Universal Charitable Deduction and the Latest Giving Trends
October 9, 2020
Building on years of advocacy by orchestras in partnership with the broader nonprofit sector, a new universal charitable deduction was created under the CARES Act in March, allowing the growing number of taxpayers who do not itemize their returns to receive a tax deduction of up to $300 per tax return for cash charitable donations to 501(c)(3) nonprofit organizations during calendar year 2020.
A statement by the Charitable Giving Coalition this week, in which the League is a partner, calls on Congress to lift the cap on the universal charitable deduction and extend the incentive beyond 2020, pointing to the latest quarterly data from the Fundraising Effectiveness Project. The report shows a 7.5 percent increase in overall charitable giving and a 7.2 percent increase in the number of donors for the first half of 2020, as compared to the same time in 2019. The biggest increase in gifts came from those donors giving $250 or less at 19.2 percent.
Related Links & Assets
Become a member
Thank you for your interest in the League of American Orchestras! We are dedicated to advancing the orchestral experience for all.Join Now