How the CARES Act Benefits You AND Your Favorite Charities

By now, it’s no secret that the impact of COVID-19 on nonprofit organizations of all sizes and service areas is substantial. Many organizations have had to significantly reduce their vital service offerings due to closure of their offices, staffing cuts, postponement (or indefinite cancellation) of their flagship fundraising events, and more. If you recall, just a few months ago, I discussed how excited we were to award twenty cars to local families in need at our “Twenty for Twenty” event. Sadly, we had to postpone due to current social distancing restrictions in the state.

I’ve heard from many friends, colleagues, and supporters of Vehicles for Change in recent weeks, asking how we are doing during the crisis. Candidly, it’s been tough. Car donations, which are vital to fulfilling our mission, have come to a screeching halt. What used to be a steady stream of 10+ vehicles a day coming through our garage has since dwindled to two or three. But we continue pushing forward because those we serve mean the world to us.

During these trying times, it’s important for our community to understand that there are still ways to help VFC fulfill its mission without donating a vehicle. If you have not heard, the federal government recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act – a $2.2 trillion stimulus plan that contains funding opportunities for charities. The act also incorporates enhanced charitable giving incentives for folks looking to support the causes that mean the most to them with a monetary gift.

Here’s a breakdown of those incentives:

• Taxpayers who do not itemize their deductions can take a one-time deduction of up to $300 for gifts made to charitable organizations. 
• 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, however, there is no limit, making cash contributions fully deductible.

As you continue to diligently care for the health and safety of you and yours, I hope you’ll consider making a gift to Vehicles for Change. You can do so easily online HERE. With your support, we can weather this storm and continue fulfilling our vital mission.