The Wolfpacker: An Independent Magazine Covering NC State Sports
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■ wolfpack club news Lifetime Rights Lifetime Seating Rights Update Carter-Finley Stadium The giving levels to secure lifetime seating rights will increase on January 1, 2014. This will be the first increase in the levels since 2005. After January 1, 2014, new seating rights and seat upgrades at the new levels may be pledged and paid over a five-year period. Donors who participated in the Wolfpack Pride, Goal Line Drive, or Building Futures campaigns are grandfathered for up to eight (8) seat rights per sport at their original campaign giving level. Any additional seats secured going forward will be at the current price. An additional annual gift is also required for each set of eight (8) seats, based on the giving level requirements. Donors may now visit the Wolfpack Club offices to view seats available to secure through Lifetime Rights for the 2014 football season. Beginning December 1, 2013, seat availability for Men's Basketball will be available. In order to protect the integrity of the Wolfpack Club's priority system, certain sections Cost Per Seat of both Carter-Finley StadiumMinimum Annual Giving Level available during the seat assignment and the PNC Arena are only made process prior to each season. Baseball Lifetime Seating Rights $1,500 Teammate Club Football & Men's Basketball Lifetime Rights Seating Terms & Benefits: • • • • Balance is payable, in equal payments, over a five (5) year period Must purchase tickets each year Maximum of eight (8) seats may be purchased per one (1) Wolfpack Club membership Based on availability PNC Arena Lifetime Seating Rights (LTR's) Q&A What are LTR's? Through the current campaign, you can purchase reserved seats for you and your spouse's lifetime. This pledge requires a minimum payment of 20% and 5 years until you have paid off the seats. As long as you secure season tickets on an annual basis and maintain your required annual giving level for the Annual Scholarship Fund, you keep your seats for a lifetime! Your commitment also allows you to secure a parking pass(es), which will be assigned based upon your Wolfpack Club priority rank. Will the donation towards LTR's affect my Wolfpack Club priority and rank? Yes. All money contributed will be factored in to your cumulative giving If I donate toward LTR's, am I locked into those seats or can I ever move my seat location? You may exchange your seats for any available seats within your current giving level at no charge. You may also upgrade your seats by choosing to increase your giving level. The amount of your existing campaign balance is simply deducted from your new pledge balance. See the following example: You have two (2) Tier 5 Level seats and wish to upgrade to two (2) Tier 4 Level seats. • Tier 5 Level: $2,500/seat = $5,000 pledge plus season ticket commitment and minimum annual membership at State Club (currently $360/year) points. • Tier 4 Level: $5,000/seats = $10,000 pledge plus season ticket commitment and annual membership Lobo Club (currently $720/year) Is the donation to LTR's tax deductible? Yes. Any donations given toward LTR's are 80% tax deductible. Consult Your overall pledge toward LTR's would increase by $5,000 (to $8,000) and you would be required to pay $360 additional per year ($720 total) towards the Wolfpack Club Annual Scholarship Fund. Can I use the Matching Gifts program for LTR's? Will I be able to secure additional LTR's? How do I do that? Yes. You may secure more LTR's up to a total of eight (8) seats per sport. your tax professional. Yes. Matching can be used towards LTR's. Are LTRs transferrable? No. You may not transfer your seats to someone else except in the case of an heir. If the original LTR purchaser is deceased prior to the 20 year time period from the original LTR purchase, the named heir has the right to maintain those seats for the remainder of the 20 year period, as long as he/ she gives at the required annual giving level and purchases season tickets. Do I have to donate to different sports at the same level? No. If you secure LTR's you may purchase basketball and football LTR's at separate levels. You must, however, meet the annual giving requirements for the highest required level. For example, if you secure football LTR's at the Tier 2 Level and secure basketball LTR's at the Tier 4 Level you must be at Red/White Circle (currently $3,600) for annual giving. You will also have to remain at this giving level. For example, you originally secured three (3) seats. You can secure up to five (5) additional LTR's. What does "Lifetime" mean? Lifetime seating rights are for a donor and/or their spouse's life. If something should happen to both the donor and their spouse (or just the donor if he/ she is not married) before twenty years have occurred since the rights were secured, then the person listed as the heir would be able to retain the seat rights for the remainder of the original 20 year term on their own account, provided the heir maintains the minimum annual scholarship gift required for the seats and also fulfills any pledge balance left on the seat rights. Lifetime rights held by a company, family, partnership, or anything other than an individual are rights that come up for renewal every 20 years. The entity will get first right-of-refusal of their current seats at the most up to date gift level at the time of the renewal. 10 ■ the wolfpacker 2-10.WP Club News.indd 10 10/22/13 12:29 PM