CARES Act for Nonprofits
March 27, 2020 the Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act which includes modifications for Charitable Giving.
The provision allows Americans who support charitable organizations in 2020 an above-the-line deduction of $300 for cash contributions, whether or not they itemize their deductions. Further, for individuals, CARES suspends the 2020 cap of 60% of adjusted gross income limit for all charitable giving and increases it to 100%.
The CARES Act incentivizes donors to support non-profit organizations like Mercy High School.
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). Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%. The old deduction rules apply to gifts to private foundations. The higher deduction does not apply to donations directly to a DAF.
Please consult your tax advisor for more details.
Sponsor a Student
The common thread among staff, students and parents is a commitment to academic excellence, cultural diversity and the integration of Mercy Values into daily life. Mercy strives to ensure that any qualified student can have the opportunity to attend. Please take a moment to prayerfully consider the various ways to support Mercy through the sponsorship of a Mercy student by covering part or all of her tuition and/or fees.
Did you know that there is a $2,000 gap between the cost of tuition and the costs educating a student? Help us Zap the Gap by making a gift to the Annual Fund today! Visit mhsmi.org/donate to help Mercy offset the cost to educate a Mercy student.
“No work of charity can be more productive of good to society than the careful instruction of women.” Venerable Catherine McAuley, Founder of the Sisters of Mercy.
Catherine McAuley’s words ring as true at Mercy today as they have for generations. As a graduate, you know firsthand the benefit of “careful instruction” by dedicated teachers. Can you recall a teacher or staff member who helped you find your voice? Encouraged you to use your talents? Modeled servant leadership? We invite you to recognize him or her with a Tribute Gift. Visit mhsmi.org/donate to make a gift to benefit the Annual Fund and write a note to a current or former Mercy educator. We will share all notes during Catholic Schools week with the teacher you have honored.
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The Gift of a Mercy Education
For information about Mercy's Annual Fund, Planned Giving, or making a Major Gift, please contact (248) 893-3538.
Mercy THANKS YOU for supporting our school!