Responding & Healing Through Year-End Giving

2020 has been an unprecedented year in light of the COVID-19 pandemic. As local nonprofit organizations continue to respond to heightened need across all sectors, charitable dollars are crucial in supporting and strengthening these ongoing efforts. If you plan on making an end-of-year contribution, we have outlined below a list of the 2020 charitable giving incentives and tips for you to consider before making a contribution. However, first and foremost, always talk to your tax advisor before making any substantial charitable gift. No matter how or when you give, thank you for your desire to care for others in our community, and for trusting our Community Foundation as your partner in strategic giving.  Sincerely,

Roxie Jerde President and CEO (941) 556-7112 [email protected]

Betsy Pennewill Corporate Counsel (941) 556-7152 [email protected]

2020 Year-End Giving Opportunities

The CARES Act The CARES Act provides two provisions that encourage charitable giving during the COVID-19 crisis for year 2020: Cash Gifts and Universal Charitable Deduction. Cash Gifts: Itemizers can deduct up to 100% against their adjusted gross income for cash gifts contributed to public charities in 2020. Universal Charitable Deduction: For those donors who do not itemize on their tax return, individuals and married couples filing jointly can claim a $300 above the line deduction for cash contributions made to public charities. Read More Information

IRA Rollover Gift or Qualified Charitable Distributions: The CARES Act suspended the 2020 required minimum distributions (RMD) from retirement accounts. However, if you believe you will not need this RMD for yourself or your family in the coming year, you may wish to consider contributing a large IRA gift to the Community Foundation of Sarasota County to support Season of Sharing or to create a fund, other than a donor advised fund, to benefit nonprofit organizations and/or charitable causes over a period of time for much needed support.

Gifting Appreciated Stock: Gifting appreciated stock you have held for more than a year allows you to deduct the full fair market value while avoiding paying capital gains tax. This provides more money to charity, and the gift may be contributed to a donor advised fund which can be used over time to support nonprofit organizations and charitable causes you care about. Read More Information

Gifting Certain Charitable Assets and Deadlines:   Cash donations:  Credit card contributions should be made by Thursday, December 31, 2020.  Checks sent via U.S. Postal Service must be postmarked on or before Thursday, December 31, 2020. Checks sent via FedEx must be physically received at our office on or before Tuesday, December 29, 2020.  IRA rollover checks must be received no later than Monday, December 28, 2020.    Gifts related to investments should be coordinated through our CFO, Laura Spencer by email or calling 941-556-7132.  Publicly traded stock gifts must be initiated by Wednesday, December 23, 2020. Mutual fund share gifts must be initiated by Monday, December 7, 2020.

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