THE CARES ACT

Highlights and charitable giving in 2020

In response to the nation’s health crisis, the Coronavirus Aid Relief and Economic Security Act—or CARES Act—became law in March of 2020. While most of the act focuses on relief to individuals and businesses, there are key provisions that impact charitable giving. Below is a brief summary.

Non-itemizers eligible for $300 tax deduction:

A reduction in taxable income is now available for individuals who take the standard deduction rather than itemize their deductions. This inclusion creates a new above-the-line charitable deduction for cash contributions of up to $300 ($600 for a married couple) and may encourage donors who previously did not receive a tax benefit to continue their charitable giving. The adjustment does not apply to gifts made to a Donor Advised Fund.

Cap on deductions lifted:

For 2020 only, individuals who itemize may deduct annual contributions up to 100% of their adjusted gross income for cash gifts made to nonprofits. This adjustment may be attractive to donors who wish to make a large cash donation. Gifts made to a Donor Advised Fund do not qualify for the increased deduction.

Required minimum distributions waived:

The CARES Act temporarily waives required minimum distributions from most qualified retirement plans, including IRAs, allowing time for these funds to recover from market fluctuations. Individuals age 70 ½ and older can continue to make tax-free gifts up to $100,000 annually from their eligible IRAs through qualified charitable distributions directly to University Liggett School.

If you are interested in giving to University Liggett School during this unprecedented time, please consult your financial advisor. Contact the Cressie Boggs at cboggs@uls.org or 313.884.4444, ext. 413 if you have additional questions or if we can help you with gift-planning opportunities.

'Oh, What A Knight'

For the third year in a row, University Liggett School’s fall auction, Liggett Knight, raised nearly a half million dollars to support innovation and technology, academic initiatives, building improvements, athletic equipment and more.

This was the seventh year for Liggett Knight, which has raised in total $2.62 million since its inception. The Nov. 16 event, held at the Detroit Athletic Club, included live, silent and fishbowl auctions as well as a special paddle-raising for building improvements at University Liggett School.

The paddle-raising alone generated a record-setting $184,000 for campus improvements.

Popular live auction items included a week at a Paris apartment, pink tourmaline and diamond earrings donated by edmund t. AHEE Jewelers and a week at the Firesky Lodge in Whitefish, Montana.

University Liggett School parents, faculty and staff donated items for the auction.

“We would like to express our thanks to our Liggett Knight co-chairs, Kristin Nicholson and Huong Reilly, and to all of our Liggett Knight volunteers who helped to make this event a success,” said Kelley Hamilton, associate head of school for external relations. “We also are thankful for our families who attended the event and bid on items, either at Liggett Knight or at home. We couldn’t have raised as much as we did without their participation and support.”

The event generated $100,000 in sponsorships, which contributed to the nearly half million dollars raised.

Click here to see a photo gallery from the event.

Oh, What A Knight

For the third year in a row, University Liggett School’s fall auction, Liggett Knight, raised nearly a half million dollars to support innovation and technology, academic initiatives, building improvements, athletic equipment and more.

This was the seventh year for Liggett Knight, which has raised in total $2.62 million since its inception. The Nov. 16 event, held at the Detroit Athletic Club, included live, silent and fishbowl auctions as well as a special paddle-raising for building improvements at University Liggett School.

The paddle-raising alone generated a record-setting $184,000 for campus improvements.

Popular live auction items included a week at a Paris apartment, pink tourmaline and diamond earrings donated by edmund t. AHEE Jewelers and a week at the Firesky Lodge in Whitefish, Montana.

University Liggett School parents, faculty and staff donated items for the auction.

“We would like to express our thanks to our Liggett Knight co-chairs, Kristin Nicholson and Huong Reilly, and to all of our Liggett Knight volunteers who helped to make this event a success,” said Kelley Hamilton, associate head of school for external relations. “We also are thankful for our families who attended the event and bid on items, either at Liggett Knight or at home. We couldn’t have raised as much as we did without their participation and support.”

The event generated $100,000 in sponsorships, which contributed to the nearly half million dollars raised.

Click here to see a photo gallery from the event.