The CARES ACT and Charitable Giving
November and December each year are many times referred to as “The Giving Season.” We spend time thinking of those we love and making our plans for giving to our families and friends. As Christ followers, we remember the greatest gift that was given for mankind in the birth of the savior, Jesus Christ. (Galatians 4:4,5)
The year-end is also a time when many Christian ministries rely on charitable giving. At MedSend, we typically receive about a third of our annual budget during the last two months of the year. The funds that we receive during these months are critical to accomplishing our plans and carrying out our vision.
Maximizing Generosity During the 2020 Giving Season
This year, because of the CARES ACT, there is an opportunity to maximize giving for an even greater Kingdom impact. But, these opportunities will be gone as quickly as they came as of December 31, 2020. In summary, the primary ways the CARES Act allows for increased giving are as follows:
- Every individual can receive a charitable tax deduction for cash gifts up to $300.00 (Even those who do not itemize).
- For those who itemize, gifts up to 100% of adjusted gross income can be taken as a deduction for the year 2020.
- Businesses can donate up to 25% of taxable income, an increase from the previous 10% for the year 2020.
The CARES Act and Charitable Giving
Understanding the CARES Act and how it can open up opportunities for generosity can be difficult to understand. We’ve found some resources to to help guide as you prepare for year-end giving.
Our friends at The Signatry produced a nice summary on “Understanding the CARES Act.”
The National Christian Foundation (NCF) created a fictitious case study to show how gifts given from assets can be maximized during this time. You can read the case study here.
Giving to Healthcare Missions
The reality for organizations like MedSend is that increased donations provide opportunities for increased ministry. 2020 has taught us the importance of access to good healthcare. It’s also amplified the need to bring the love of Christ to a broken and hurting world. Our mission is to help facilitate this through healthcare missions.
As you make your plans for how you want to give generously during this season, I hope you find these resources helpful. Even more, I pray you find the peace of God in your lives as this year comes to a close.
While the year has been marked with uncertainty, we continue to have eternal hope in Christ Jesus who came that we may have the hope of eternal life. (John 3:16). “For God so loved the world, that He gave His only begotten Son, that whoever believes in Him should not perish but have everlasting life. “
Healthcare remains the only form of access as a Christian witness in many countries.
Your gift helps activate the movement of God's people to the field. Will you join us in ensuring that eager Christ-following health professionals are able to serve the Lord through global healthcare missions.