[OMS_MANAGERS] CARES Act provisions regarding contributions to nonprofit organizations

[STUART Sheri * OPRD]

See this message from Jim White, NAO Executive Director regarding donations to nonprofit organizations...Sheri

".... As you plan your year-end funding appeals, remember that the CARES Act passed in late March instituted a provision allowing people to deduct $300 for charitable contributions. Make sure your donors are aware of that! Here are the details:

If a person is married and filing jointly, their deduction is still limited to $300. (There has been some debate on whether the law can be interpreted to say $600 for filing jointly, but this article<http://r20.rs6.net/tn.jsp?f=001060wCIwggZYrjB8eLrALnSTS35drCYihE7QALmR0FeaDp71UKQEy3XCv2Op0j2b6T45eapKBM2-yrADvhyyzFgc0Jy6Rcbh1nEcS2pnWijetCWTGV0KZSMgZcjVVexqvSUaDnfKgMYJwwFDFZe8THSgUQXCQt5nJ2tqzeQq7WMoiqXvkLlImIcTM9XICM54hIk04hTfksbzRwKBuGwSC5M36ycBQWgOLU-2qk-zjhIeniWo6Dw-BG2k6wHfm72vOgjjZIppJo-vbXOTiAyupepn5E7vTT7F6rzpqP-f-DGyxuCOFSdtyklPxC948WxQYlSSfUASZVEwdV1gETYt3oawe6gv8wGWFL6SFoZLjJfVUq9j-XzMJYmw-f_F8FLdbCpS4JuTSp6iwxxUsihzn6hD35EwSCT1jTDgnS5WRFcE1O68lys1TSVgWF_t0ygVhmLPdgnmAG0WO34zeFnF4DoT9MleSI3aiwjWFYOdzTzjcSxjJE0yQIHl5Rg7gOGbO&c=k3Be0XrSo-_eN1iNldvR603qtfuCJTqHJibf8HdfRh8IzudVeIFt5g==&ch=8UNBejsZ7BwGGrzZ8fgcGIpZi16BIZeiRqodPmIzC1MSUjzmNTPeeA==> clarifies why it is capped at $300 for joint filers.) Taxpayers can take this universal deduction no matter whether they itemize or take the standard deduction on their taxes.

Deductions under the CARES Act must be in cash (including checks and credit card payments) and given to a 501(c)(3) public charity. Contributions to non-operating private foundations, support organizations and donor-advised funds don't fall under this new deduction. Because the CARES Act deduction is a universal above-the-line deduction, a donor can list their contribution as an adjustment to income on their taxes.

In short, with the CARES Act, if someone donates up to $300 in cash to a qualified organization, their adjusted gross income will be reduced up to $300.

Another benefit of this provision is that they don't need to include documentation when they file gifts $250 and under - just be sure they keep proof of cash receipts. And remember, all gifts exceeding $250 need to include the receipt or proper documentation when filing.

Have a great fundraising season and #GivingTuesday when it comes on December 1!"

Stay safe,

[https://files.constantcontact.com/d0a57ab5001/a1b0115d-3f8a-4e78-b371-837ed1564110.jpg]

Jim White
NAO Executive Director


[New Picture (1)]


Sheri Stuart (she, her, hers) | Oregon Main Street Coordinator
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Oregon Heritage, Oregon Parks and Recreation Department
Desk: (503)986-0679 cell: (503)551-3705
www.oregonmainstreet.org
725 Summer St NE, Ste C
Salem, Oregon 97301

[cid:image003.jpg at 01D6BCE2.6E826B40]

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <https://omls.oregon.gov/pipermail/oms_managers/attachments/20201117/319e5871/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 10888 bytes
Desc: image001.png
URL: <https://omls.oregon.gov/pipermail/oms_managers/attachments/20201117/319e5871/attachment.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 709226 bytes
Desc: image002.jpg
URL: <https://omls.oregon.gov/pipermail/oms_managers/attachments/20201117/319e5871/attachment.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 5242 bytes
Desc: image003.jpg
URL: <https://omls.oregon.gov/pipermail/oms_managers/attachments/20201117/319e5871/attachment-0001.jpg>