COVID-19's impact on Immaculata is gratefully less than those of our fellow businesses and non-profits across Durham. Nevertheless, no one goes untouched by this incredible pandemic. We are asking for your support forfamilies whose livelihoods have been directly impacted by the pandemic, are unable to complete their tuition payments and may need extended help into the next school year. With all that our society and our children have been through we do not want anyone to have to change schools because of a financial burden. Immaculata is their solid place, and we want to relieve these families of the stress they are under.
The CARES Act—the Coronavirus Aid, Relief, and Economic Security Act—is a $2.2 trillion stimulus plan that contains funding opportunities for charities and enhanced charitable giving incentives. The following information provides an overview of the key parts related to charitable giving, but it is not intended to provide legal or accounting advice. Please contact your financial advisor with questions. Enhanced Charitable Giving Incentives
Temporary Universal Charitable Deduction—Taxpayers who do not itemize their deductions can take a one-time deduction of up to $300 for gifts made to charitable organizations. The deduction is ONLY for gifts of cash made in calendar year 2020 and does not cover other types of gifts or contributions made to donor-advised funds or private foundations.
Suspends the 60 percent adjusted gross income limitation for individuals’ charitable contributions for the year 2020. In a typical year, individuals can only take a charitable deduction of up to 60 percent of their adjusted gross income, no matter how much they give. For 2020, there is no limit, making cash contributions fully deductible.
We know there are many in need all across our community, and we hope you have found this page on purpose. Your gift WILL make a difference. Thank you for considering your impact and helping our Eagles SOAR.