Dear Trinity Community,
In spite of – or maybe because of – the challenges 2020 presented, the Trinity community has been generous and continued to support our school. And we are grateful. Our families have shown just how much they believe in our mission by trusting us to educate Each Child, Each Day – mind, heart and spirit.
The calendar year is coming to an end, and we know many families consider new charitable gifts at this time. Due to the Coronavirus Aid, Relief and Economic Security (CARES) Act, 2020 is an especially good year to consider donating to your favorite causes. If you are considering giving before year-end, we hope you'll consider Trinity.
Not only will your gift help our school continue providing the best educational experience possible, it can also reduce the amount you pay in taxes.
1. Higher tax deductions for cash contributions
The CARES Act gives donors a 100% adjusted gross income (AGI) deduction limit for cash donations to charities, up from 60% in 2019. (This does not apply to donor-advised funds.) Any deduction amount over this limit can be carried over for up to five years.
2. Increased deductions for different types of contributions
This year, the annual income tax deduction limit for gifts to non-profits, such as Trinity, is 30% of AGI for non-cash assets held more than a year; and 50% of AGI for blended cash and non-cash asset contributions. Any deduction amounts over this limit can be carried over for up to five tax years.
3. Additional options
Making a qualified charitable distribution this year allows those who itemize, and even those who don't, to direct up to $100,000 from their IRA QCD to charities in a tax-efficient manner. (This one applies to anyone 70 1/2 years or older.)
If year-end giving is in your plan, we hope these additional incentives will inspire you.
Thank you for helping us continue our mission of nurturing each child academically, physically, emotionally and spiritually. As a non-profit, your generosity makes the difference and elevates our ability to be the best school we can be.
If you are considering a charitable gift to Trinity and have questions, please email Kristi Katz or call 512.904.2903.
Wishing you a healthy and happy holiday!
Chief Financial Officer
Chief Development Officer