The Oglebay Foundation continues to raise donations in support of the best municipal park system in the world. Our offices are open and we’re available to answer any questions that you may have. 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide individuals and businesses opportunities to support the Oglebay Foundation.  Here’s how you can help! 

Tax Benefits of the CARES Act  

The new CARES Act was passed by Congress to and signed into Law by President Donald J. Trump on March 27, 2020 to help individuals, businesses, and nonprofits facing economic hardship during the coronavirus pandemic. 

The following are a few key provisions of the CARES Act that may affect you and your charitable goals: 

Required Minimum Distributions (RMD) Suspended 

The new law temporarily suspends the requirements for RMD for the 2020 tax year. This probably comes as a relief to many of you who would have had to withdraw from your retirement accounts. Many of our donors use their RMD to make a gift from their IRA. Despite the RMD suspension, remember that if you are 70½ or older, you can still make a gift from your IRA or name the Oglebay Foundation as a beneficiary. 

Why MAKING a Gift From Your IRA May Still Be a Good Idea 

  • Your gift will be put to use today, allowing you to see the difference your donation is making. 
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. 
  • Since the gift doesn’t count as income, it can reduce your annual income level. This gift may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax. 

New Tax Incentives 

The CARES Act expands charitable giving incentives and allows taxpayers who take the standard deduction to make up to $300 of charitable contributions to qualified charities this year. You might think that this is a small amount and would not make a difference. But what if all of our donors gave “just” $300? Such support would have a huge impact on those we serve. 

For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as the Oglebay Foundation to be deducted up to 100% of your adjusted gross income for the 2020 calendar year. 

Your Charitable Goals 

We are humbled by our donors continued generosity during these difficult times. Please contact Eriks Janelsins at ejanelsins@oglebayfoundation.org or 304-243-4160 to discuss how your donation can make a difference in Oglebay. 

 

The Information contained on this website was accurate as of May 4, 2020 and intended to provide information about how the CARES Act impacts you. This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.