Make a direct donation. Most schools will allow you to donate by cash, credit card or check. You can usually make your donation over the phone, by mail or online. A direct donation is a very simple process. It may be tax deductible. Check with your tax adviser or college if you are not sure.
Earmark your donation to a cause that you believe in. If you benefited from the school's financial aid policy, for example, you may want to be sure that all of your donated money goes to students that also need financial help. If you don't earmark your funds, it will go into a general pool of money.
Ask your company if it matches charitable donations. In some cases, your company may also send a donation to your school. Companies establish matching programs to encourage giving, matching 50 to 100 percent of your gift. Your human resources will tell you if your company does have a matching policy and if a donation to your alma mater is eligible.
Consult with the college for more advanced financial donation options. Some colleges offer income-generating investments when you make donations over $10,000 to the college, some of which may be tax free. You can also plan for a portion of your estate to go to the college once you pass away, which will lower the taxes on assets that your family has to pay. If you donate appreciated securities rather than cash, you can avoid capital gains tax. Each of these represents a complex tax situation, so consult with a financial professional before making assumptions.
Make donations of art or other tangible items. If you have precious art, scientific equipment or rare books, for example, you can also donate these to your college. Talk to the department that seems most appropriate. For example, if you have rare books, you'd want to talk to the library. You may be able to get a tax deduction for your donation.