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The Division of College Advancement, which is responsible for fundraising to support the college's mission, is grateful for the generous support of alumnae, parents and friends including corporations and foundations. As fiscal year 2019-2020 came to a close on June 30, we received numerous gifts mailed to the college from donors wanting to ensure their contributions were counted before the fiscal year ends.
Unfortunately during this critical month of fundraising for the college, especially with COVID-19's adverse impact on the budget, we discovered a problem with delivery of our mail. Several donors have had their mailed gifts returned to them by the U.S. Postal Service indicating that the envelope is "undeliverable", "no such number" and/or "unable to forward."
This is obviously a processing error by the U.S. Postal Service which our local Postmaster has indicated they are unable to remedy or indicate how many or whose mail was impacted. We appreciate the donors who have informed us of their incorrectly returned gifts and have already made arrangements to resend their gifts.
For everyone else, if your mailed gift has been or is returned to you, please know that you may resend your gift to the address below. All mailed gifts with a June 30 postmark date will be counted in the 2019-20 fiscal year.
College Advancement
Agnes Scott College
141 E. College Avenue
Decatur, GA 30030-3797
If you have any questions or concerns, please call 800.868.8602, ext. 6302 or email advancement@agnesscott.edu. Thank you for your continued investment in the college's mission and our students as we prepare them to Lead Everywhere.
Thank you for helping us close our fiscal year #ScottieStrong!
It's never too early to make a gift in the new fiscal year! Help us continue to remain #ScottieStrong by making a gift to The Fund for Agnes Scott now!
How the CARES Act Impacts Charitable Giving for 2020
On Friday, March 27, 2020 the U.S. Congress passed, and President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus package. The package included an expanded charitable giving incentive, the first of its kind in response to a national emergency.
Key Takeaways:
New Deduction Available: Up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is available only to people who take the standard deduction (for taxpayers who do not itemize their deductions). It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify for this new deduction.
New Charitable Deduction Limits: As part of the bill, individuals and corporations that itemize can deduct much greater amounts of their contributions. Individuals can elect to deduct donations up to 100% of their 2020 AGI (up from 60% previously). The new deduction is only for cash gifts that go to qualifying nonprofits such as Agnes Scott. If you give cash to, say, your private foundation, the old deduction rules apply. And while the organizations that manage DAF’s are public charities, you do not get the higher deduction for donating cash to your DAF. These new limits do not apply to gifts of appreciated stock. If your assets are substantial enough that you can give more than your income this year, you won’t lose the deduction for the excess amount. You can use it next year, as has always been the case.
Required Min. Distributions Waived in 2020 for Most Donors: Required minimum distributions (RMD) for individuals over age 70 ½ are suspended until 2021, including distributions from defined benefit pension plans and 457 plans. The RMD is an attractive way for donors to make a significant charitable gift directly from their IRA to a charity through a qualified charitable contribution (QCD) while avoiding taxable income. This change will dampen somewhat the incentive for a donor to make a qualified charitable distribution (QCD) from their IRA in 2020. Even so, making a QCD this year will still allow itemizers and non-itemizers alike to direct up to $100,000 from their IRA to charities in a tax efficient manner.
This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.