December 2020
CARES Act Tax Incentives Make Year-End Giving More Rewarding

Passed in March, the 2020 Federal CARES Act provides additional benefits for anyone making donations before year-end. 
 
“This is a unique opportunity. We hope donors are inspired to give back extra this season – and see their dollars have more impact than prior years,” said Barbara Fields, GWCF President and CEO. 

For individuals who normally take the standard deduction, the CARES Act allows for an up-to-$300 deduction for cash gifts to nonprofits in addition to the standard deduction. For taxpayers who itemize their deductions, the limit on the deductibility of charitable donations has been raised from 60% of adjusted gross income, or AGI, to 100%. Charitable gifts must be cash, not stock or other liquid assets, and cannot be made to donor-advised funds or charitable checking funds.
 
While the CARES Act waives 2020 required minimum distributions from IRAs and 401Ks, you can minimize your overall income, estate, and gift tax costs by directing a gift from your individual retirement plan to GWCF.

Contact Kelly Stimson for more information on how to take advantage of these new tax incentives.
GWCF Announces $1.9M in Community Grants 

As the pandemic continues to present new challenges for the region’s nonprofits, GWCF is proud to provide funding to help organizations sustain themselves and plan for the future. Earlier this month, the Foundation announced $1.9 million in its annual Community Grants Program to 114 organizations.
 
Among the 2020 grantees is Our Story Edutainment, an organization dedicated to teaching Black history and the history of the African diaspora in a way that is both educational and entertaining. With their GWCF award, OSE plans to enhance programs such as their annual Juneteenth celebration and Bob Marley festival. Sha-Asia Medina, executive director of OSE, is committed to providing experiences as vehicles for multicultural learning. She told the Telegram & Gazette: “I feel moved to bring something back to the community.”
State Awards GWCF Nearly $1M in Support of Groups Hit Hardest by Pandemic
Leveraging the Foundation’s deep connections across the region is one of the ways it supports local nonprofits. Recently, GWCF was excited to work with Central Massachusetts’ elected officials to help retain $10 million in the state's supplemental budget to support families and individuals most impacted by the pandemic.

This first-of-its-kind partnership for the Foundation is bringing critical resources into the community by working through our local nonprofits which can reach our most vulnerable populations. We’d like to extend a heartfelt thank you to our community advocates, especially MA State Sen. Harriette Chandler (pictured with GWCF President and CEO Barbara Fields, photo taken pre-COVID) and the Massachusetts Immigrant and Refugee Assistance for their tireless efforts to secure these funds.
 
“Supporting the most vulnerable individuals, families, and nonprofit organizations across Central Massachusetts is a must to help our communities recover from the economic impact of the COVID-19 pandemic," said Sen. Chandler. "The funds made available to the state’s community foundations through the supplemental budget is a step in that direction and a vote of confidence in their knowledge of the grassroots needs of Central Massachusetts residents.”
Donor Series: Polar Beverages’ Ralph Crowley 

Earlier today, the Foundation hosted Polar Beverages’ President and CEO Ralph Crowley for an interview with Foundation President and CEO Barbara Fields. Their chat covered a range of topics including the road to investment in Polar Park, the Crowley family’s Central Massachusetts legacy, and encouraging greater civic engagement from the business community.

“I see this city really on the cusp of reclaiming its former glory,” said Crowley during Thursday’s Donor Series event. He went on to say: “What you (GWCF) did with the Worcester Together fund was remarkable. … There was such a profound situation ... and the amount of money you all raised was remarkable. We were thrilled to lean in and try to help a little bit.”

This virtual gathering was the latest in the series of donor briefings hosted by the Foundation. If you have a suggestion for a topic or speaker, we'd love to hear from you. Please reach out!
NSC: A Year in Review

This year has presented a lot of new challenges for the Worcester County nonprofit sector. When the pandemic started, the Foundation quickly pivoted its Nonprofit Support Center programing to better support organizations as they faced the pandemic and an uncertain future.

This year, the Foundation hosted 19 meetings including eight NSC workshops and six Worcester Together "Nonprofit Updates" which drew a total 757 attendees. Event topics ranged from digital fundraising and long-term planning to a lively discussion with local family foundation leaders. The NSC's most popular event of the year was an open community discussion on racial equity facilitated by Valerie Zolezzi-Wyndham, founder of Promoting Good, LLC.

GWCF looks forward to continuing to offer new NSC programming and resources in 2021. Learn more about the NSC on the GWCF website.

Head’s up, Greater Worcester Community Foundation scholarship applications open Jan. 4.

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Greater Worcester Community Foundation