Year End Giving Tips
CARES Act Provides Unique Giving Opportunities for 2020
As we enter the giving season, we would be honored to help you achieve maximum impact on youth and families of the future with a year-end gift to the YMCA!
The CARES Act increased the adjusted gross income (AGI) limit for cash contributions for individual do nors. For 2020, donors can elect to deduct up to 100 percent of their AGI, as compared to 60 percent in other years. Corporate donors can deduct up to 25 percent of taxable income in 2020, increased from 10 percent in other years.
The CARES Act makes it possible for everyone to deduct….What that means is taxpayers that do not itemize are able to take this universal deduction of up to $300.
DONOR ADVISED FUNDS
With the recent increase in the standard deduction, many donors are using donor advised funds to “bundle” charitable gifts for several years into one calendar year. This strategy may allow you to exceed the standard deduction
A charitable gift of appreciated assets is one of the most popular non-cash giving techniques. Many taxpayers have substantially-appreciated investments that would be ideal for this purpose. With a gift of a highly appreciated asset, you can potentially avoid capital gains tax, preserve your current cash flow, and generate a charitable tax deduction.
QUALIFIED CHARITABLE DISTRIBUTIONS
If you are age 70 1/2 or older, you can donate up to $100,000 per year directly from your IRA to the Greater Wyoming Valley Area YMCA with a YMCA Camp Kresge, Wilkes-Barre Family YMCA, or Greater Pittston YMCA designation. By using your pre-tax IRA assets, your charitable gift costs you less. In addition, IRA Charitable Rollover Gifts can be used to meet your required minimum distribution and are not subject to income taxes.
GIFTS OF STOCK
Gifts of stock must be received before 3:00pm on December 31 to qualify as a 2020 tax deduction. Please contact our development department for transfer instructions: Lindsay.firstname.lastname@example.org
GIFTS OF MUTUAL FUND SHARES
Gifts of mutual funds should be initiated no later than December 18, 2020. Please contact our Finance Department for more information: 570-823-2191 x5024
GIFTS OF CASH
Checks delivered by mail must be postmarked by Thursday, December 31, 2020 to qualify as a 2020 tax deduction.
Greater Wyoming Valley Area YMCA (designated for Wilkes-Barre Family YMCA, YMCA Camp Kresge, or Greater Pittston YMCA)
Tax ID Number: 24-0795638
Wilkes-Barre Family YMCA Development Department
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