The Importance of Civic Engagement
The many challenges created by the pandemic underscore the need to be aware of legislation and trends, and to get involved.
All fundraisers should be aware that the CARES Act includes provisions to support nonprofit organizations by allowing new tax benefits for donations, including no limit to the deductions individuals can take for charitable contributions if they itemize, a deduction for up to $300 in charitable contributions without itemization, and, for corporations, an increase in the annual cash gift limit from 10% to 25% of corporate taxable income. In addition to cash donations, the CARES Act also incentivizes food donations in a major way. Read more in the September newsletter from Florida Nonprofits.
Nonprofits also need to be aware that the CARES Act only provides 50% of the reimbursable unemployment charges to nonprofits and governmental and tribal entities that chose the option of reimbursing the state for unemployment compensation payments in lieu of paying contributions under the normal tax provisions. Every nonprofit needs to let their Senate and House legislators know how crucial it is that the State of Florida to waive the remaining 50% reimbursable unemployment charges. Many nonprofits will go bankrupt if the State of Florida does not grant this waiver.
Nonprofits are a major economic force in Florida. 7.2% of the private workforce in Florida are employed by nonprofits, generating more than $86 billion in annual revenues. If the failure of the CARES Act to address nonprofit unemployment concerns causes the failure of a significant number of these nonprofits it will not only mean loss of services to those that need it most, but also a significant economic impact on the state.
Information on how to get involved can be found on the by clicking here.
Learn more in the Sunshine Certificate in Nonprofit Management class on Discovering Trends through Civic Engagement online on Saturday, October 24.