Tax Reform & Your Giving to the Deacon Club

12/18/17

As you may be aware, the recent passing of tax reform legislation will likely impact your charitable giving to the Deacon Club. Since these changes will not take effect until January 1, 2018, you may want to consider the following to obtain maximum benefits under current tax law:

  • With new legislation changing tax rates and modifying the charitable deduction for certain seat-related gifts in future years, you may want to consider pre-paying your Deacon Club membership for future years. To do so, please click here and donate the total amount you would like to pre-pay, or call our offices at 336-758-5626.
  • If you have a pledge with respect to seats in McCreary Tower or leased basketball seats, you may want to pay off your pledge this year to preserve the current tax benefits associated with your gift, as the new legislation will modify the tax deductibility of such gifts. To do so, please email DeacClub@wfu.edu or call our offices at 336-758-5626.
  • If your existing pledge with respect to seats in McCreary Tower or leased basketball seats is expiring this year or in the next few years, you may want to consider renewing that commitment with an upfront contribution. Changing tax rates, and the modification of tax deductions for certain seat-related gifts, will likely decrease the tax benefits of your charitable deduction in future years. To do so, please email DeacClub@wfu.edu or call our offices at 336-758-5626.
  • If you have experienced gains from the historic run in the financial markets, you may want to consider donating appreciated securities, real estate or other non-cash assets. To do so, please email DeacClub@wfu.edu or call our offices at 336-758-5626.

Wake Forest cannot provide tax advice. We encourage you to review the implications of tax reform with your financial and/or tax advisor to determine if any of these strategies are right for you. 

Our office hours for the holiday season are below, but please know that we are available to assist you via phone or email throughout the holidays.

Closed December 25-26
Open December 27-28 from 11:00 a.m. – 2:00 p.m.
Closed December 29 for the Belk Bowl, but will respond to phone messages
Closed January 1

Your support of Wake Forest Athletics is truly appreciated as it’s Deacon Club donors like you that make so much possible for the student-athletes of Wake Forest.

Have a wonderful holiday and Go Deacs!


FREQUENTLY ASKED QUESTIONS

How will tax reform legislation impact my annual gift to the Deacon Club? 
While the ultimate impact of the legislation is uncertain, we believe the new law is likely to diminish the tax benefit of Deacon Club contributions.

Can I prepay my Deacon Club membership for future years?
Yes, you can prepay contributions for future years by December 31, 2017 with a tax-deductible gift pursuant to current law. To do so, please click here and donate the total amount you would like to pre-pay, or call our offices at 336-758-5626.

Can I prepay pledges or extend my current commitment associated with my McCreary Tower seats or leased basketball seats?
Yes, you can prepay at the current rates for rights to purchase seating in future years. To do so, please email DeacClub@wfu.edu or call our offices at 336-758-5626.