how  to  make  the  most  of  your  charitable  giving  this year

On March 27, 2020, The Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted. This legislation includes provisions to encourage individual and corporate charitable giving through added incentives to the taxpayer. In addition, it is intended to boost benefits to non-profits like Camp Blodgett who have struggled financially through this time. 

Below are a few benefits and features of the CARES Act as it pertains to both individual and corporate giving:

IF YOU TYPICALLY ITEMIZE DEDUCTIONS:

• For individuals or couples who choose to itemize deductions, any "qualified cash donations" made in 2020 can be deducted up to 100% of the adjusted gross income of the individual or couple.
  *NOTE: Such contributions are allowed as a deduction only to the extent that the aggregate of those contributions does not exceed the excess of 100% of AGI, over the amount of all other charitable contributions allowed as a deduction for the contribution year.
• Taxpayers can eliminate their income subject to regular income tax with charitable donations. For example, a couple with $100,000 in AGI may donate $100,000 to a qualified nonprofit and eliminate their regular income tax bill for 2020. It is strongly advised that taxpayers work with their tax advisor as it pertains to this allowable deduction.
• In order to be deductible under the CARES Act provisions, these cash donations must be paid to a public charity or charitable organization like Camp Blodgett, but does not apply to 509(a)3 organizations or donor advised funds. 

 
IF  YOU TYPICALLY CLAIM THE STANDARD DEDUCTION:

• For individuals or couples who do NOT typically itemize their deductions, CARES Act allows for up to $300 per taxpayer in donations. This is considered an "above-the-line" deduction and is in addition to the Standard Deduction.
• In order to be eligible for this deduction, the gift must be made in cash (not a gift of stock or a financial pledge to an organization) and be given as a donation to a qualifying charity. As above, donations made to donor advised funds and private foundations do not qualify.

IF YOU ARE A CORPORATION INTERESTED IN DONATING TO A CHARITABLE ORGANIZATION:

• Corporations may increase charitable deductions up to 25% of their taxable income to qualifying charitable organizations (see exclusions above). This limit has increased 15% (from 10% of taxable income).

We strongly advise you to consult your financial advisor related to the details of your giving plan for 2020 to ensure you can both maximize your charitable giving impact and stay within the allowable parameters of the CARES Act legislation.  If you have questions about how to direct your charitable giving to Camp Blodgett, please contact Executive Director Lucy Dyer Joswick.

Information on this page is attributed to the writing of Richard Huckaby, CPA on May 6, 2020 in the article "A Nonprofit's Guide to Informing Donors: How CARES Act Impacts Personal and Corporate Giving" on the website https://warrenaverett.com.

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DID YOU KNOW?
Camp Blodgett earns 40% of its revenue from the off-season and weekend rental of our space?

In 2020, Camp Blodgett has lost most of this revenue due to restrictions on gatherings because of the pandemic.

DID YOU KNOW?
Every year more than 75% of our campers attend a session of camp for $40 or less due to their family's financial realities.

During the 2020 Summer Camp season, we did not charge any fees for virtual or in-person programs offered. We served almost 100 kids FREE of Charge!

DID YOU KNOW?
In a survey of the parents of our campers completed in August 2020, 60% of our families stated that at least one member of their family had lost their job or had their income reduced as a result of the pandemic.

Camp Blodgett is working with families every day who struggle with significant financial and social hardships. We need YOUR SUPPORT to make our programs a reality!