"... This was set up by the Alumni Board as a separate 501(c)3 (yes, tax deductible), to be used as The Alumni Board sees fit..."
Yes, donations are tax deductible, but no, it is not a 501(c)3. I'm not 100% clear on if that will or won't be changing. Stay tuned.
"...the University is fighting the Antioch College Alumni Association as to whether or not they are allowed to use the name "Antioch." ..."
This was a game of telephone that got out of hand. Apparently The Alumni Board chose not to use the name "Antioch" to prevent the possibility of a legal quagmire regarding use of the name "Antioch." The University didn't say no; the Board just preemptively didn't chance it.
Speaking of all the information and misinformation out there, we are going to be working to get a centralized list created at http://www.antiochians.org. This will be a place for reports from campus, info on regional groups, links to online giving, etc. Stay tuned for more info in the very near future.