1. Why am I entitled to a refund of my gift to the Maritime Museum?
Florida Statute 1013.79 University Facility Enhancement Challenge Grant Program subsection 7 states that "If the [Courtelis] project is terminated, each private donation, plus accrued interest, reverts to the foundation for remittance to the donor."
2. Why must I complete an IRS Form W-9?
The IRS requires that the Foundation file an information return (1099) utilizing a Form W-9 to obtain a correct taxpayer identification number (TIN) to report income, such as return of a prior year contribution.
3. What happens if I redirect the full amount of my gift and interest to support another UWF program or scholarship?
Once the Donation Action Request Form and the IRS Form W-9 are received in the Foundation, you will receive a gift receipt for the redirected Interest portion. At year end, you will also receive a 1099-Int for the full amount of the Interest.
4. What happens if I redirect a portion of my gift to support another UWF program or scholarship?
Once the Donation Action Request Form and the IRS Form W-9 are received in the Foundation, you will be sent a check for the amount not redirected. You will receive a 1099-Misc when a partial or full original gift of $600 or greater is not redirected within UWF. You will receive a gift receipt for any amount redirected in excess of the original gift amount (the redirected Interest portion only). At year end, you will receive a 1099-Int for the full amount of the interest.
5. What happens if I receive a full refund of my gift and accrued interest?
Once the Donation Action Request Form (sent via US mail to all Maritime Museum donors) and the IRS Form W-9 are received, a check for the full amount will be mailed to you. At year end, you will receive a 1099-Misc if your original gift was $600 or more. At year end, you will receive a 1099-Int for the full amount of the Interest.
6. What are some of the ways I can redirect my gift?
Visit the UWF.edu/ImpactYourPassion web site to read about more than 300 programs, scholarships, and activities that you can support with your redirected funds.
7. Why will I be receiving a Form 1099-Int?
Treasury Regulation, Subchapter A, Section 1.6049-5 states that any interest paid to a taxpayer, no matter the amount, is to be reported to the IRS on IRS Form 1099-Int.
8. What happens if I do not return the Donor Action Request Form or the IRS Form W-9?
The Foundation is bound by statute to remit the gift with interest to the donor (see question 1 above). Also under the State's unclaimed property laws, the Foundation is obligated to continue to try to contact you regarding your gift and interest over the next two to three years. After that time, the funds may have to be turned over to the state. Please note that regardless of actual receipt of the returned funds, you may still want to seek tax advice related to the IRS guidance on constructive receipt (see Federal Tax Regulation 1.451-2, Constructive receipts of income).
9. What will be the tax implications of my selection?
Because Foundation employees, under Florida law, are prohibited from holding themselves out as tax experts, we cannot provide tax advice to individual donors. Furthermore, because the tax situation for each donor may vary and each option may have varying tax implications to the individual donor, we recommend that each donor consult their personal tax advisor regarding their option selection and potential implications of itemized deduction recoveries. Additionally, donors may wish to review information provided by the IRS in publications like IRS publication 17 "Your Personal Income Tax", IRS Publication 525 "Taxable and Nontaxable Income, and IRS Publication 526 "Charitable Contributions."
10. Will my donor information remain confidential?
The Donor Bill of Rights, adopted by the Foundation Board of Directors, states that donors have the right to be assured that information about their donation is handled with respect and with confidentiality to the extent provided by law. Section 1004.28(5) of the Florida Statutes provides that the identity of donors who desire to remain anonymous must be protected. All records of the Foundation, other than the statutory exceptions, are confidential and exempt from inspection by any person under Section 119.07 of the Florida Statutes. Wherever those donors' names appear in Foundation records, whether in accounting software or elsewhere, anonymity must be protected. In summary, if a donor desires to remain anonymous, the Foundation has statutory authority to protect that anonymity.
11. Where should I send my Donation Action Request Form and IRS Form W-9?
The Donation Action Request Form and IRS Form W-9 should be mailed to UWF Foundation, Inc., Bldg. 12, 11000 University Pkwy., Pensacola, FL 32514.
Please contact Sheri Pope, Director, UWF Foundation (850-474-3380) with any questions you may have during this process.