We have compiled this brief guide to help donors understand the options available to support rowing in the Williamsburg, Virginia area and understand how we channel donations to WMRC and WBC. Any questions not covered here should be sent to Travis Moore at firstname.lastname@example.org.
FWR is a 501(c)(3) corporation registered in the state of Virginia and donations we receive are tax deductible up to certain thresholds determined by the IRS. We received our most recent tax determination letter in 2007 which is available here. Should you wish to personally confirm continued donation eligibility, please search exempt organizations within the “Organizations Eligible to Receive Tax-Deductible Contributions (Pub. 78 data)” on the IRS’s website. Note, when searching, FWR’s information appears as:
Friends of Williamsburgh Rowing
Contributions to FWR are tax deductible in the year the contributions are made. In order to deduct these donations, a donor must elect to itemize their donations and forgo the standard deduction. Donations to FWR are generally deductible to up to 50% of a donor’s adjusted gross income or AGI. This amount varies by donor and you should consult your tax adviser to understand how your personal financial situation impacts the deductibility of donations. Additional information on the tax deductibility of charitable contributions can be found in IRS publication 526.
Types of Donations
- Cash, check, or credit card: These are the most common types of donations received by FWR. Cash donations can be made at any event or regatta if given directly to an Officer of FWR. Checks should be made payable to “Friends of Williamsburg Rowing” and sent to Friends of Williamsburg Rowing, PO Box 2276, Springfield, VA 22152-2276. Please print out and include this donation form with your gift. Online donations are processed through PayPal. Donors without a PayPal account can choose to make these donations via credit card by selecting the “Don’t have a Paypal Account?” option after clicking donate. While PayPal will suggest you create an account, this is not a requirement! Donors with a PayPal account can fund the subscription through more ways such as a bank account, credit card, or PayPal account balance.
- Stocks, bonds, and financial instruments: Financial assets can be donated to to FWR and may provide additional tax benefits. Generally, a donor who contributes financial assets which they have held for over one year can deduct the full market value of the assets, regardless of the basis in the property and without recording any taxable income on the sale of the assets. As transfers of these assets take time, please contact us in advance of year-end and we will assist you with your donations.
- Property such as a car, boat, or airplane: This type of property is tax deductible at the smaller of: i) The gross proceeds from the sale of the property by FWR, or
ii) The property’s fair market value on the date of the contribution. Unless the property in question is a rowing shell or other equipment used in the day to day activities of WMRC or WBC, FWR will typically choose to sell the property and provide you with a donation receipt equal to the gross proceeds we receive from the sale. Please contact us for help in donating one of these items.
- Other: Many other types of assets are tax deductible; we are always interested in helping you make the donation that best fits your personal plans therefore please contact us to discuss all available options.
Donation Designation Options
- WMRC – Donations to WMRC are used expressly for the benefit of WMRC. This generally includes equipment, registration fees, and regatta support.
- WMRC Endowment Fund – Donations are contributed to a dedicated investment account which earns investment income. The principal of the endowment fund is maintained; income earned goes to fund current WMRC operations as if designated to “WMRC” as discussed above.
- WMRC Wish List – Donations are used to purchase equipment for WMRC based on current requests from the coaching staff and executive board.
- FWR General Fund – Donations are split 75 / 25 between current and long-term goals. 75% of donations are used to fund the general operations of FWR (Grants to WMRC or administrative expenses) and 25% of donations are contributed to the WMRC Endowment Fund, the current long-term goal of FWR.
Timing of donations and recurring donations (subscriptions)
Donations can be made year-round by mail or online. The date donations are received is the year in which the donations are tax deductible with the exception of donations made by mail post-marked prior to 12/31. Donations post-marked prior to 12/31 are tax deductible in the year in which the donation was mailed.
Subscriptions offered by FWR are recurring, monthly donations processed through PayPal. Donors must have a PayPal account to subscribe and then can fund their subscription through any method of payment (bank account, credit card, or PayPal account balance). These can be as low as $5 per month and as high as you would like. Subscriptions can be designated just like normal donations and provide FWR with a recurring revenue stream to support initiatives and equipment purchases year-round. Subscriptions are a particularly powerful way of donating and are “endowment-like” due to the recurring revenue stream. Signing up for a $10 per month subscription is as meaningful as making a one-time, $2,400 donation to the endowment fund (assuming a 5% return on endowment investments).
Corporate Matching Gifts
Some employers have philanthropic programs which match employee donations of time or money to non-profit organizations. As a 501(c)(3) corporation we are often eligible for these matching gifts. The extent of the match and stipulations of the program vary by company, but FWR is able to assist you in determining whether your donation would be eligible for a match. The W&M Development Office provides a search of employer matching programs at matchinggifts.com/wm/. Contact email@example.com for help processing your employer matching gift.
Donations through The College of William & Mary
Donations made through the College can be designated for the Rowing Club and support WMRC while providing benefits such as recognition from the College, counting towards your class gift, and more. The College uses allocation numbers track donations and the allocation number for the “Rowing Club” (as WMRC is known within the Gift Accounting Office) is 2528. Anyone wishing to make a donation should note 2528 as a reference number in the memo field of the check or the comment field for online transactions when making their donation. Online donations can quickly and easily find the correct allocation code by searching for “rowing” in the search box which appears after clicking “Give Now” on the College’s website. Checks can be made payable to the College of William & Mary and and sent to the address below.
College of W & M, Office of Gift Accounting
Post Office Box 1693
Williamsburg, VA 23187
For more information on making a donation through the College, please visit their giving website.
FWR restricts the identity of all donors who wish to remain anonymous. The donors name and donation amount is only known by the Treasurer who processes the donation. To make an anonymous donation online, simply complete your donation and then send an e-mail to firstname.lastname@example.org. To make an anonymous donation by mail, check the “I/We wish to remain anonymous” box on our donation form.
Operating costs and percentage of donations which go towards programs
Nearly all donations received by FWR go directly towards the programs which we support. During 2012, approximately 94% of donations went to program support with only 6% of revenue going towards administrative expenses. Administrative expenses include processing fees, PO box and mailing expenses, and corporate filing fees. Donations processed online are subject to a processing fee charged by PayPal which varies with the size of the donation, but is typically below 3%. Processing fees represent the largest component of administrative expenses and are deducted from all online donations. Other administrative expenses are only funded through donations to the FWR General Fund. Note, FWR is entirely a volunteer organization and employs no paid staff.