From Ashleigh Hill, Director of Philanthropy
On March 30, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. The bill provides much needed relief to non-profits, local businesses, and U.S. citizens during this time of uncertainty and upheaval.
Part of the bill provides incentive for charitable giving. For 2020, the CARES Act allows for an above-the-line deduction for cash donations, permitting individuals to deduct up to $300 ($600 for a married couple) of cash contributions for taxpayers that elect to not itemize deductions. The new bill also lifts the existing cap on annual contributions for individuals who itemize. Raising the cap from 60% of adjusted gross income to 100%, with any excess contributions available to be carried over to the next year. Some restrictions do apply, however. The gift needs to be made in cash directly to the charity. Non-cash gifts and cash given in the establishment of or maintenance of an existing Donor Advised Fund are not eligible for this deduction.
Corporations are also seeing a tax benefit. CARES raises the annual limit on corporate cash gifts from 10% of adjusted gross income to 25%.
Your support now goes further than ever. Please consider making a cash contribution to the PMA through an annual fund donation or membership. Your gift allows us to continue our mission, which is more important today than ever, in bringing people together through the power of art. And when these challenging times do pass, with your help, we look forward to reopening our doors and welcoming visitors into an open and inclusive institution for all. I look forward to seeing you then.
On behalf of all of us at the PMA, we sincerely thank you for your support, your commitment, and for your trust in us to pursue our mission.