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Extended Charitable Donation Deductions for Donors in 2021

The previous stimulus legislation from Congress, known as the Cares Act, allowed deductions of up to $300 in charitable gifts in 2020 for people who don’t itemize their taxes. In the new measure passed on 12/28/2020, Congress extended that provision for tax year 2021, allowing single people to deduct up to $300 and couples to deduct up to $600 in charitable gifts even if they don’t itemize.

The bill also extends for one year the previous stimulus law’s increased limits on deductible charitable contributions for individuals who itemize and for corporations.

For those individuals, the cap will remain at 100 percent of adjusted gross income instead of reverting to 60 percent.

For corporate charitable giving, the annual limit will stay at 25 percent of taxable income in 2021 instead of reverting to 10 percent. The cap on deductibility of food donations from corporations will stay at 25 percent of taxable income instead of reverting to 15 percent.

There has never been a better time to make a charitable donation to charities like Vincentian who have been financially hard-hit by the pandemic since March 2020.

For more information, please seek the advice of your financial advisor.

Congress passed a stimulus bill Monday night with key benefits for nonprofits, including an extension of the temporary charitable deduction available to people who don’t itemize their taxes and another round of forgivable Paycheck Protection Program loans.

However, the loans in the new $900 billion stimulus bill come with narrower eligibility criteria than in the stimulus bill enacted in the spring.

Aside from helping nonprofits directly, the measure also helps the people they serve — especially those behind a surge in requests for aid from food banks, housing charities, and other social-services groups. The bill provides $600 checks to individuals and $1,200 to couples, which will help the hundreds of thousands of Americans who have lost their jobs. And if last year’s experience is any indication, the stimulus checks to people who are faring better financially could be a boon for charity fundraisers.

Here are the major provisions directly affecting nonprofits, with information provided by the National Council of Nonprofits and other nonprofit advocates, as well as summaries issued by congressional negotiators.

Charitable Deductions

The previous stimulus legislation, known as the Cares Act, allowed deductions of up to $300 in charitable gifts in 2020 for people who don’t itemize their taxes. In the new measure, Congress extended that provision for tax year 2021, allowing single people to deduct up to $300 and couples to deduct up to $600 in charitable gifts even if they don’t itemize. The bill also specifies a penalty for overstating contributions.

THANK YOU, VINCENTIAN EMPLOYEES

To show support for Vincentian employees, the Vincentian Board of Directors made special donations to the Foundation’s Care for the Caregiver initiative – to be used as a token of appreciation for everyone’s hard work this year. Staff who registered for this gift, received a branded quarter-zip pullover– just in time for Christmas!

Employees and their families also received nearly 1,500 pounds of food through the Crisis Employee Support Program. Produce, dairy, and nonperishable food items were distributed during the months of October, November, and December.

We are so grateful for this incredible group of employees who came together to overcome life’s greatest challenges.

https://www.youtube.com/watch?v=Qi-iXjq-XUg

FUZZY SOCKS AND HOT COCOA

On Giving Tuesday, December 1, 2020, $7,120 in donations were received and used to help “spread the warmth” to residents of Vincentian Home, Vincentian de Marillac, Vincentian Marian Manor, Vincentian Villa, Vincentian Schenley Gardens, and Terrace Place at Vincentian. Festive, individual bags of fuzzy socks and cocoa packets were distributed by Vincentian Charitable Foundation just in time for the Christmas festivities!

Thank you to all who contributed to an extra Merry Christmas.

NOMINATIONS ARE BEING ACCEPTED FOR THE 2021 HEART OF GOLD AWARDS

The Vincentian Society Committee of Vincentian Charitable Foundation is now accepting nominations for the 2021 Heart of Vincentian, Heart of Charity, Heart of Pittsburgh, Heart of Gold, and Heart of Caregiving Awards.

Criteria for each award is included on the nomination form. To be considered, the form must be completed and returned to info@vcfgives.org or postmarked by December 1, 2020. Honorees will be notified on Friday, January 8, 2021 of their award.

All awardees will receive recognition at the Heart of Gold Awards Dinner on Saturday, March 6, 2021 at LeMont Restaurant.

Last year’s honorees were Michelle Lally — Heart of Vincentian Awardee ; Grane Rx – Heart of Charity Awardee, Robert Mangino – Heart of Pittsburgh Awardee, and Mr. and Mrs. Ed Dunlap – Heart of Gold Awardee. The Heart of Caregiving is a new award this year.

For more information, please contact Joyce Andrews at jandrews@vcs.org or call 412-548-4037.

VINCENTIAN CHARITABLE FOUNDATION LAUNCHES NEW CAMPAIGN AND WEBSITE

At 6:45 p.m. on Wednesday, September 30, 2020, the Favorite Places Campaign Virtual Event was viewed across the region and in several states across the United States – introducing guests to five projects being funded by the Vincentian Charitable Foundation this year.

“Our clinical excellence teams have worked hard over the last several months to keep the Vincentian community safe. Through the pandemic, we didn’t want to lose touch with our friends and family members. Holding a virtual event gave us the opportunity to connect and to let everyone know that Vincentian is continuing to move forward to extend and redesign the care that is provided to the adults and children that we serve,” stated Foundation Executive Director, Joyce Andrews.

This year, the Foundation has taken on an ambitious goal to energize and engage donors to financially support a new outdoor classroom project at Vincentian Child Development Center; enhancements to the resident experience at Vincentian Home, Vincentian Villa and Vincentian Terrace Place; a comprehensive redesign and remodel at Vincentian de Marillac; and to complete two large scale renovations to Vincentian Marian Manor and Vincentian Schenley Gardens.

In tandem, Vincentian Charitable Foundation launched its new website – vcfgives.org to keep everyone updated on the progress of these five projects, as well as special events and activities happening across the Vincentian system.

To learn how to become involved in Foundation fundraising for your Favorite Place, please contact us.