What a Year 2020 has Been!
December 30, 2020
What a year 2020 has been! However, the challenges of 2020 have created opportunities for rejuvenation in the Institute. Monthly subscription membership is now a reality, lowering one financial hurdle of membership. The online learning catalog ballooned and continues to grow; members have free access to more than 90% of our offerings online. The member directory is fully accessible to members once logged in on our website. And schools and businesses can be searched publicly by address, degree, or business product on the USITT homepage.
USITT has managed to grow its reach, redefine its method of connection, and maintain the best fiscal responsibility possible — all because of people who make contributions to the Institute. I hope that before 2020 comes to a close, you’ll answer the call to support USITT as a donor.
We are thankful to our members, donors, and friends who have stood with the Institute during these difficult days. We stand ready to continue our mission for the world that awaits us on the other side of current challenges.
2020 offers some unique giving opportunities.* The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) allows taxpayers who take the standard deduction to deduct up to $300 on 2020 taxes for gifts to qualified charities like USITT. If you take the standard deduction, you usually would not realize any tax savings as a result of gifts to charities like USITT. However, under the CARES Act, there is the addition of a new charitable deduction up to $300 on your 2020 taxes for your cash donations made to a 501(c)(3) organization — even if you don’t itemize your deductions.
If you itemize (and don’t take the standard deduction), you can deduct up to 100% of your 2020 adjusted gross income (AGI) for charitable gifts made in cash. This is up from the usual 60% limit.
Donors who make gifts of appreciated stock in 2020 may eliminate capital gains tax on the appreciated values and may receive a tax deduction for the fair-market-value of the appreciated asset.
As always, donors aged 70-and-a-half years old or older can make a qualified charitable distribution (QCD) from individual retirement accounts. Donors may give as much as $100,000 directly from an IRA plan to a qualified charity like USITT. This may be particularly valuable if you are taking a required minimum distribution (RMD) from your IRA in 2020.
I know it’s a difficult time in our industry, but if you can make a gift of any size it would be appreciated. You can do so online or by mailing your gift to: USITT, 290 Elwood Davis Rd., Suite 100, Liverpool, N.Y. 13088.
There are only a couple of days left to give in 2020. Your support matters now more than ever.
Thank you for considering this request and thank you for being part of USITT.
*USITT does not offer tax guidance or advice; you should check with your own tax advisors. But, we thought you should know of these giving opportunities that may benefit you in 2020. You’ll need to take these actions before December 31, 2020 to see tax benefits on your 2020 taxes.