Is my gift to Boston Conservatory at Berklee tax-deductible?
Yes. Because Boston Conservatory at Berklee is qualified as a tax-exempt organization under section 501(c)(3) of the IRS code, all gifts to the college are tax-deductible. For the amount you can deduct, consult your tax adviser and the IRS website.
Do I need a receipt to claim a tax deduction?
It depends on the amount of your gift. Typically, any gift of $249.99 or less does not need a receipt. We will provide you with a receipt (i.e., acknowledgement letter), but the IRS does not require it. For a single gift of $250 or more, you are required to have a receipt to substantiate your claim. If you make a quid pro quo contribution—that is, when you receive goods or services in exchange for a portion of your contribution—we are required to issue you a receipt specifying the amount of the contribution and the goods and/or services received. For example, if you attend the Gala and your total contribution includes the cost of dinner and/or purchased auction items, then those costs must be subtracted when determining your charitable deduction. If you make an in-kind gift to the conservatory—musical instrument, books, sheet music, etc.—you must provide us with a document specifying the value of your in-kind contribution in order to receive a receipt to claim a tax deduction.
When will I receive an acknowledgement of my gift?
Receipts are issued as quickly as possible as gifts come in. Most receipts—even those for gifts made on December 31—are issued by the end of January to help donors prepare their tax documents.
Do I need to send the receipt to the IRS?
No. Simply keep your receipt in a file to support your claim (in case you are audited). The statute of limitations for the IRS is three years, so retain the receipt for at least that duration. Depending on the type of contribution you make, you may prefer to keep it longer. Consult your tax adviser for details.
What is the last day I can make a contribution for this year's tax returns?
December 31 is the final day for charitable giving.
If you are contributing by credit card at our online giving page, your credit card must be charged in the same tax year that you want to claim a deduction.
If you are mailing your check (made payable to: Boston Conservatory at Berklee), the postmark—and not just the check—must be dated on or before December 31 to qualify for a deduction.
If you are giving a gift of securities and your broker is executing the transfer the securities must be transferred from your account to the Conservatory no later than December 31 to qualify for a deduction.
To make a gift of stock, please provide your broker with the following information about our account: DTC 0443 Bank of New York Boston Conservatory Brokerage Account #A9G043128
When making a stock gift, please contact or leave a message with Database Manager Martin Christiansen at (617) 912-9202 or firstname.lastname@example.org to inform us of the amount of the transfer. To be considered a gift for tax purposes, you must relinquish ownership of the stock on or before December 31. For additional questions, please contact Martin Christiansen in the Development Office at (617) 912-9202 or email@example.com.
How is membership in giving societies counted?
Gifts given to the Annual Fund within the fiscal year (beginning June 1 through May 31 of the following year) count towards your membership in the Encore Society or Friends of Boston Conservatory.