FPU Foundation Update on COVID-19
In a time of such uncertainty, we hope you and your loved ones are healthy and safe. We extend our thoughts and prayers to everyone impacted by COVID-19, as it has touched all of us in differing but profound ways. During these times of change and uncertainty, we want to pause to thank you for your partnership. Thanks to you, we are able to continue in our mission. While our work comes in many forms, at the core is our desire to come along side you and work together to advance FPU’s mission to develop students for leadership and service through excellence in Christian higher education. Your partnership in this mission is invaluable to us and our students. Our organization is built on the understanding that small gestures make big differences and lead to lifelong impact. If you have questions or would like to know more about what we are doing during these trying times, please feel free to contact us.
The FPU Foundation offers a variety of ways to give which benefit both the donor and FPU. Through planned giving, donors can achieve their goals, cut taxes, increase their income and give students a quality education based on Biblical values.
To guarantee educational excellence and protect FPU from financial pressures, a strong financial base is necessary. Gifts have come from traditional sources such as trusts and real estate as well as non-traditional sources such art, automobiles and collectibles.
Benefits of Giving
Heritage Society: The Heritage Society includes the generous friends who have named Fresno Pacific University and Fresno Pacific University Foundation in a planned gift, a will or a lifetime donation including insurance, living trusts, IRA donation and annuity or trust. These generous donors are celebrated during an annual dinner and receive regular mailings, e-mails, and Foundation website access, providing up to date information on tax changes and issues related to their estate planning.
CARES Act Tax Incentives
FPU students and their families are navigating uncharted waters as they plan for fall enrollment. Organizations are also dealing with a growing number of challenges due to the COVID-19 pandemic.
Fortunately, Congress recognizes the variety of needs present and the importance of continued charitable giving. The federal government has allowed corporate and individual donors to maintain or increase their giving in order to support the missions they most hold dear.
Below are key provisions of the new CARES Act that are designed to help you make a gift in support of Fresno Pacific University 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 they do not itemize. It is an "above the line" adjustment to income that will reduce a donor's adjusted gross income, thereby reducing taxable income (not applicable for donations to donor advised funds).
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%) (not applicable for donations to donor advised funds).
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.
- Planned Giving - effective giving for the best tax advantages
- Annuities - a meaningful gift and an income
- Trusts - helpful to those of moderate means
- Wills - the best planning tool
- Estate planning - an organized approach to ensure your wishes
- Real estate planning - a convenient way to make a gift
For more information contact Mark Deffenbacher, Associate Executive Director FPU Foundation, at 559-453-2239 or email@example.com.