Mountain Cryer

Don’t Miss December’s Special Holiday Meeting

Wednesday, December 21, 2005

For many years the December meeting has been an event like no other.
Come prepared to share stories of how your organization has made a difference in your life or the lives of others in 2005. Or just come to share stories that are special to you and yours.

Don’t forget that we will also be collecting donations for Manna Food Bank.
This informal meeting will be one of the most inspirational meetings of the year!

U.S. Senate Passes Bill Containing Giving Incentives

The U.S. Senate has passed a tax reconciliation act (S. 2020), containing both charitable giving incentives and charity reforms, by a vote of 64-33. Sen. Santorum (R-Pa.), a member of the Senate Finance Committee, successfully offered an amendment in committee that allowed specified charitable giving provisions from the CARE Act (S. 1780) to be included in the tax reconciliation measure.

In general, the Senate bill appears to be a mixed bag for the sector, containing a number of provisions that appear likely to boost charitable giving. Below is a description of some of the key CARE Act giving incentives that were included in the bill:

Tax-free distributions from individual retirement accounts for charitable purposes.
(IRA Rollover provision) -- The provision provides an incentive for individuals over 70 -and one-half-years old to give tax free contributions from their Individual Retirement Accounts for charitable purposes. The bill’s language excludes from gross income otherwise taxable distributions from a traditional or a Roth IRA for purposes of a charitable gift.

Deduction for portion of charitable contributions to be allowed to individuals who do not itemize deductions. (Nonitemizer provision) -- In the case of taxpayers who do not itemize deductions, the measure allows a deduction from adjusted gross income for individuals and couples making charitable contributions paid in cash during the taxable year. However, there are separate floors for claiming the deduction for individuals ($210), and joint returns ($420), as well as new record-keeping and substantiation requirements.

Modification of charitable deduction for contributions of food inventories. (Food Donation provision) – This provision extends and expands another provision in the Katrina Tax Relief bill by allowing any taxpayer engaged in a trade or business, whether or not the taxpayer is a C corporation, to claim the enhanced deduction for donations of food inventory.

Inclusion of the IRA rollover provision in this bill is a tremendous victory for the charitable sector. This provision should provide a great incentive for donors and will be an effective way of boosting charitable giving to all charities, both large and small.
Many of the provisions have specific individual effective and sunset dates.

Looking Ahead- Don’t Miss These AFP Meetings

Wednesday, January 19, 2006
Carla Sutherland, President of the WNC chapter of AFP and the Vice President for College Relations at Warren Wilson College will speak about the importance of passion in your job and why do we as fundraising professionals care so much our work.

Wednesday, February 15, 2006
What is the Mission Hospitals Community Benefits Program? / Importance of an audit (including the Sarbanes-Oxley Act)

Wednesday, March 15,2006
Presenter: Charles Russell, CPA and Principal in the firm of Painter, Russell and Associates, PLLC, will discuss the issue of Board involvement in a campaign