During these difficult times we are so grateful for the generosity of our donors. Thank you to the many who have contributed thus far, raising 68% of our COVID-19 Relief Campaign goal. As we prepare to enter the new year, there a few exciting incentives to consider when making a gift to the school. Now through December 31, 2020, the following opportunities exist for donors to Belmont Day:
Tuesday, December 1 is Giving Tuesday. This is a global giveback day and many employers double or triple your gift to encourage participation. Find out if your employer offers a matching gift program by using this tool on our website.
All donations made in 2020 will be 100% tax-deductible—this up from 60%. Those who take the standard deduction may now deduct up to $300 ($600 for couples) in qualified charitable contributions of cash to Belmont Day and other qualified charities. Normally, no deduction is permitted. Please refer to the IRS guide for how the CARES Act impacts charitable donations.
Required minimum distributions from retirement accounts are suspended for 2020. However, individuals still can make a qualified charitable distribution of up to $100,000 from their IRAs. The direct distribution to charity would not be included in taxable income.
The support we've received for the COVID-19 Relief Campaign and annual fund has been simply amazing. Annual giving support continues to be very impactful on our everyday activities and future. In addition, the generosity of our donors has helped cover COVID-19 expenses including weekly testing for every student and faculty member; structural enhancements in our buildings and across campus; and 1:1 devices/ other technology enhancements. We continue to need your support and respectfully ask you to consider making a gift by December 31, 2020.
Your continued support of Belmont Day is truly appreciated and impactful, now more than ever.