In 2021, Your Gifts Mean More
Cumberland Community Foundation believes in the power of collective giving to support community needs and opportunities. Your gift can make our community a better place to live, provide scholarships for young people, or support your favorite organization. When your gift is multiplied by the power of endowment, your impact lasts forever.
In 2021, there are enhanced charitable deductions available for your gifts. People who take the standard deduction can deduct cash donations of up to $300 per person. If you file a joint return, you can deduct a total of $600. If you itemize tax deductions, you may be able to deduct up to 100 percent of your adjusted gross income for cash contributions made in 2021.
What’s the impact of gifts like these for our community? That’s where the power of endowment comes in. Your gift to an endowment fund is both put to work right away and invested to make a difference for years to come. Endowed funds provide steady, ongoing support for organizations addressing pressing human needs, hard-working students earning scholarships, and for museums, theaters, symphonies, and gardens.
For example, you could decide to give $10,000 to an endowment this year. Just ten years from now, your gift is likely to have supported almost $5,000 in grants, while the principal amount has grown to over $12,000. Twenty-five years from now? The grants from your gift may total more than the original amount you donated. These special tax deductions are time-limited. With the power of endowment, your gift doesn’t have to be.
Please note, these tax relief measures don't apply to donor advised fund donations and there are other limitations. Please talk with your own financial or tax advisor about how a gift will work best for your circumstances. If you have questions or need assistance, please call (910) 483-4449 and ask for Mary Holmes (x103).
