To help American workers and businesses mitigate the devastating economic effects of the coronavirus outbreak, in March the government signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Included in the CARES Act are four key provisions that encourage individuals and corporations to help nonprofit organizations providing direct services and support to those impacted by COVID-19 in 2020.
“Recognizing that economic stress often inhibits charitable donations, Congress added these provisions to help make philanthropy easier in 2020,” said Rick Brooks, CFP®, CFA®, Principal and Co-owner at Blankinship & Foster, LLC. “These provisions are scheduled to expire at the end of the year, so there’s not much time left to take advantage of them.”
These federal income tax deductions do not apply for gifts made to donor-advised funds, supporting organizations and/or private foundations.
Although federal law does not permit donor-advised funds to accept gifts afforded by CARES Act charitable deductions in 2020, it does represent an opportunity for donors to support scholarship, field-of-interest or designated funds, including programs and funds at The San Diego Foundation, such as:
San Diego COVID-19 Community Response Fund
Our COVID-19 Community Response Fund is rapidly deploying resources on a rolling basis to nonprofit organizations that are supporting low-income workers, families and vulnerable communities most affected by the coronavirus crisis.
To date, we have raised $56 million to support San Diegans in need and granted $53 million to local nonprofits. Your donation will help the people and organizations in our community most affected by coronavirus.
Black Community Investment Fund
The Black Community Investment Fund prioritizes and invests in community-led, innovative efforts that increase racial equity and generational wealth for Black San Diegans. Co-founded by the Central San Diego Black Chamber of Commerce and The San Diego Foundation, and led by an advisory council of San Diego leaders, the fund will focus grantmaking on four key pillars impacting economic prosperity among Black San Diegans: Education, Employment, Entrepreneurship and Housing.
This fund provides a new opportunity for philanthropists to help make San Diego County a better, stronger and more equitable region so every San Diegan can thrive, prosper and feel like they belong.
Community Scholars Initiative
The Community Scholars Initiative helps hundreds of young San Diegans prepare for, pay for, and persist through college. Despite their talent and aspirations, first-generation, low-income, and underrepresented students face unique and considerable barriers to achieving their academic dreams.
The Community Scholars Initiative works to provide financial support and critical wraparound services that bolster academic achievement through need-based scholarships for students, and grants to nonprofit organizations preparing students for success in the college environment. The initiative targets students from underrepresented groups, with a special focus on Latinx youth.
As you continue to look for ways to help San Diegans in need, be sure to contact our Donor Services Team at (619) 814-1332 or donorservices@sdfoundation.org to speak to us about your year-end giving needs and to understand how CARES Act provisions may impact your charitable contributions in the 2020 tax year.
On August 9, 2022, we awarded $838,704 in Opening the Outdoors grants to 24 nonprofit organizations that offer equitable access to outdoor spaces in San Diego County.
“San Diego Foundation is proud to once again support its partners committed to increasing community-driven efforts to enhance accessible outdoor space, encourage youth to learn more through hands-on education and create the next generation of environmental stewards in the San Diego region,” said Christiana DeBenedict, SDF Director of Environment Initiatives.
This year’s grantees will help address these inequities and enhance access to the outdoors throughout San Diego County.
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