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.
What is Boston Conservatory at Berklee's Tax Identification Number?
The Conservatory's Tax ID Number is 04-2300472.
For additional questions, contact Cara Hatchen, institutional advancement coordinator, at firstname.lastname@example.org or 617-747-8385.