Notre Dame College students and their families are navigating uncharted waters as they plan for fall enrollment. The College is also dealing with a growing number of challenges due to the COVID-19 pandemic.
Fortunately, Congress recognizes the need faced by many families and nonprofits and the importance of continued charitable giving. Through their actions, they have allowed corporate and individual donors to maintain or increase their giving in order to support the missions they hold most dear.
Key provisions of the new CARES Act are designed to help individuals make gifts in support of Notre Dame’s mission and students.
New Deduction Available
All taxpayers may take up to $300 ($600 for a married couple) in annual charitable cash contributions, even if you do not itemize. It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income, reducing taxable income. A donation to a donor advised fund does not qualify for this new deduction.
New Charitable Deduction Limits
Individuals and corporations that itemize can deduct much greater amounts of their cash contributions to charities. Individuals can elect to deduct donations up to 100% of their 2020 adjusted gross income (up from 60%). Corporations may deduct up to 25% of taxable income (up from 10%). The higher deduction does not apply to donations to a donor advised fund.
Required Minimum Distributions from IRAs are Suspended
There will be no required minimum distributions for qualified retirement plans in 2020. However, if you are 70½ or older, you can still direct a gift from your IRA to charities.
About Notre Dame College
For almost a century, Notre Dame College has educated a diverse population in the liberal arts for personal, professional and global responsibility. Founded by the Sisters of Notre Dame in 1922, the College has grown strategically to keep pace with the rapidly changing needs of students and the dramatic changes in higher education. But it has never lost sight of its emphasis on teaching students not only how to make a good living but also how to live a good life.
Today, the College offers bachelor’s degrees in 30 disciplines plus a variety of master’s degrees, certification programs and continuing and professional development programs for adult learners on campus and online. Notre Dame College offers NCAA Division II intercollegiate athletic programs for men and women and is located in a picturesque residential neighborhood just 25 minutes from the heart of Cleveland. Hallmarks of the Notre Dame experience include stimulating academics, personalized attention of dedicated faculty and staff, and small class sizes.
Notre Dame College is located at 4545 College Road in South Euclid. For further information contact Brian Johnston, chief communications officer, at 216.373.5252 or firstname.lastname@example.org.