This year has challenged us in almost every way. The COVID-19 pandemic continues to wreak havoc on nearly every aspect of life—causing millions to be sick and more than 200,000 to perish in the US, creating record-breaking unemployment, and devastating the economy.
Many nonprofit organizations feel particularly squeezed as they work to continue to provide support and services to what is already an expanding client population. Declining revenues from services and donations from their traditional fundraising activities have fallen. To survive, some have had to lay-off staff and cut salaries, and others have had to decrease programming.
Ways to Help
You may be wondering how you can help nonprofit organizations, such as SOS Children’s Village Illinois. First, do some homework to see what the organization currently needs. You may be surprised that a quick online gift will go a long way, or, that you have the time and talent to provide resources as a volunteer. Here is how you can support Illinois’ most vulnerable children and families:
- Make a gift online. It’s the fastest and easiest way to support the children served at SOS Illinois.
- Create your fundraising activity. Dinner parties, Zoom cocktail parties, or even a lemonade stand, can help raise money to support our programs.
- In-kind donations allow us to redirect our limited resources to other areas of need. While we can’t accept in-person drop-off items due to the spread of the coronavirus, many things that are essential to us (several at low prices) can be purchased from our Amazon wish list.
- Share your time and talents as a volunteer. We need virtual tutors and fundraising volunteers to ensure our children have a happy holiday.
- If you haven’t already, talk with your employer and see if they participate in any matching gift donation program.
- Consider becoming an SOS Illinois Foster Parent to give hope and security to our children.
Even if you’re not in a position to provide financial support, volunteer, or become an SOS Illinois Foster Parent, merely sharing the story of SOS Children’s Villages Illinois with others can be a big help and may reach someone who can give.
Additional Tax Benefits*
- Individual Contributions
Under the CARES Act, taxpayers can now take a deduction for up to $300 in charitable contributions if they don’t itemize on their 2020 tax form. The old rules required that people had to itemization for a tax break. Now, it’s easier than ever for donors to be sure of their tax savings while supporting the organizations they care about, whether they’re able to contribute $50 or $300. Your contribution must be made during the 2020 calendar year to qualify for the benefit.
Wealthy donors can give in higher amounts and save more money in the process
Individual donors who are well-positioned to give generously, regardless of their income, should know about this tax code change for the year 2020. According to Section 2205, there is now no limit to the deductions you can take for charitable contributions if you itemize (list out) your contributions. Previously, you could only deduct up to a maximum of 60 percent of your adjusted gross income (AGI) via charitable donations. Under the new guidelines, 100 percent of your gift would now be tax-deductible.
- Corporation Contributions
Corporations can also receive a higher tax-break for their charitable giving. The CARES Act raises the annual cash gift limit from 10 to 25 percent of corporate taxable income. In the case of partnerships or corporations, each partner or shareholder must individually elect to receive the benefit of the increased charitable deduction on their taxes. Just as with individual giving, the tax benefit does not apply to contributions toward Donor Advised Funds.
When you support SOS Illinois, you are changing the course of children’s lives. You are giving them the opportunity to have a promising future (100 percent of the children living in SOS Illinois compete high school and 75 percent continue their education at college), creating a meaningful legacy. Make a difference today!
*Please consult your tax advisor on matters of philanthropy pertaining to your particular situation.