I wonder what kind of impact this will have on Georgetown. Does anyone know what percent of the basketball budget comes from donations related to ticket sales?
"Meanwhile, athletics departments will have to mitigate potential fallout from the elimination of tax deductions that donors have been able to receive for contributions tied to rights to purchase tickets and that businesses have been able to receive for entertainment costs such as taking clients to sports events."
Dear Georgetown Men's Basketball Season Ticket Holder,
As a valued athletics donor and men's basketball season ticket holder at Georgetown University, we are writing today with important information regarding annual gifts associated with your season tickets.
Late Friday afternoon, Congress unveiled the final version of the Tax Cuts and Jobs Act. The Act contains a provision that would eliminate the deductibility of charitable contributions associated with the right to purchase season tickets to University athletic events.
If the Act passes and is signed into law, annual contributions made after December 31, 2017, towards all season tickets may no longer qualify for a charitable tax deduction. Gifts made above the minimum associated contribution may continue to be tax deductible. As always, please consult your tax advisor on the tax deductibility of your contributions.
We encourage you to discuss with your tax advisor whether it might be advantageous for you to accelerate any gifts or pledge payments associated with your 2017-18 season tickets.
If you have already made your 2017-18 season ticket contribution in full or if your seats do not have an associated athletics contribution, there is no need for a gift at this time; however, we wanted to ensure that you were aware of this change to the tax law.
You may make a gift online here. For information on gifts of stock or made by wire, please visit the University's giving page. Please note that in order for gifts to be associated with men's basketball season tickets, contributions must be made to a division of the Athletic Department.
Should you have any questions or require assistance, please contact your University development representative, The Annual Fund for Georgetown Athletics at 202.784.6223 or email@example.com, or the Georgetown Athletic Ticket Office at 202.687.HOYA or firstname.lastname@example.org.
Thank you for your continued support of Georgetown Athletics.
For a map of the athletics contributions associated with 2017-18 season ticket seat locations, please visit here.
Unless a special arrangement is made with your University development representative, we are not able to accept contributions for season ticket seats for the 2018-19 season and beyond at this time.
More information about athletics contributions for the 2018-19 season will be sent to season ticket holders after the next fiscal year begins on July 1, 2018.
Please contact us at email@example.com with any questions or comments.