Postby RGV Pony » Wed Jan 28, 2015 7:58 pm

Ditto you dairy crampus
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Re: Mustang Club donation question

Postby bubba pony » Wed Jan 28, 2015 9:12 pm

I would have each of you write a check for 1/3 the amount. the cancelled check payable to the Mustang Club. Wouldn't that satisfy the IRS?
I donate money to the local rescue squad and only have a cancelled check.
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Re: Mustang Club donation question

Postby mustangbill67 » Wed Jan 28, 2015 10:28 pm

when you make a MC donation, you receive a letter from the SMU Office of Donor Relations and a Gift Tax Receipt acknowledging the donation and telling you the estimated fair market value of the benefits you will receive from the donation. The gift in excess of that amount qualifies as a charitable contribution. I pay my MC donation in several installments and receive a separate Tax Receipt for each payment. I would think splitting up the donation among several people could be done but it would have to be worked out with the MC so points could be accurately accrued for each donor and tax receipts could go to each donor.
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Re: Mustang Club donation question

Postby Junior » Wed Jan 28, 2015 10:51 pm

SMU Section F wrote:
Junior wrote:I have a question, so I wanted to see if any of you guys knew the answer. I sent the MC an email about 3 weeks ago, no response. I called them yesterday morning. Talked to someone who said she'd have someone call me back, no response.

I split my bball season tix with two buddies. Historically, our seats didn't require a donation, but the donation will be $XXX/seat next season.

For purposes of the MC donation, if we all three submit checks for the donation, will all three of us receive the gift contribution form for tax purposes?

Best case, yes. Worst case, I would take the gift form, make a copy of it and write a short memo to the file indicating that the donation belongs 1/3 to each of us for tax purposes so we could all get the appropriate tax benefit.

Anyone know?

I assume one of you is the primary account holder? (Where are the tickets sent?) That person will probably receive the tax form and you'll need to follow your "worst case" scenario.

If you have a shared account (all three of your names / addresses) I assume you'd get individual forms, but I wasn't aware SMU accommodated this situation. If so, how are your Mustang Club points allocated?

It's all Ben through me previously.
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Re: Mustang Club donation question

Postby Junior » Wed Jan 28, 2015 10:52 pm

bubba pony wrote:I would have each of you write a check for 1/3 the amount. the cancelled check payable to the Mustang Club. Wouldn't that satisfy the IRS?
I donate money to the local rescue squad and only have a cancelled check.

That was my worst case scenario. I think it would fully satisfy IRS requirements.
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Re: Mustang Club donation question

Postby CalallenStang » Wed Jan 28, 2015 10:59 pm

Junior wrote:
bubba pony wrote:I would have each of you write a check for 1/3 the amount. the cancelled check payable to the Mustang Club. Wouldn't that satisfy the IRS?
I donate money to the local rescue squad and only have a cancelled check.

That was my worst case scenario. I think it would fully satisfy IRS requirements.


You would need to subtract the fair market value of the benefit received from making the donation, which the Mustang Club could provide you. But if you documented that along with the cancelled check I believe it would be fine with the IRS


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Re: Mustang Club donation question

Postby SMU Section F » Wed Jan 28, 2015 11:45 pm

Junior wrote:
SMU Section F wrote:
Junior wrote:I have a question, so I wanted to see if any of you guys knew the answer. I sent the MC an email about 3 weeks ago, no response. I called them yesterday morning. Talked to someone who said she'd have someone call me back, no response.

I split my bball season tix with two buddies. Historically, our seats didn't require a donation, but the donation will be $XXX/seat next season.

For purposes of the MC donation, if we all three submit checks for the donation, will all three of us receive the gift contribution form for tax purposes?

Best case, yes. Worst case, I would take the gift form, make a copy of it and write a short memo to the file indicating that the donation belongs 1/3 to each of us for tax purposes so we could all get the appropriate tax benefit.

Anyone know?

I assume one of you is the primary account holder? (Where are the tickets sent?) That person will probably receive the tax form and you'll need to follow your "worst case" scenario.

If you have a shared account (all three of your names / addresses) I assume you'd get individual forms, but I wasn't aware SMU accommodated this situation. If so, how are your Mustang Club points allocated?

It's all Ben through me previously.

In that case I think you'll need to follow your "worst case" scenario, but that should be simple enough and I seriously doubt the IRS will even question it. (I would suggest making a copy w/ a short memo as indicated along with check copies just in case.)
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Re: Mustang Club donation question

Postby SMUer » Thu Jan 29, 2015 12:47 am

I've got a similar question:

My first-born is already on the ground and I've grown fairly attached to him...would SMU Athletics be willing to accept my second-born in exchange for my basketball tickets, as long as I'm really crying and carrying on?
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Re: Mustang Club donation question

Postby Junior » Thu Jan 29, 2015 9:49 am

RGV Pony wrote:Junior pm me your contact info and I'll see to it you get a response if you haven't already.

Thanks for the offer RGV. I think I'm just going to move forward with my plan to submit three checks to cover my donation this year and work out the tax logistics down the road.
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