Our News
Ideas for Giving and Moving Forward in 2021
In the midst of all that is going on, Maritime College continues to move forward. Many of our alumni and friends are looking forward to the future when we all can enjoy community with friends and associates and resume regular activities. In response to the current situation, Congress extended some of the COVID relief tax changes to 2021. Here are some ideas to consider if you are thinking about making a gift to support our mission in 2021.
CARES Act
The CARES Act passed in 2020 included several charitable tax provisions to encourage giving. Congress has extended these provisions for 2021 including:
· A deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to Fort Schuyler, you will be allowed to take a special tax deduction, up to $300 ($600 for joint filers) to reduce your tax liability.
· An increase in the deduction limit up to 100% of a donor's annual income for cash gifts (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.
Donor Advised Funds
If you have a Donor Advised Fund (DAF) and wish to help us this year, you can make a gift from your DAF to support our mission without affecting your personal financial security. A DAF is a giving vehicle administered by a charitable sponsor such as Schwab, Vanguard, Fidelity, or a community foundation that mimics a charitable checking account. Donors receive a charitable deduction when they make a deposit to the account and can then recommend disbursements to 'operating charities' such as SUNY Maritime College on their own time frame.
If you'd like to learn more, contact us:
Brian Kearney
Senior Director of Development
347-842-1691
[email protected]
Charitable Gift Annuities
If you are concerned about your financial security given the ups and downs of the stock market, you may want to consider a gift to fund a charitable gift annuity. You might be surprised by the benefits.
You can exchange your low-performing stock, CD's, or cash for guaranteed lifetime fixed payments. If you make a gift of an appreciated asset, you will not have to pay capital gains when you fund the annuity. You may also benefit from a tax deduction this year and a portion of your payments could be tax-free.
Read more:
https://sunymaritime.giftlegacy.com/?pageID=12
Charitable Bequests
Many of our friends are updating their estate plans. If you would like to support Maritime College with a bequest, we can help.
Please contact us for a copy of our free estate planning guide.
https://sunymaritime.giftlegacy.com/?pageID=19
We can also provide you with a copy of our bequest language. Please contact
us for assistance with creating and updating your plans.
https://sunymaritime.giftlegacy.com/?pageID=127
Contact us:
Brian Kearney
Senior Director of Development
347-842-1691
[email protected]
If you have included a bequest for SUNY Maritime
College in your estate plan, please contact us to
let us know. We would like to thank you and
recognize you for your gift.
