On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The massive $2.2 trillion stimulus package is intended to provide swift relief to individuals and organizations alike, in the midst of the global Covid-19 pandemic.
In addition to direct payment and other provisions that may benefit your family, here are several CARES Act items and other considerations related to your giving.
With the final tally for 2018 complete, Barnabas Foundation celebrates the third consecutive record-breaking year of dollars distributed to charity. On behalf of the generous families we serve, Barnabas Foundation sent out 8,760 grants (vs. 7,548 in 2017) totaling more than $67 million (vs. $52 million in 2017) in charitable distributions.
You may already be aware of the significant tax implications of the now-permanent IRA Charitable Rollover Act. If you are 70 ½ or older, you can give from your individual retirement account (IRA) to charity AND receive significant tax benefits in return.
With the final tally completed for 2017, Barnabas Foundation celebrates $85,399,099 in gifts received this year, to be distributed in the form of grants to churches, ministries and charitable organizations. This marks a 46% increase over last year, and Barnabas Foundation’s largest year of charitable gifts received since its founding in 1976.
Now that the Tax Cuts and Jobs Act has passed, we know several provisions that may affect the tax implications of your charitable giving. Here are some of the key changes and opportunities you may want to consider.
Barnabas Foundation welcomes Travis Morrow, J.D., as the newest member of its national team of planning attorneys. Based out of the Santa Barbara area, Morrow is available to provide charitable gift and will planning services to individuals and families on the west coast who are supporters of member ministries.
Rev. Phillip S. Leo has joined the Barnabas Foundation team as church communications director. In this role, his top priority will be connecting with churches and ministry leaders in their efforts to steward their roles and resources for ministry.