Like everything else in 2020, the season of giving looks a little different this year. To inform and inspire donors, the Community Foundation of the Ozarks has published the Holiday Charitable Giving Guide.
With Giving Tuesday, year-end fundraising campaigns and changes in tax law, donors have many opportunities to give generously this year. A few notable items in the guide:
- When giving directly to a nonprofit agency, consider making an unrestricted gift for operations. These flexible gifts allow agencies to use funds where they need them most — especially important this year due to challenges created by the COVID-19 pandemic.
- Not sure what to give someone, or unable to exchange gifts in person? Make a donation to someone’s favorite charitable cause or agency this year. Many nonprofits, including the CFO, have the option to make a tribute gift in someone’s honor.
- If you plan to take the standard deduction on your 2020 tax returns, you can deduct up to $300 for gifts to nonprofit agencies. The passage of the CARES Act allows this “above the line” deduction, meaning you can reduce your gross income by $300 and still take the standard deduction on your 2020 tax return.
- If you plan to itemize deductions on your 2020 tax return, you can deduct more in cash donations to nonprofit agencies. The CARES Act increased the AGI (adjusted gross income) limitation for cash donations to nonprofits from 60% to 100%.
The CFO does not provide tax or legal advice and recommends speaking with a professional advisor. If a donor needs to speak with one, members of the CFO’s Professional Advisors Council can be found online.
To give donors ideas for charitable gifts, the Holiday Charitable Giving Guide includes a growing list of links to year-end fundraising campaigns for the CFO’s nonprofit agency partners. Through the Agency Partner Program, the CFO holds funds for about 630 nonprofit agencies, schools, cities and places of worship across central and southern Missouri, providing these organizations with a range of services to help them grow and better serve our communities.
“Whether you give to the CFO, through the CFO, directly to a nonprofit, donate physical goods or volunteer your time, we hope you give generously this holiday season,” CFO President Brian Fogle said. “Our nonprofit community has been hit so hard this year, but the season of giving offers donors the opportunity to spread warmth, hope and joy through generosity.”
View the Guide