Charitable Giving Update: 'Tis the Season - (December 1, 2011)
Charitable Giving Update: 'Tis the Season
December 1, 2011, Washington, D.C. - A recent survey by Charity Navigator found that gifts made from Thanksgiving to New Years account for, on average, 41% of annual charitable giving received by responding nonprofit organizations. As the League continues to be your advocate in Washington in defense of charitable giving incentives, please take note of the following quick updates:â¨â¨
The IRA Charitable Rollover remains in effect until December 31, 2011! Be sure your donors know that if they are 70 ½ or older they can transfer up to $100,000 of tax-free gifts directly from their IRAs. This has proven to be a significant incentive for donors to make new and increased contributions to orchestras. The IRA Rollover has come and gone in recent years, leaving many donors confused about its availability. Please share more information about the IRA Rollover with any potential donors. Orchestras have joined the broader nonprofit community in calling on Congress to extend the IRA rollover beyond 2011.
Threats to Charitable Giving Incentives will continue into 2012 at the state and federal levels. After the deficit reduction Super-Committee failed to accomplish its task, proposals to curtail federal tax incentives for charitable giving will likely remain on the table as the tax committees in Congress determine next steps for increasing federal revenue.
Funding for the National Endowment for the Arts will be particularly vulnerable as Congress wrestles with spending decisions in the coming months. The NEA has just announced the first round of FY12 grants and, in anticipation of potential budget cuts, is already contemplating smaller and fewer grants to organizations in FY13. These grants are key to directly supporting orchestras and stimulating private contributions.â¨â¨Please continue to raise your voice in response to League policy action alerts. The League’s capacity to represent your interests before Congress and the White House is completely dependent on your participation and communication with your elected officials. Stay tuned for further League policy updates.
The League is a member of the Performing Arts Alliance, a coalition of national performing arts service organizations dedicated to advocating for national policies that recognize, enhance, and foster the contributions the performing arts make to America