A Culture of Philanthropy
The success of The Summit rests upon every community member. Fundraising and volunteer activities honor the tradition of giving that secures The Summit’s ability to offer exceptional education to current students and future generations. Each student who walks through our doors is assisted by teachers who inspire them, parents who supports them or a donor who believes in contributing to our mission.
Every contribution enhances our students' quality of life, allowing them the freedom to learn and grow into leaders of character who will improve the world they will inherit A Culture of Philanthropy.
COVID-19 UPDATE: Cares Act offers incentives for charitable giving
The CARES Act – the Coronavirus Aid, Relief, and Economic Security Act – includes incentives for enhanced charitable giving. The Association of Fundraising Professionals offers this overview:
- Temporary Universal Charitable Deduction: Taxpayers who do not itemize their deductions can take a one-time deduction of up to $300 for gifts made to charitable organizations. The provision is intended only for the year 2020; however, in the text of the bill, it states taxable years “beginning in 2020 …” and does not include a sunset date, thus it conceivably could extend beyond 2020. The deduction is only for gifts of cash made in calendar year 2020 and does not cover other types of gifts or contributions made to donor-advised funds or private foundations.
- Suspends the 60 percent adjusted gross income limitation for individuals’ charitable contributions for the year 2020. In a typical year, individuals can only take a charitable deduction of up to 60 percent of their adjusted gross income, no matter how much they give. For 2020, there is no limit, making cash contributions fully deductible.
- Increases the cap on how much corporations may deduct for charitable gifts from 10 percent of taxable income to 25 percent. In addition, the limitation on deductions for food donations by corporations increases from 15 percent to 25 percent in 2020.
- Waives for 2020 the required minimum distributions from retirement plans, such as pensions and 457 plans. Any minimum distributions from retirements plans that would have been required in 2020 can be delayed until 2021. This change reduces the incentive for donors to make gifts from their individual retirement account (IRA)—the IRA Rollover Provision.