Sarah’s story describes her first-hand experience with the challenge of childhood illness with acute lymphoblastic leukemia, and how the incredible help of St. Jude Children’s Hospital made a difference in aiding her recovery.

“My parents opted to have me treated at St Jude, even though we lived in Michigan, because in 1985, St Jude was the only hospital that was administering a chemotherapy drug at the immediate onset of diagnosis that seemed to be making a difference in prognosis,” she said.

What a wonderful way to give back toward those who have helped shape your own life- we can be thankful there are those who will remember the events in their lives in this way, so that they may help others.

It’s nice to see that St. Jude Children’s Research Hospital is receiving donations such as this to fund their operations.   Their dedicated mission in “Finding Cures and Saving Children” is direct and effective, and makes a difference every day in a child’s life.

If you are considering a place to donate funds or other resources for the end of the year- there is a lot of information about ways to give back to St. Jude.  You can donate a brick for a walkway, or shop at their store online, or simply donate funds as you see necessary.  It’s an amazing medical system and facility for helping children.

The Ford Bronco is an incredibly popular vehicle for its time, first introduced in 1965.  The Bronco became one of the most popular vehicles in automotive history, and early versions command very high resale prices.  Ford ended the Bronco as a retail offering in 1996.

Coincidentally, I owned a 1986 Ford Bronco and enjoyed over 7 years of driving fun with it.  The late 80’s and early 90’s style of Bronco can be seen in the Netflix series ‘Longmire’ as the sheriff’s primary vehicle.

For 2021, Ford is finally reintroducing the Bronco- and this Bronco model’s normal retail sale value is approximately $60,000, although it will probably be much higher in dealerships.   In fact with only 7,000 being produced, it may sell out fairly quickly.

Currently the auction for the 2021 Bronco at CharityBuzz.com has bidding in progress with a price of $140,000. The auction will end on October 29th, 2020 so act fast if you’re interested…

Realistically, if the price for most of us is a bit too steep,  we can simply donate to St. Jude Children’s Research Hospital instead!

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The CARES ACT of 2020  has enabled greater emphasis on charitable giving.  In fact, the new laws have made giving back even easier, and helping both people and families to consider more options.

Recognizing that charitable support is still of critical importance to so many organizations, the CARES Act includes several provisions to encourage charitable giving:

Charitable Deductions “above the line”

Section 2204 of the CARES Act amends the Internal Revenue Code by  allowing taxpayers who do not itemize deductions to deduct up to $300 for certain charitable gifts made in 2020.  You must claim the Standard Deduction to be eligible. The contribution must be made in cash to a public charity other than a personal supporting organization or donor advised fund  (get a receipt!). This law has been made permanent as of 2020.   Excess cash contributions carried over from a prior year and treated as made in 2020 are not eligible.

This is a small amount, but it will yield great benefits to non-profit tax-exempt charities,  especially since so few people itemize on their taxes now.  Since the deduction for state and local taxes is limited to $10,000, most people are taking the Standard Deduction on their taxes. 

Cash Gifts Limitation Suspension

An important provision to encourage charitable giving is made by the CARES Act section 2205 which eliminates the percentage limitations on most cash gifts to public charities. Under the old law in effect prior to this change, contributions of cash to a public charity were limited to 60% of adjusted gross income.  As with the $300 “above-the-line” deduction discussed above, this new suspension of percentage limitations for cash contributions does not apply to gifts to supporting organizations or donor advised funds.   Finally, if a contribution exceeds a donor’s adjusted gross income, the excess can be carried over to subsequent years (for 5 years), but subject to the percentage limitations in the later carryover years.

A related change was made to charitable contributions by corporations. Under the law prior to 2020, charitable contributions made by a corporation could not exceed 10% of taxable income with certain adjustments. This has been increased to 25% by the Act for cash contributions made in 2020. With respect to both individual and corporate cash contributions, the increased deduction is not automatic, but must be elected. 

Planning Strategies for Cash Gifts by Individuals

What strategies should donors consider given the temporary elimination of percentage limitations for certain cash contributions? Gifts of stocks and other securities may not be “qualified charitable contributions” under the CARES Act, depending upon AGI percentage limitations.

A donor with securities which have declined in value below cost may wish to sell those securities, realize the capital loss and contribute the cash without regard to percentage limitations. Or the capital loss may be used to offset gain on sale of appreciated assets, again generating cash that can be used for charitable contributions without percentage limitations.

Even if a donor recognizes capital gain, donating the sale proceeds could eliminate taxation of any ordinary income, leaving only capital gains to be taxed. It appears that a taxpayer can actually eliminate any taxable income tax this year by making sufficiently large cash charitable contributions.

Food Inventory Contributions and Deductions

The Cares Act increases the limits on contributions in 2020 of certain food inventory from 15% to 25%.  For example,

For contributions paid in calendar year 2020 (and 2020 only for now), the limitation on charitable income tax deductions for food contributions is increased to 25%:

For business taxpayers, (other than corporations), that make a contribution of food to a charitable organization- the allowance to claim a charitable deduction can be up to 25% of the partner’s or shareholder’s AGI (for partnerships and S-corporations, the deduction is passed through to partners or shareholders).

Taxpayers are generally permitted to take a charitable deduction for a donation of food inventory to a charitable organization. The deduction is limited to the lower of:

The taxpayer’s basis in the property plus one-half of the gain the taxpayer would have realized on the sale of such inventory or;
Twice the taxpayer’s basis.

Charitable implications of the Suspension of RMD for Qualified Plans

The CARES Act also made several changes to retirement plan distributions, which may affect charitable giving.

Most importantly, the CARES Act has suspended the requirement for most people to take RMD’s (required minimum distributions) in 2020  from most qualified retirement plans, including IRAs.

This is a big deal- especially if an individual would rather NOT take the RMD from their IRA, but instead allow it to continue to grow until 2021 and beyond.  In that sense, this could reduce the incentive to make charitable distributions from IRAs in 2020.

However, the IRA charitable rollover remains available in 2020, and if your financial assets and giving strategy allows it, the best strategy for a taxpayer with an RMD of $100,000 who usually makes $50,000 in IRA charitable rollover gifts each December may be to make no IRA charitable gift in 2020 – and instead make $50,000 rollover gifts in January and December 2021.

On the other hand, because of the unlimited charitable deduction allowed for cash gifts to charity this year, a taxpayer can in effect make a tax free rollover of any amount to charity in 2020 by making a taxable withdrawal from an IRA that will be included in income, giving the cash to a public charity and offsetting the income completely by the charitable deduction, regardless of the amount.

This may present real opportunities for charities and donors.  For all years other than 2020, the only way to transfer a large IRA to charity without tax was at death by beneficiary designation. But in 2020 the IRA can sell its assets and distribute the cash proceeds to the IRA holder, who can then give them to charity and deduct them in any amount without regard to percentage limitations. 

As always, see your CPA or Tax Advisor for more information. 

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How can we really assess where our money goes?   Fortunately, there are people with similar concerns.  One example:  If we want to understand how our charity dollars are used, an organization named CharityWatch can help.  Formerly known as the 25-year “American Institue of Philanthropy,”  CharityWatch provides a way to evaluate your favorite charity’s efficiency.  Their mission statement is succinct:

 “The mission of CharityWatch, a nonprofit charity watchdog and information service, is to maximize the effectiveness of every dollar contributed to charity by providing donors with the information they need to make more informed giving decisions.”

 CharityWatch’s “Top Rated” charities provide a nice snapshot of organizations meeting their evaluation criteria:

“Groups included on the CharityWatch Top-Rated list generally spend 75% or more of their budgets on programs, spend $25 or less to raise $100 in public support, do not hold excessive assets in reserve, have met CharityWatch’s governance benchmarks, and receive “open-book” status for disclosure of basic financial information and documents to CharityWatch..”

Their page of “top-rated” charities is quite useful, reflecting those charities receiving grades of A+ through B.   They also rate charities with C, D and F grades within their Charity Rating Guide.  The guide is basically free, they simply ask for $3.00 postage and handling. You can find the address via the link above.

What I really appreciate about CharityWatch is that they provide an essential service that is often lacking in the non-profit sector.  Many non-profits have little oversight and reporting requirements, and do not always provide clarity regarding how donor money is used.  CharityWatch provides a way to gain a clearer perspective with an objective process for evaluation.  Take a look when you are considering a new charity or foundation for your personal donations.

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In recent years, more than a third of all donations to charitable organizations come in December, with many happening in the last days of the year.  Realistically, people and organizations wait until the end of the year to see how their finances are doing- and they plan to donate late in the year.

However, there are a few rules of thumb to make sure your donation is going to make a difference- both to the charity you choose, and to your personal tax situation.

Giving wisely now may enable you to keep giving for many years to come!

With that in mind here are some considerations:

Make SURE the charity you choose is 501(c)3 Tax-Exempt.   If they are not tax-exempt, then YOU cannot take a tax deduction.   So make sure they have an Employment Identification Number (EIN) that you can verify.  One way to do this is using the Tax Exempt Organiztion Search Tool at the IRS.gov website.

If you receive an unsolicited phone call or mailer, before you donate your hard-earned money, make sure they are a legitimate (i.e. tax-excempt) charity.

• • Especially if someone asks for money on the phone… we recommend NOT doing so without research first.  Ask them for their EIN.  If they don’t have one, or don’t know what that is… then you know they may not be legitimate.  If they do give you their EIN, then you might reply “Thank you, I will look up your organization – I’m not ready to donate at this time.“

Consider your Values, and how you can reduce your taxes via your personal financial situation:

• • Your financial giving reflects who you are- and how you desire to see your contribution used.
  • Planning the amount and timing for giving financial donations may provide tax reductions both annually or from an estate planning perspective.
  • We recommend working with your advisor or fee-only Financial Planner to help your strategic financial needs.
  • For personal research, use a site such as Charity Navigator for reference and exploring charities.

Think about the current year needs:

• • What are some issues locally in your community or state this year?
  • Disaster or Food Relief programs may especially need help.
  • Many Americans could use additional assistance due to their employment or health situation.
  • Consider a Donor Advised Fund (See the Fidelity Charitable Donor Advised Fund for example). You can establish this fund with a single large donation, and then manage the fund to donate in different ways to many organizations.

Finally, consider how and/or what you might donate:

• • Donate money:  Cash, Check or Credit. Choose carefully- be sure they are tax-exempt.  And be sure to get a receipt of you want to use it for a tax deduction.
  • Donate physical goods:  Clothing, furniture, food items, even cars, boats and RV’s!  Again- be sure it’s a legitimate charity, and get a receipt.
  • Donate Stocks and other Securities:  This might be an excellent way to reduce your tax bill.  There are some excellent tax benefits to doing this- not only reducing your capital gains taxes for the year, but also by claiming a tax deduction against the appreciated value of the stocks or securities.  (See Vanguard’s discussion for example).
  • Donate your time!  You won’t be able to claim a tax deduction for offering your time or services.  You did a good thing, and they are appreciative.  However if you are a consultant or business professional- you may be able to receive a deduction for travel or other related expenses.

It feels good to help others.  Yes, they say it’s better to give than receive.   But if you can give and receive a benefit to your family’s financial situation- then why not?    This is not a trivial comment.  Think about it:

Giving wisely now may enable you to keep giving for many years to come!

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“Who will teach our children, and what will we teach them?” According to Center for Education Reform Founder and CEO Jeanne Allen, having a good answer for these questions is crucial for maintaining the American heritage and the traditions of Western Civilization.
Based in Washington, D.C., CER was founded by Allen in 1993 to “expand educational opportunities” that can yield “improved economic outcomes for all Americans, particularly our youth.” Center for Education Reform Looks to Preserve the American Dream

The CER has many tools to help such goals:
CER offers a multitude of useful resources that can keep children engaged and learning in these unusual times, when many parents are looking to supplement their children’s online learning or even begin homeschooling this fall.

CER’sdigital resources for parents and teachers include primary resources, teacher’s guides, lesson plans, and curricula for students from Kindergarten through college and beyond.

CER also offers interactive tools such as the Parent Power! Index,
which supplies data on education quality in each state, and Education50,
which provides information on what governors are doing to improve educational choice in their states.

Also, throughout August,parents can answer a weekly Facebook prompt on how their families are being affected by COVID-19. (One answer is selected each week, with the winner receiving a MacBook.)

The end-point and goals are to increase educational attainment… to empower our children and communities to reach for excellence.Part  of the process is understanding who we are as a nation, where we came from and where we can go in the future.   Essentiallyhow we can improve ourselves, and to improve the lives of others.  America is a wonderful place to learn- and the blessings of Liberty are tangible, and provide real opportunity.  We all have room to learn, and grow.

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Financial Literacy is another area of my focus, and I recently came across an organization called Operation Hope.  They are a non-profit, public-benefit organization dedicated to the eradication of poverty and economic empowerment.  Operation Hope has a lengthy list of partnerships, initiatives, programs, and volunteer involvement and continue with robust support from both former President Clinton and President Bush’s Bi-Partisan U.S. Community Development Advisory Board at the Treasury Department.  It’s good to see vision put in action, and Operation Hope does just that.

 If we truly want to eradicate poverty, if we truly want to create social change, if we truly want to make a difference in our community, we cannot do it on a partisan political basis.   John Hope Bryant

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“…Austin has relentlessly built upon the Foundation, traveling across the country and to 150 nations worldwide to provide poverty-stricken communities with the chance to hear again. In 2005, Austin fitted Rebecca Lanier, one of America’s oldest people at age 115.

In his missions abroad, Austin has had similar success: he recalled one mission to Mexico, where a woman dying of kidney failure kept herself alive long enough to receive her hearing aid and finally thank her caretakers aloud.

In Guatemala, Austin met a deaf 13-year-old whose 8.5-foot frame left him wheelchair-bound. “We put hearing aids on him, and he could hear perfectly,” Austin said. “He was actually a genius; he was just trapped in this body, with these joints that he couldn’t move around with… It’s changed his life so much because now he will be able to communicate with people.”

“You see people that are isolated and alone, and they’re connected with life again,” continued Austin. “You are never too old for hearing—it’s what connects you to your life. Even if you are on your deathbed, you always want somebody to say ‘We love you, Dad,’ or ‘We love you, Mom.’ You never want to miss a part of your life.”

As a wholly American company, it is good to see business who include individual well-being as a company mission.

Unfortunately Starkey Hearing Technologies and the Starkey Hearing Foundation have found it necessary to reduce their global workforce by 20% during the 2020 Covid-19 pandemic.  In past years they have also been troubled by malfeasance by previous employees and are working to overcome such challenges.

In 1984 Austin and his spouse, Tani Austin, founded the Starkey Hearing Foundation. Over these many years, they have remained active in “building sustainable, community-based systems of hearing healthcare around the world to empower local communities and ensure the people helped are able to achieve their full potential in life.” Mrs. Tani Austin was honored in 2015 at the United Nations by the U.S. Federation for Middle East Peace (USFMEP), as a Female Philanthropist of the Year.

“… This honor is a testament to the inspiring vision, tireless commitment and selfless dedication brought forth by Austin every day. Her relentless efforts have helped Starkey Hearing Foundation provide more than 200,000 hearing aids to people in need around the world in the last year.

“Starkey Hearing Foundation is committed is to helping children with hearing loss by teaching them to hear,” said Austin. “Hearing is vital to education. With hearing we can create communication. With education we can create understanding. With better hearing, we help these children reach their full potential in life. We believe that to hear better is to live better.”

Hearing loss affects more than 360 million people, including 32 million children worldwide, and many do not have access to hearing devices that can help them. For more than three decades, Starkey Hearing Foundation has been changing lives through hearing care, providing more than 1.8 million hearing aids to people in need. The Foundation has given more than 200,000 free hearing aids worldwide in the last year alone.

In 2017, Founder William F. Austin was honored also through being named the First Goodwill Global Ambassador for Ear and Hearing Health.

“I am humbled and proud to be honored by the International Federation for Peace & Sustainable Development for my life’s work,” said Mr. Austin. “As Global Ambassador for Ear and Hearing Health, I will continue to advocate for the countless number of children and adults who suffer from hearing loss. Working closely with Starkey Hearing Foundation and key policy makers in communities around the world, I look forward to enhancing access of hearing care through service delivery, training, capacity building, and research and policy advocacy.”

So many charitable efforts go unoticed by average people, and that is the way of life for most of us.   Perhaps some of the testaments to a good life are built through the relationships we make, and the “good” that we do through the years.  We should give credit to those who help others in the public sphere, and cite as inspiration those corporations who foster charitable efforts in a larger way.  The Starky Foundation, and its company founders and employees can be quite proud of the efforts they have made through decades.   May we all continue such a journey, no matter how small!

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We held many car washes in college, often with most of the money going to our chosen charities.  We held food drives, door-to-door campaigns, raffles and more.  It occurs to me that these small efforts by individuals within their communities goes on every day.  We are really a fund raising nation!

During the warm summer months we see lots of younger people on street corners in swim suits waving signs to wash your car for example.  Not all fund raisers are for charity per se, but often just a way for school kids or local organizations to raise money for their programs and events.

So the next time I drive by a car wash or some kids knock on my door, I’ll think twice before saying “not today”.  We can support many great causes and needs throughout the world… but often it’s the small need in your local community that may do the most good!

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