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Support Agnes Scott College's Response to the Coronavirus:
Give to the Student Emergency Fund and The Fund for Agnes Scott

The COVID-19 public health emergency continues to create concern and uncertainty both globally and locally. Through it all, the college’s decisions have been guided by our responsibility to the safety and well-being of our students and campus community.

Following the March 17 decision to close the residence halls for the remainder of the spring semester, we heard from many members of the community asking how they could support students and the college during this difficult time—recognizing that it would pose a hardship for some members of our community and the resources of the college at a moment of great uncertainty.  

Anyone interested in supporting the college and assisting with our ability to meet the changing needs associated with responding to COVID-19, we encourage making a gift to the Student Emergency Fund and/or The Fund for Agnes Scott. Your support of these gift opportunities is a way that every Scottie and friend of Agnes Scott can contribute to our ability to meet the dynamic challenges that we face and help ensure the safety, health and security of students, faculty and staff.

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Together we will get through this challenging time, and we are most thankful for the overwhelming care and concern expressed by many within the Agnes Scott family about our campus community. It again shows that Agnes Scott College is truly a special place.

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.