The non-profit landscape, which your support has helped build, is rocky right now. Incentives in
the 2020 CARES bill provide a reason to say yes in 2020.
(Photo taken this week on Dutch Island)
Individual Charitable Giving Limit Increased from 60%
to 100% for 2020…And More Nonprofit Help
How are you?
I would be remiss to send a blog while we’re mostly working-at-home and not ask, How are you?
We’re not where we planned to be (Charleston), but we are (very) well (Savannah). The Citadel will not resume classes this semester so our dining room has been transformed — white board and all — into a Zoom class for cadets.
I’m encouraging, strategizing, and answering “Should I…?” for non-profit clients and friends. (Watch your email – I plan to host a free Zoom session so we can all answer each other!)
This is Not the Recession…But…
In 2008, I was a front line fundraiser faced with a far different fiscal crisis. Here’s what’s the same: Nonprofits are working to maintain the mission you love and the outcomes you support.
My goal in today’s blog is simple: I want to encourage you to segment, target, and communicate that CARES provides a reason to consider giving.
By now, you’ve heard about The Coronavirus Aid, Relief, and Economic Security Act (or the CARES stimulus bill).
Have you wondered, “What’s in It for My Donor?” or “What’s in It for My Non-Profit?”
Easy-to-Understand Language for the Individual Donor
For Major Donors – CARES lifts the existing cap on annual contributions for those who itemize, raising it from 60% of adjusted gross income to 100%!
– Any excess contributions can be carried over for five years!
For Non-Itemizers – CARES includes a temporary, non-itemizer charitable deduction up to $300. In other words, you can deduct up to $300 over your standard charitable deduction for gifts made in 2020!
What’s in It for the
– For corporations, the bill raises the annual limit from 10% to 25%!
– This is huge for companies who want to (1) build capacity at this critical time,
(2) publicly benefit from the halo effect of giving when the need is greatest, and
(3) build morale among employees by supporting causes team members value.
What’s In it for
It Depends. Answer These Questions to Help Your Leaders and Board of Directors Decide What Works Best for Your Nonprofit Organization:
Want a “Forgivable” Loan up to $10MM?
– CARES offers up to $10 million at 3.75% to cover operations, payroll (including health insurance), and debt service for nonprofits with fewer than 500 full-time employees.
– No personal guarantee is required. (This will be a huge plus for the board!)
– Keep current employees working through June 30th, and you could have your loan forgiven!
How to Apply:
Click here to find your state’s Small Business Association which will administer this loan.
Don’t Want a Loan? What about a Payroll Tax Credit?
– Is your organization’s revenue down 50% over Q1/19? Consider the $5000 Per-Employee Tax Credit, available quarterly until revenues exceed 80% of the same quarter in 2019.
What About My House of Worship or Nonprofit with Fewer than 4 Employees?
– The Pandemic Unemployment Assistance (PUA) program extends unemployment insurance benefits to “self-employed” workers of churches, religious nonprofits, and small charitable nonprofits who are out of work due to COVID-19.
How to Apply:
Click here to find your state’s unemployment office, which will administer this program.
Credits: Information for this blog was compiled from the Georgia Center for Nonprofits, Independent School Management, and Forbes, linked here.
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