CARES Act Tax Incentives

We are all dealing daily with the growing challenges due to COVID-19; and to this, we pray you are doing well and staying safe.

Gannon students and their families are navigating uncharted waters as they complete their virtual spring semester and plan for the fall and the new experience of university life that that might bring.  We appreciate your ongoing support for Gannon and our students, especially in this moment.

As you may have read, Congress recently passed the CARES act that recognizes the need faced by many families and nonprofits and the importance of continued charitable giving. Through their actions, they have allowed corporate and individual donors to maintain or increase their giving in order to support the missions they most hold dear.

Many donors we are working with are considering multiple options to continue their philanthropic support for Gannon.  These vehicles include distributions from Donor Advised Funds, updating their wills and estate plans, creating a Charitable Gift Annuity and cash or donation of stock or other property.   (Visit: Founder’s Society and Planned Giving for additional information.)

Below are key provisions of the new CARES Act that are designed to help you make a gift in support of Gannon's mission and our students.

  • New Deduction Available: All taxpayers may take up to $300 ($600 for a married couple) in annual charitable cash contributions, even if you do not itemize. It is an "above the line" adjustment to income that will reduce a donor's adjusted gross income, reducing taxable income. A donation to a donor advised fund does not qualify for this new deduction. 
  • New Charitable Deduction Limits: Individuals and corporations that itemize can deduct much greater amounts of their cash contributions to charities. Individuals can elect to deduct donations up to 100% of their 2020 adjusted gross income (up from 60%). Corporations may deduct up to 25% of taxable income (up from 10%). The higher deduction does not apply to donations to a donor advised fund. 
  • Required Minimum Distributions from IRAs are Suspended: There will be no required minimum distributions for qualified retirement plans in 2020. However, if you are 70½ or older, you can still direct a major gift from your IRA to charities.

If you wish to discuss these options, please contact:

Barbara Beuscher
Vice President, University Advancement

Almitra Clerkin '85, '17M
Associate Vice President for Development

Cathy Fresch
Director of Development

Mark Gaeta '87
Leadership Giving Officer

Anthony DiPasqua '10
Leadership Giving Officer/Interim Co-Director, Alumni Services

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Gannon is a Catholic, Diocesan University dedicated to excellence in teaching, scholarship and service. Our faculty and staff prepare students to be global citizens through programs grounded in the liberal arts and sciences and professional specializations. Inspired by the Catholic Intellectual Tradition, we offer a comprehensive, values-centered learning experience that emphasizes faith, leadership, inclusiveness and social responsibility.