The CARES ACT includes an above-the-line deduction (universal or non-itemizer deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year (Section 2204).
The bill also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the bill raises the annual limit from 10 percent to 25 percent. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap (Section 2205).
*We encourage you to contact your financial advisor/accountant for more specifics and thank you for your consideration of a gift to Lake Land College Foundation.
The Lake Land College Foundation is a nonprofit corporation organized and operated exclusively for educational, scientific, and cultural purposes to assist in developing and fostering scholarships and charitable activities. The Foundation assists the College in developing and enhancing the educational opportunities and services to its students, alumni, and citizens of the district. The Foundation administers general and academic scholarships, which have been made available by contributions, gifts, grants, and bequests. The Foundation is chartered under the Internal Revenue Code as a 501(c)(3) tax exempt, non-profit organization, which may accept gifts of money, property, works of art, historical papers and documents, museum specimens and other materials having educational, artistic or historical value, and by such other proper means as may be deemed advisable.
The Foundation is headed by a board of directors, comprised of community members. The 19 member board of directors and one honorary director oversee the holding, investing, managing, and awarding of Foundation assets.