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.”
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
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.
Coastal Bend Community Foundation Recently Received Reaccreditation with National Standards for U.S. Community Foundations®
Coastal Bend Community Foundation recently received reaccreditation with the nation’s highest standard for philanthropic excellence. The Foundation was also accredited in 2008, 2014, and 2020. National Standards for U.S. Community Foundations® establish legal,...
Fundamentals of Fundraising – Part VI
Dr. Jennifer Lehman, Assistant Professor of Philanthropy and Program Director of the Chartered Advisor in Philanthropy® program with The American College of Financial Services, presented an informative seminar on January 25, 2023 at The Bay Jewel Event Center. She...
Fall 2023 Scholarship Application is NOW OPEN!
The Online CBCF Scholarship application is now open for submission December 15, 2022 through March 1, 2023. 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.