Written verification of gifts received in a fiscal year is sent to each donor. As a result of your contribution to the Spider Club (the fundraising arm of the athletic department) of the University of Richmond, a 501 (c) (3) organization, you have the right to purchase premium tickets to athletic events. Therefore, the amount of your contribution after subtracting any of the valued benefits is 80% deductible (see IRS Code Section 107 [1]). The University's fiscal year runs from July 1, 2009 to June 30, 2010.