Charitable Donation Deduction – CHANGES for 2020


The Cares Act of March 27, 2020

What does it all mean for supporting Stratford Friends?

The CARES Act was passed on March 27, 2020 to help support our country economically during the COVID-19 Pandemic. Among many other provisions, the bill made changes to encourage charitable giving to nonprofits to recognize the important role we are playing in healthcare, social services, and education during this difficult time. Revisions to the Internal Revenue Code are intended to encourage charitable giving. As a result, your direct support of Stratford Friends this year could benefit you on your 2020 tax return. Here’s how:

$300 Above-the-Line Deduction (Must Take Standard Deduction)

Charitable deductions are back! If you take the standard deduction on your 2020 tax return (the one that you’ll file in 2021), you can claim a brand new “above-the-line” deduction of up to $300 for cash donations to charity you make this year! DONATE

Donations to donor advised funds and certain organizations that support charities are not deductible. Normally, you have to itemize on Schedule A to get a tax break for charitable donations. In this case, though, it’s the other way around—if you itemize, you can’t take this new deduction.

60% of AGI Limit Waived (Must Itemize)

If you itemize on Schedule A of your tax return, you can claim a deduction for your charitable donations. However, the amount you can deduct for cash contributions is generally limited to 60% of your adjusted gross income (AGI). Any cash donations over that amount can be carried over for up to five years and deducted later.

The CARES Act lifts the 60% of AGI limit for cash donations made in 2020 (although there’s still a 100% of AGI limit on all charitable contributions). That means itemizers can deduct more of their charitable cash contributions this year, which will hopefully boost charitable giving. As with the new above-the-line deduction, donations to donor advised funds and supporting organizations don’t count.

Corporate & Business Limits Increase, as well!

For corporations, The CARES Act raises the annual deduction limit for eligible charitable contributions from 10% to 25% of their taxable income. This means that your company’s gift to Stratford Friends School this year can help save on federal income tax.

This article is helpful: https://www.kiplinger.com/slideshow/taxes/T054-S001-cares-act-expands-charitable-giving-tax-deductions/index.html

Planned Giving to Stratford Friends

Planned Giving is a way to include Stratford Friends School in your personal investment strategy.  A planned gift is a strategic charitable investment that can be designed to meet the individual needs of you and your family. Planned Giving can be structured to increase your income and they can provide compelling tax incentives while helping Stratford Friends School. They all help to keep Stratford Friends’ financially strong. Planned gifts include:

  • Bequests (any donation made through a will or a trust)
  • Charitable Gift Annuities ($5,000 or more)
  • Charitable Remainder Trusts ($250,000 or more)

To learn more about the benefits and details of planned giving, please contact our Advancement Office at advancement@stratfordfriends.org.

Gifts to Stratford Friends

Gifts of cash/checks are the most direct way to support SFS. Checks should be made payable to Stratford Friends School.

Online Giving or Credit Card gifts are possible by calling the Advancement Office at 610-355-9580 or visiting our donation page.

Corporate matching gifts can double, or in some cases triple, the size of your contribution. Check with your employer to see if they offer matching gifts to elementary, middle, or special education schools. It is as simple as sending your gift to us and filling out the company’s matching gift form. We are happy to help you complete any required paperwork and provide documentation of our 501(c)3 status.

Gifts of appreciated stock offer tremendous tax incentives. Use these instructions to transfer securities to establish or add to an existing account.

  • Shares should be delivered via DTC wire #2803 to U.S. Bank N.A., Institutional Code and Bank Agent #12278, for deposit into account #10996-01-J, Friends Fiduciary Corporation, Quaker Growth & Income Fund Participant Income Account. Custodian contact information: U.S. Bank N .A., Institutional Trust & Custody, EX-PA-WBSP, ATTN: Stephen Frattone, 50 S. 16th Street, Suite 2000, Philadelphia, PA 19103, (t) 215-761-9332 (f) 215-761-9414
  • Contact the Friends Fiduciary office by phone or email to notify them that a securities transfer is in progress. Please provide the name of the institution initiating the transfer and a list of the securities and number of shares being transferred.
  • After requesting transfer, please inform the Advancement Office of your gift with the name of the stock and the number of shares by emailing advancement@stratfordfriends.org. This will enable us to track the gift and to properly acknowledge it.

Car Donation – Have a car that you would like to donate? Click on the link here and Stratford Friends School can benefit from your donation.

Gifts to Stratford Friends While You Shop

Amazon Smile

“Stratford Friends School” as your charity on AmazonSmile. AmazonSmile is a simple and automatic way for you to support SFS every time you shop, at no cost to you. When you shop at smile.amazon.com, you will find the exact same low prices, vast selection and convenient shopping experience as Amazon.com, with the added bonus that Amazon will donate a portion of the purchase price to SFS. To shop at AmazonSmile simply go to smile.amazon.com from the web browser on your computer or mobile device.

Note: if shopping from your iPad, there is no AmazonSmile app and you must go to the website smile.amazon.com.
You may also want to add a bookmark to smile.amazon.com to make it even easier to return and start your shopping at AmazonSmile.

To support charity, always shop at smile.amazon.com

Make sure you are on the AmazonSmile page and Stratford Friends School is listed as your supporting charity at the top of the page.

Amazon Smile Prime Search Menu Bar, will indicate Supporting Stratford Friends

Giant Rewards

A+ School Rewards is a unique and easy way Giant Food offers its customers opportunities to be rewarded by earning money for their designated schools. Follow these easy steps to register your bonus card and start giving today!

Can’t find your bonus card? Call 1-888-814-4268 Option #1

Box Tops

Box Tops is changing to fit today’s families. The new and improved Box Tops mobile app uses state-of-the-art technology to scan your store receipt, find participating products and instantly add Box Tops to your school’s earnings online. Download the app here!

Purchase “There was a Lady Who..”

Written by SFS graduate and Archway Publishing Child Author Hannah Yannelli. A portion of the proceeds of every book sold benefits SFS. Available at Barnes & Noble.

Thank you, Hannah!

Shoparoo

Shoparoo is a free iPhone and Android app that turns pictures of your shopping receipts into donations for SFS. Just take a quick moment to snap a quick picture of ALL your receipts and voile, you’ve made an instant cash donation to our school. Download the Shoparoo app, enter your email address, click on get started (make sure to choose SFS).