Resources

Main Menu

The new CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses and nonprofits facing economic hardship during the coronavirus pandemic.

Here are a few key provisions of the CARES Act that may affect you and your charitable goals:

Required Minimum Distributions Suspended

The new law temporarily suspends the requirements for required minimum distributions (RMD) for the 2020 tax year. This probably comes as a relief to many of you who would have had to withdraw from your retirement accounts. Many of our donors use their RMD to make a gift from their IRA. Notwithstanding the RMD suspension, individuals 70 ½ or older can still make a gift from their IRA, or choose to name Monmouth, or other charitable organizations, as beneficiaries.

Benefits of Charitable Giving From Your IRA

  • Your gift would be put to use today, allowing you to see the difference your generosity is making.
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

New Tax Incentives

The CARES Act expands charitable giving incentives and allows taxpayers who take the standard deduction to make up to $300 of charitable contributions to qualified charities this year. You might think that this is a small amount and would not make a difference. But what if all of our donors gave “just” $300? Such support would have a huge impact on those we serve.

For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as Monmouth University to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.

Your Charitable Goals

We are deeply grateful for your continued kindness and support during this difficult time. Please contact Emily Miller-Gonzalez at emillerg@monmouth.edu or 732.263.5393 to discuss how your gift can help further our mission.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.

First name is required
Last Name is required
Please include an '@' in the email address

eBrochure Request Form

Please provide the following information to view the brochure.

First name is required
Last Name is required
Please include an '@' in the email address