I. Cards / Apple or Google Pay / ACH

1. Kindly follow the instructions on our online payment page. The link is – https://www.zeffy.com/en-US/donation-form/a9d3913c-8ab3-4452-aafe00005277083f or https://tinyurl.com/IITK-Donation (they are the same links)
2. Please mention the purpose for which you are donating in the comments or relevant field provided on the online payment gateway. Unless you are donating anonymously, also include your Roll number, year of graduating and specialization (EE / CS etc) to help the team acknowledge your contribution towards IIT Kanpur.
3. For ACH payments: you will be requested by your bank to confirm the transfer request - the payment acknowledgement and tax receipts are auto-generated after this. Maximum limit for ACH transfers is $10,000 per transaction and for cards, it is $5,000 per single transaction. Donors can do multiple ACH/ card transactions in a single day.
4. You will receive your payment acknowledgement from IITK Foundation immediately after you make the payment.

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II. Zelle

1. Zelle to the Foundation’s official phone number – +1-650-507-8719
2. Please email us at cfo@iitkfoundation.org and accounting@iitkfoundation.org mentioning the purpose for which you are donating. Unless you are donating anonymously, also include your Roll number, year of graduating and specialization (EE / CS etc).
3. You will receive your payment acknowledgement from IITK Foundation as well as the tax receipt within 5 business days of sending the payment.

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III. Venmo

1. You can donate to the Foundation’s official id – IITK-Foundation. Search for “IITK Foundation”, “Kanpur Foundation” or any such keywords and should find “@IITK-Foundation” listed in the Venmo Charities list. You may also use this link: IITK-Foundation.

   

2. Please email us at cfo@iitkfoundation.org and accounting@iitkfoundation.org mentioning the purpose for which you are donating. Unless you are donating anonymously, also include your Roll number, year of graduating and specialization (EE / CS etc).
3. You will receive your payment acknowledgement from IITK Foundation as well as the tax receipt within 5 business days of sending the payment.

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IV. Wire transfers

You may share the instructions below with your banker. Please also inform cfo@iitkfoundation.org and accounting@iitkfoundation.org after you send the wire. In the email, kindly include details of the program(s) you wish to support at IIT Kanpur and whether you wish the donation to be anonymous. Your email will alert us that the donation is on its way and ensure that it will be used as you intended.

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V. Checks

1. You may address the check to IIT Kanpur Foundation and dispatch it to the Foundation’s address mentioned earlier.
2. Kindly attach a note mentioning the project / program for which the donation should be utilized. Unless you are donating anonymously, also include your email, roll number, year of graduating and specialization (EE /CS etc) to help the team acknowledge your contribution towards IIT Kanpur.
3. It takes up to 4 weeks’ time to receive the post in our mailbox and then deposit the cheque in the Foundation’s bank account. Posts might take longer if dispatched to us from outside the US.
4. Email us at cfo@iitkfoundation.org and accounting@iitkfoundation.org when you dispatch a check – it will alert us that the donation is on its way and ensure that it will be used as you intended.

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VI. Gifting of Stocks

To donate stocks, please share the following account information about IIT Kanpur Foundation's brokerage account with your broker. Also inform cfo@iitkfoundation.org and accounting@iitkfoundation.org by email after your broker makes the transfer.

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VIII. Company Matching Donations

There are 2 ways that you can make company matching donations –

1. Donate directly to IIT Kanpur Foundation via any of the modes listed above (Wire / Stocks / DAF etc) first. Then inform your company of your donation and ask them to make a matching donation; OR
2. Ask your company to make your contribution as well as the company’s matching donation, both together, through your company’s donation making platform.

Case I : In the former case, where you first donate directly, depending on your organization’s internal systems, the steps are as follows:

1. You will have to share the proof of your donation with your organization – the relevant person you must request might be from the Finance / HR / Marketing teams. Please check in your organization about the relevant person to contact.
2. Your company contacts IIT Kanpur Foundation to confirm the donation details you have shared with them
3. The company might ask for our banking details – sometimes from you, or they might check with IIT Kanpur Foundation directly on this. Feel free to use this document to share IIT Kanpur’s banking information with your company.
4. Your company then processes the corporate matching donation and “settles” the amount to IIT Kanpur as per their internal corporate payment policies.
5. It takes anywhere between 6 weeks to 6 months to receive the matching donations from companies in this manner.
6. Companies transfer via ACH, checks and sometimes wire transfer.
7. IIT Kanpur Foundation can never have any visibility as to how long your company will take, how much donation they will make, nor how they make the transfer of money to us.
8. As a best practice, keep cfo@iitkfoundation.org and accounting@iitkfoundation.org in the loop when you request your company to make a matching donation. On a best-efforts basis, the IIT Kanpur Foundation team can try to check with your company on the status of the matching donations. Most companies are not obliged to answer queries raised by nonprofits. In our experience, it is not uncommon for companies to be unresponsive.

Case II: In case you wish to make both your and your company’s matching donation together through the company’s platform:

1. On your company’s corporate donation matching platform:
   1. Search for ‘IIT Kanpur Foundation’
   2. In case you cannot find it, try searching the full name “Indian Institute of Technology Kanpur Foundation”
   3. Inform cfo@iitkfoundation.org in case the name is not listed. The team at IIT Kanpur Foundation will work towards getting the name included in your organization’s corporate donation platform. In this situation, please make the donation through any of the other ways mentioned in the guidebook
2. After you find IITK Foundation listed on the company’s platform, create your recurring or one-time donation on the platform
3. Your company follows steps 4 onwards (listed in prior section ‘Case I’) after this.
4. After making the matching donation request to your company, do also forward the confirmation email sent by your company’s donation system to cfo@iitkfoundation.org and accounting@iitkfoundation.org.

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IX. From IRA accounts

1. Qualified charitable distribution: If you are over 70-½ years old and are the owner of a traditional IRA, you may make gifts of up to $100,000 directly to IIT Kanpur Foundation (“qualified charitable distributions” or QCDs). If you have a required minimum distribution (RMD) from the account, which typically begin at age 72, any QCDs will count towards your RMD and reduce your taxable income from the IRA. You will not receive a charitable income tax deduction for this type of gift. You will want to work closely with your financial and tax advisors to ensure that your plan is eligible and that your distributions are properly made and reported for tax purposes.
2. Gift from IRA distribution: If you have taken a distribution from your retirement account, you can also distribute all or a portion of those proceeds to IIT Kanpur Foundation. This option is less tax-advantageous than making a QCD, as the full distribution from the retirement account is included in your gross income and any corresponding charitable income tax deduction is subject to percentage limitations.
3. Beneficiary designation: You can name IIT Kanpur Foundation to receive all or a percentage of your retirement assets (e.g., your 401(k) and/or 403(b) plans) upon your death by completing a beneficiary designation form with the plan administrator for your retirement plan. A gift of retirement assets is a tax-efficient gift, as IIT Kanpur Foundation receives the assets without the reduction for income taxes that apply to individual beneficiaries. If you are married, your spouse may need to sign your beneficiary designation for certain retirement plans. You will likely need the information set forth in Question 3 above when naming IIT Kanpur Foundation as a beneficiary. Once your beneficiary designation is in place, the plan administrator of the retirement plan is required to follow the beneficiary designations in distributing your retirement plan account(s).

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PAYMENT ACKNOWLEDGEMENTS

1. For donations made through the online payment gateway, the acknowledgements are issued immediately. For other modes of donation (Zelle / Venmo/ Wire Transfer / Stock Donations / Checks etc), the Foundation issues payment acknowledgement via email within 5 business days of credit of the donation in the Foundation’s bank or brokerage account.
2. There are many logistical steps before the funds get credited to our account. It is not feasible for the Foundation’s team to keep the donors updated about what stage of processing their donation is in. The Foundation recommends all donors to make their donations online via its payment gateway or other digital channels. If that is not possible, it is suggested to send documents through tracking post / couriers so that the donors may track the documents at their end.
3. U.S. tax residents may be able to claim a charitable deduction for donations made to IIT Kanpur Foundation, subject to applicable tax rules.
   1. For donations made directly to IIT Kanpur Foundation (donations via IITK Foundation’s online payment gateway / Zelle / Venmo / Wire Transfers / checks / direct stock donations): The Foundation issues tax certificates to the donors directly. These are issued electronically – there is no provision for sending postal tax certificates. It is hence important that the donors should include their correct email address when donating.
   2. For donations made indirectly (via DAFs / company donation matching platforms / Qualified IRA account): The donor’s DAF or the donor’s company’s platform issues the tax certificate to the donor.

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