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Home >> Tax Deductibility

Can you make a tax-deductible gift to benefit the Old Grey Barn? The answer is YES. Presently the Campaign for the Old Grey Barn, we are accepting both tax deductible contributions as well as non-tax-deductible gifts. There are two different organizations that are accepting contributions from Penn Theta alumni. In short, tax-deductible gifts must be used for educational purposes only (scholarships, leadership programs and a qualified percentage of our construction project). Non-deductible gifts are unrestricted. Because the Old Grey Barn is our number #1 priority and due to IRS regulations regarding fraternity projects, we will need to raise one half our the campaign funds non-deductible.

Some alumni are giving their campaign gifts to just one of these entities. For some tax-deductibility is not important. For others, like those giving through a c3 foundation or transferring an appreciated asset tax deductibility is a necessity. Still, others have made two gifts to the campaign - splitting their gift half and half between each of these two entities.

  1. Penn Theta House Corporation, Inc. - a non profit Pennsylvania corporation under section 501(c)(7) of the IRS Code
    • Gifts to this entity are not tax deductible for federal income tax purposes.

  2. The Endowment Fund of Phi Kappa Psi (Penn Theta Chapter Campaign Fund) - an educational foundation under section 501(c)(3) of the IRS Code.
    • 100% of gifts to this entity are fully tax-deductible for federal income tax purposes.
    • These monies are restricted to Penn Theta's use and WILL be used for educational purposes only including a percentage of the old grey barn renovation.

If you have any questions about where to direct your giving, please contact Wade Garard at 919-358-4210.

Most gifts to the campaign will be directed in cash or pledged in cash over a 3-5 year period. While we must raise at least $1,600,000 in cash to fund our #1 priority (the Old Grey Barn), we do have other long-term priorities. Therefore, older alumni, in addition to their cash support, may wish to make provisions for Phi Kappa Psi - Penn Theta in their estate or another deferred giving plan. The Campaign for the Old Grey Barn is a wonderful opportunity to communicate with our most loyal alumni the opportunity to include PENN THETA in their estate plans and the opportunity for them to be recognized for their generosity while they are still living. If you would like to explore including the Penn Theta Chapter Scholarship Fund in your will or if you seek additional information about estate planning and deferred giving, please contact Ben Nicol at the Endowment Fund of Phi Kappa Psi at 317-275-3400.

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