The pumpkins adorning the outside of our homes are about to be replaced with Christmas decorations, bright lights, and maybe even early snow, if the Old Farmer’s Almanac’s forecast is accurate this season. 2021 will soon be in the books as the year known for the COVID vaccine, major cybersecurity attacks, the January 6th Capitol riots, and record-breaking philanthropy. Early indicators show that this year could set a record in charitable giving, mimicking the 5.1% growth experienced in 2020 when donors, like you, answered the call to meet the increased need of communities across the country affected by the economic devastation due to the COVID-19 pandemic.
But the hurting remains. The families that Tomorrow’s Hope serves are among those who continue to suffer from pandemic-induced losses in savings, unemployment benefits and jobs. Inflation is also putting a strain on low-income families as they confront the rising costs of the essentials they need, including food and energy.
As the year comes to a close and the global pandemic continues to take its toll on our economy, perhaps now is the right time to consider how you can make an even greater impact on Catholic education on Long Island and the children entrusted to our care.
Here are additional ways you can make a year-end gift to Tomorrow’s Hope that would immediately help us assist students with tuition assistance and programmatic needs of Long Island’s Catholic elementary schools.
Donor advised funds: Transferring funds to Tomorrow’s Hope from your donor advised fund is becoming a popular option for our benefactors. This method of giving would assist students and schools in need in a timely manner without risking your financial security in this unpredictable environment.
Qualified Charitable Distribution: If you are 70 ½ years old or older and have a retirement account, think about a qualified charitable distribution to Tomorrow’s Hope. You can make a tax-free transfer of up to $100,000 to Tomorrow’s Hope directly from your IRA in lieu of withdrawing your required minimum distribution.
There are other planned giving options to consider, including bequests or naming Tomorrow’s Hope Foundation as a beneficiary of a life insurance policy, 401 (k) or other retirement account. Planned gifts from people like you sustain our mission to ensure the excellence as well as the continuance of Catholic schools on Long Island by increasing awareness and by providing scholarship and program funding for the needs of students and schools. Stay tuned for more information on the launch of a legacy society at Tomorrow’s Hope!
CARES Act: Lastly, tax incentives offered in the CARES Act, passed by Congress in March 2020 to help those financially impacted by COVID-19, are still in effect for this year albeit with minor revisions. The CARES Act allowed individuals to claim up to $300 in cash contributions to a non-profit as a deduction without itemizing on their 2020 tax returns. Congress enhanced this write-off by boosting it to $600 for joint filers. So if you are a non-itemizer, support Tomorrow’s Hope with a year-end contribution that can benefit you too!
As always, confer with your financial advisor about the best option for you and your family.