University of Southern Indiana

Stimulus Package & Charitable Giving

The CARES Act stimulus bill contained a charitable giving component. In Section 2204 there were key elements:

Donors who do not itemize deductions for tax purposes are allowed an above-the-line deduction for up to $300 for charitable gifts made in cash (not stock) to any qualifying 501(c)(3) public charity in 2020. The University of Southern Indiana Foundation qualifies for these gifts.

Donors can now deduct cash gifts that represent 100% of their adjusted gross income (AGI) for 2020. Prior to the stimulusit was 60%. 

 For corporations, the limitation on charitable gift deductions has been increased from 10% to 25% of taxable income. 

 Please consult a professional advisor for additional tax advice.

 Information referenced from and 

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