UK Friends of Yale University Limited is an officially registered charity in the United Kingdom. Because it is also recognized by the Internal Revenue Service as a 501(c)(3) charitable organization in the United States, gifts to UK Friends of Yale may be simultaneously eligible for tax benefits in both countries.
What are the tax benefits of making cash gifts through UK Friends of Yale?
For UK taxpayers:
Cash gifts made to UK Friends of Yale may be eligible for Gift Aid, a UK government program that encourages charitable giving. The value of your gift is increased because UK Friends of Yale can apply to HM Revenue and Customs to claim the basic rate income tax that has been paid on the gross amount of the gift. If you are a UK higher rate taxpayer, you may be entitled to claim further tax relief in your self-assessment tax return.
For US taxpayers also subject to UK tax:
If you are an American citizen subject to income tax in both countries, you may be able to take advantage of the Gift Aid scheme and other tax relief in the UK, and you may also be able to claim a US charitable income tax deduction for the amount of your gift, including gift aid, on your IRS Form 1040.
How do I know if my gift is eligible for Gift Aid?
Your gift is eligible for Gift Aid if you made a monetary gift to UK Friends of Yale (gifts of other assets do not qualify); you pay enough UK income and/or capital gains tax to cover the amount of the tax that UK Friends of Yale will claim from HMRC; and you provide UK Friends of Yale with a valid Gift Aid Declaration.
What type of currency is accepted by UK Friends of Yale?
Gifts to UK Friends of Yale can be made in any hard currency.
How is my gift acknowledged?
You will be provided with separate letters of acknowledgement from UK Friends of Yale and Yale University that will substantiate your gift (including any amount reclaimed through Gift Aid) for UK and US tax purposes. Gifts applied for purposes at Yale will receive reunion recognition.
Can I designate my gift to UK Friends of Yale for a specific purpose?
You may earmark your gift to UK Friends of Yale to support a particular purpose or program that is consistent with the objectives of the charity, which are to advance and promote the charitable educational work of Yale University. If you are considering a gift with specific restrictions for its use, please contact us to ensure that UK Friends of Yale will be able to fulfill your intentions.
Can I make a gift to UK Friends of Yale through my estate?
Yes. A bequest to UK Friends of Yale will be exempt from both UK inheritance tax and US federal estate tax.
Where can I send my cash contribution?
You can mail your check and Gift Aid Declaration to our company administrator, Eileen Flood, at the address below. Please also contact Eileen Flood if you wish to arrange a wire transfer of funds.
Gift Aid Declarations can also be emailed to UKFriends@yale.edu.
Can I make my gift via credit card?
To make a gift using Mastercard, Visa, or American Express please telephone Eileen Flood at the number below to provide your credit card details.
For more information about UK Friends of Yale, to make a gift, or obtain a Gift Aid Declaration form, please contact our company administrator, Eileen Flood, at:
19 Norcott Road
London N16 7EJ
Tel: 020 7502 2813
Since individual circumstances will vary, we also encourage you to contact your tax advisor.