Ways to Give
Coronavirus Aid Relief and Economic Security Act—or CARES Act
In response to the nation’s health crisis, the CARES Act became law in March of 2020. Key provisions impact charitable giving. Below is a brief summary.
Non-itemizers eligible for $300 tax deduction:
A reduction in taxable income is now available for individuals who take the standard deduction rather than itemize their deductions. This inclusion creates a new above-the-line charitable deduction for cash contributions of up to $300. The adjustment does not apply to gifts made to a Donor Advised Fund.
Cap on deductions lifted:
For 2020 only, individuals who itemize may deduct annual contributions up to 100% of their adjusted gross income for cash gifts made to nonprofits. This could potentially negate the donor’s 2020 federal tax bill. This adjustment may be attractive to donors who wish to make a large cash donation. Gifts made to a Donor Advised Fund do not qualify for the increased deduction.
Required minimum distributions waived:
The CARES Act temporarily waives required minimum distributions from most qualified retirement plans, including IRAs, allowing time for these funds to recover from market fluctuations. Individuals age 70 ½ and older can continue to make tax-free gifts up to $100,000 annually from their eligible IRAs through qualified charitable distributions directly to RPCS.
Changes to corporate giving:
The CARES Act increased the cash contribution limit for corporations from 10% to 25% in 2020. Charitable contributions in excess of 25% may be deducted for up to five years under the usual limits.
For more information on how the CARES Act may affect your giving, please consult your financial advisor.
Please make the check payable to Roland Park Country School.
Note on the memo line or enclose a note indicating the designation and mail to:
Roland Park Country School
5204 Roland Avenue
Baltimore, MD 21210
Make your donation securely online using your Visa, MasterCard, Discover, and American Express. You may also call the Development Office at (410) 323-5500 x2104. We will gladly accept your credit card donation by phone.
If your employer has a matching gift program, please forward the matching gift form (obtained from your company’s human resource office) along with your personal gift. We will return the form to your company, which will issue a matching gift contribution directly to the School. As a donor, you will receive full credit in our Annual Report listing for both your personal gift and the company match.
Roland Park Country School’s Tax ID number is 52-0591631
GIFTS OF STOCK
Please provide your broker with the following information to electronically transfer securities to Roland Park Country School:
Janney Montgomery Scott, LLC
Whenever you make a gift of securities, please notify our Development Office at 410-323-5500 x3087 about your plans so that the School can promptly acknowledge your contribution.
If you have any questions on ways to give, please contact Director of Development Cory Birdsall.