Coastal Bend Community Foundation

Staff Changes

Please note the following recent CBCF staff changes and assignments:

• Tracy M. Ramirez – Operations/Coastal Bend Day of Giving Director
• Garner Burford – Scholarship/Project Director
• Mary Orf – Grants Director
• Krystal E. Thomasson – Marketing/Communications Director

Karen Selim, President & CEO, Alyssa Monette, Financial Director, and Lari Young, Office Manager, retain their same positions with the Foundation.

Grant Recommendations from Donor Advised Funds after December 1st

Every effort will be made to pay Donor Advised Fund (DAF) grants as soon as possible after they are recommended. However, for recommendations made after December 1, 2022, some may not be paid until January 2023 due to Foundation workload. This delay does not cause any adverse tax consequences to the Donor/Advisor as the charitable contribution income tax deduction was received at the time of the gift to the DAF. No additional deduction is available when grants are paid from DAF’s.

Tax Deduction Update

In CBCF’s fall newsletter, incorrect information regarding the new tax deduction for people who do not itemize was published. The correct information, quoted below and dated December 18, 2020 is taken directly from the IRS website.

“Individuals who elect to take the standard deduction generally cannot claim a deduction for their charitable contributions. However, the CARES Act permits these individuals to claim a limited deduction on their 2020 federal income tax returns for cash contributions made to certain qualifying charitable organizations and still claim the standard deduction. Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify.

Under this change, these individuals can claim an “above-the-line” deduction of up to $300 for cash contributions made to qualifying charities during 2020. The maximum above-the-line deduction is $150 for married individuals filing separate returns.

Though cash contributions to most charitable organizations qualify, those made either to supporting organizations or to establish or maintain a donor advised fund, do not. Cash contributions carried forward from prior years do not qualify, nor do most cash contributions to charitable remainder trusts. In general, a donor-advised fund is a fund or account in which a donor can, because of being a donor, advise the fund on how to distribute or invest amounts held in the fund. A supporting organization is a charity that carries out its exempt purposes by supporting other exempt organizations, usually other public charities. See Pub. 526 for more information on the types of organizations that qualify.

Cash contributions include those made by check, credit card or debit card as well as amounts incurred by an individual for unreimbursed out-of-pocket expenses in connection with the individual’s volunteer services to a qualifying charitable organization. Cash contributions don’t include the value of volunteer services, securities, household items or other property.”

COVID-19 Resources

As a community foundation, we are here to support our local community. We recognize the challenges COVID-19 is putting on nonprofits and hope these resources will help you through the relief efforts.

Your Money: A Hub for Help During the Coronavirus Crisis – retrieved from www.nytimes.com

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