Please note CBCF office hours are Monday – Thursday 8:00am – 5:00pm and Friday 8:00 am – 12:00 pm. Masks are required and CDC guidelines followed. For assistance after hours or to schedule an appointment, please call 361.882.9745.
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.”
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.
Welcome to the Coastal Bend Community Foundation (CBCF)
We are a tax-exempt, non-profit foundation serving the seven-county region of the Texas Coastal Bend (Aransas, Bee, Jim Wells, Kleberg, Nueces, Refugio and San Patricio). We formed to help donors “pool” their charitable contributions and leverage that giving to benefit worthy causes in the community.
Here you will find information about us and the causes and people we support. You will also find information on applying for grants and scholarships, the benefits of partnering with CBCF and how to become a donor.
The 2021 Annual Grants online application is now open May 1. Coastal Bend grant writers can apply by clicking 2021 Annual Grant Application. Online applications will be accepted until June 15, 2021. The Annual Grants program expects to award up to $350,000 for...
The Coastal Bend Community Foundation is pleased to announce the awarding of a Food Pantry Special Grant in the amount of $186,511.08 to the Coastal Bend Food Bank during today’s check presentation held at their site. These funds along with a grant of $13,488.92 to...
The Online CBCF Scholarship application is now open for submission December 15, 2020 through March 1, 2021. Students are encouraged to apply by visiting the Foundation’s website and selecting “CBCF Scholarship Application” from the “Scholarship” drop down menu....
Current Coastal Bend Community Foundation Fund Holders
As part of our continuing efforts to provide the best resources to our fund holders, the Foundation is implementing “DonorCentral” – an online portal to facilitate fund access for donors/fund holders. This online portal will provide more immediate access to fund data. It will allow you to view fund balances, obtain fund statements, make grant recommendations (if applicable), and review fund history.
We are pleased to be able to provide this tool. Thank you for your continued support of Coastal Bend Community Foundation and our community.
To access your portal, please click the DonorCentral button.