By Andre Hastick, Assistant to the President for Communication, Chesapeake Conference It’s January 2021, and…
By Sean Robinson, Director of Development and Planned Giving and Trust Services for the Chesapeake Conference
By now, most of us are familiar with the term CARES Act. What you may wonder is how it affects your generosity. As we return our tithes and offerings, the CARE’s Act has adjusted four charitable giving areas. The following is an outline.
- A new “Above the Line” deduction for charitable donations for non-itemizers of $300 for an individual and $600 for a couple.
- Cash gifts – 100% of Adjusted Gross Income (AGI) limit available in 2020 for cash gifts to charities can be rolled over.
- The “Required Minimum Distributions” for 2020 is waived for most IRA’s 401k’s, 403b’s, many defined pensions managed by the employer
- Two types of financial gifts made by Corporations; raising the limit on cash gifts from 10% to 25%. Similarly, donations to food inventory have risen from 15% to 25%
Most of us will be able to benefit from the new “above the line” deduction. Before you make any financial gifts to CAP, we want you to have the best information. We encourage you to discuss the implications of the CARES Act with your financial advisors. You can also follow the link to the Chesapeake Conference Planned Giving and Trust Services (PGTS) website which has a short video and more detail: ccosda.org/pgts.
Our Chesapeake Conference PGTS team is here to assist you in making your financial gift. We invite you to contact us to discuss how you can make a today financial gift, or a tomorrow bequest through your estate plan. I will assist you with your today financial gifts to Chesapeake Advance Plan (CAP) or other conference ministries that you would like to support financially. Pastor Tom Boggess will assist you as you design your estate plan gift. We intend to assist you irrespective of whether you donate to CAP or Chesapeake Conference churches and schools.
It is through your faithful and consistent generosity that our churches and schools have the resources necessary to carry out ministry. We thank you for your financial gifts that extend our collective ministry reach and impact.
Thank you for your generosity.
Director of Development and Planned Giving and Trust Services