CARES Act: Charitable Deduction Summary

hawkins@growyourgiving.org Corporate Charitable Giving, Individual & Family Giving, Professional Advisors

The CARES Act, signed into law on March 27, includes provisions that affect both individual and corporate donors. Specifically: 60% of AGI 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% …

Making a Greater Impact: A Conversation with Mollie Carter and Paul Chan

hawkins@growyourgiving.org Individual & Family Giving, Professional Advisors

Greater Kansas City Community Foundation Investment Analyst Trey Corbett sat down with Community Foundation donors Mollie Carter and Paul Chan on the most recent episode of the Grow Your Giving podcast to discuss impact investing, a strategy where donors use their charitable assets to make a social or environmental impact with a financial return. The Community Foundation has helped donors …

Charitable Giving Trends Continue to Propel Philanthropy Forward

hawkins@growyourgiving.org Individual & Family Giving

In 2018, individuals, families and companies contributed $427 billion to charities. At a recent Nonprofit Connect event in Kansas City, Dr. Patrick Rooney from Indiana University’s Lilly Family School of Philanthropy presented the Giving USA Annual Report of Philanthropy for the year of 2018. The Giving USA report shows how tax changes in 2017 created three trends in giving: Continued …

The Role of Philanthropy in Opportunity Zones

hawkins@growyourgiving.org Individual & Family Giving

A panel of experts recently joined Greater Kansas City Community Foundation donors and community leaders to discuss the role of philanthropy in Opportunity Zones. Still largely unregulated, Opportunity Zones provide the chance for investment in community development projects in typically disinvested areas. What are Opportunity Zones? Opportunity Zones are designated as economically distressed communities. There are more than 8,700 Opportunity …

Charitable Giving Tax Strategy: Bunching Donations in a Donor-Advised Fund

hawkins@growyourgiving.org Individual & Family Giving

Tax season is in full swing, and as taxpayers are completing their tax returns, they are seeing first-hand the effects of the tax law changes under the Tax Cuts and Jobs Act. Many individuals and families have had to rethink their giving strategy to ensure they can still take advantage of the tax benefits associated with charitable giving. The standard …

Making Qualified Charitable Distributions from Your IRA

hawkins@growyourgiving.org Individual & Family Giving, Professional Advisors

As the end of the year approaches, if you are age 70 ½ or older with a tax-deferred individual retirement account (IRA), you may be thinking about your required minimum distribution, or RMD. RMDs are mandatory distributions from your IRA that increase your total taxable income. If you are already giving to charity, you might consider directing your IRA distribution …

Charitable Giving Exceeded $400 Billion in 2017 According to Giving USA

hawkins@growyourgiving.org Individual & Family Giving

Charitable giving in the United States continues to rise. Last year broke a record with more than $410 billion donated to charities across the country. As a part of Nonprofit Connect‘s 501(c) Success National Speaker Series, Dr. Patrick Rooney from Indiana University’s Lilly Family School of Philanthropy presented the Giving USA Annual Report of Philanthropy for the Year 2017. Giving …

Tax Reform and Its Impact on Nonprofits

hawkins@growyourgiving.org Individual & Family Giving

Corey Ziegler, Greater Kansas City Community Foundation Vice President and Corporate Counsel, recently sat on a panel hosted by Nonprofit Connect and ArtsKC to discuss the Tax Cuts and Jobs Act and how it impacts local nonprofit organizations. Corey was joined by three other local professionals well-versed in the latest tax reform. Chris Hoyt, Professor of Law at UMKC School …

Tax Cuts and Jobs Act: What You Need to Know

hawkins@growyourgiving.org Individual & Family Giving, Professional Advisors

The Tax Cuts and Jobs Act signed into law at the end of 2017 has made many significant changes to both corporate and personal tax laws. These changes, including the nearly doubling of the standard deduction for both individuals and couples, has many contemplating how they can still take advantage of the tax benefits associated with charitable giving. Charities that …