Dear Benefactor,
On Friday, March 27, 2020 Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus package that provides immediate relief for nonprofit organizations.
The expanded charitable giving incentive is an unprecedented recognition by Congress that the work of nonprofits like Cabrini High School are essential to the wellbeing and function of communities across the nation.
Now, more than ever both Cabrini High School and our generous benefactors can benefit from this innovative opportunity for charitable giving. It is the first time in our nation’s history that Congress has passed this type of incentive for giving in response to a disaster or national emergency.
We continue to hope and pray for the physical, emotional, and financial health of our loved ones, our community, and our nation. As we all navigate through the uncertainty of these challenging times, Cabrini High School remains a community rooted in gospel values, committed to educational excellence, respect, and service to one another.
Cabrini High School is so grateful for such a generous community of supporters and benefactors
Your commitment to the young women, faculty and staff of Cabrini High School is so important – particularly now. Because of COVID-19 there is a greater need to not only invest in technology infrastructure but to invest in our human resources – our administrators, faculty, and staff who have displayed heroic action in their commitment to the students in their charge.
To find out more about Cabrini High School visit www.cabrinihigh.com.
To make a donation, please click here.
COVID -19 CARES Act
Expanded Charitable Tax Incentives
60% of Adjusted Gross Income Limit Suspended for 2020
For the 2020 tax year, individuals can deduct any cash contributions made to qualified charitable organizations, up to 100% of their adjusted gross income (AGI). Deductions for cash donations were previously limited to 60% of the taxpayer’s AGI.
Corporations 10% Limit Increased to 25% for 2020
For the 2020 tax year, corporations can deduct up to 25% of the taxpayer’s taxable income for any cash contributions made to qualified charitable organizations. Deductions for cash donations were previously limited to 10% of the taxpayer’s taxable income.
New $300 Deduction for Qualified Charitable Donations
Individuals who take the standard deduction can claim an above-the-line tax deduction for cash donations to qualified charitable organizations, up to $300 ($600 for a married couple).
Required Minimum Distributions Waived in 2020 for Most Donors
Donors making a qualified charitable donation this year will still allow both itemizers and non-itemizers to direct up to $100,000 from their IRA to charities.
Donor-Advised Funds
Deduction limitations for charitable gifts to donor-advised funds, private non-operating foundations, and supporting organizations were not changed under the CARES Act.
Please consult with your tax advisor or CPA
when considering any tax deductible charitable contribution.