Year-End Giving—Changes for 2020

The UC Foundation team is committed to ensuring you are equipped with relevant and up-to-date information regarding your year-end giving.

The CARES Act was enacted into law by Congress on March 27, 2020, with the goal of providing support to American families and stimulus to our economy in response to the challenges resulting from the COVID-19 global pandemic. We are highlighting below those portions of the act that relate to our mission of fostering charitable giving. You may want to consider discussing these strategies with your financial or tax adviser.

New Deductions Available: An above-the-line charitable deduction of up to $300 per filing unit is available for those donors who take the standard deduction on their taxes. This deduction effectively reduces a donor’s adjusted gross income (AGI), therefore lowering the taxable income.
*Note: Gifts to a donor advised fund (DAF) do not qualify donors for this deduction.

Increase in AGI Limit for 2020 Only: During the 2020 tax year, donors who itemize may elect to apply a 100% of AGI limit to cash gifts made to public charities, up from 60% previously. Corporation limits have been increased to 25% of taxable income, up from 10%. One way to take advantage of this opportunity is to bunch multiple years of gifts in 2020, or pre-pay your pledges this year.
*Note: Gifts to a donor advised fund (DAF) do not qualify donors for this deduction.

Qualified Charitable Distributions: While the 2020 CARES Act eliminated the Required Minimum Distribution (RMD) this year, one option available to donors aged 70 1/2 and older who wish to make a tax-free charitable gift is by making a Qualified Charitable Distribution (QCD). Individuals may transfer up to $100,000 of IRA assets directly to a qualified public charity. Upon transfer, the assets will not be recognized as income and will not accrue federal income taxes. The use of a QCD also permits you to receive 100% tax exemption without itemizing deductions or using a standard deduction.

The University of Cincinnati Foundation does not provide any legal or tax advice;
please contact your own independent legal and tax counsel.

Important Dates

Way to Give

Deadline

How To Contribute

Checks

Check mailed to the UC Foundation must be postmarked by December 31 to qualify as a 2020 tax deduction.

Mail to:

UC Foundation
PO Box 19970
Cincinnati, OH 45219

The University of Cincinnati campus is closed at this time. Please coordinate with your development officer for pick up, if needed.

Credit Cards

Please make your credit card gift by 11:30 p.m. on December 31 to qualify as a 2020 tax deduction. Please visit giveto.uc.edu to securely make a one-time gift or pledge payment.

Mutual Funds or Publicly Traded Stocks

Your gift must be posted to the Foundation account by December 31 to count as a tax deduction for 2020. Transactions can take time on the part of the originator, so please check to make sure you are aware of their deadlines. View Transfer Instructions

We are happy to assist if you need help or have additional questions. Please call the UC Foundation’s main phone line 513-556-6781. Staff members will be checking messages throughout the day from Monday, Dec. 28 to Thursday, Dec. 31. During that time, you may also email foundation@uc.edu to be connected with a staff member who can answer your questions or facilitate a gift.