artistic view of the Shirley Ryan AbilityLab building

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Tax-Wise Ways of Giving

Cash Gifts Now Treated Even More Favorably Due to the CARES Act of 2020

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In response to the devastating impact of the COVID-19 pandemic, national leaders passed the historic Coronavirus Aid, Relief and Economic Security Act (or CARES Act) to provide financial assistance to individuals, businesses and not-for-profit organizations negatively affected by the crisis.

To encourage charitably-minded individuals to increase support for the not-for-profit organizations they love, several sections provide incentives for making cash gifts in calendar year 2020.

  • Donors can receive a charitable tax deduction of up to $300 on their 2020 taxes, even without itemizing.
  • Donors who itemize, may now deduct up to 100% of their adjusted gross income for their gifts of cash — an increase from the previous 60% limit! As always, donors may carry over any surplus for the next five years.

We hope you will consider making a gift this year to ensure that we are able to sustain our mission and vision throughout this challenging time. Your unrestricted gift of cash will make an extraordinary impact at Shirley Ryan AbilityLab and provide you with valuable tax benefits in 2020. For more information on the CARES Act, please contact Julie Captain, Senior Director, Advancement, at 312.238.8083, or jcaptain@sralab.org.

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Gifts of Highly-Appreciated Stock

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If you have held stocks for more than one year, you may gift shares to Shirley Ryan AbilityLab, avoid paying any capital gain tax and possibly take a tax deduction for the current fair market value (up to 30% of the donor’s adjusted gross income).

To make a gift of stock, please download instructions below.

Donor-Advised Funds

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Many Americans have opened donor-advised funds (DAFs) to maximize their philanthropic impact to the charities they love and take immediate and full advantage of the tax benefits available to them, while also distributing their gifts to the charities they desire on the timeline they desire. If you are one of those donors, know that Shirley Ryan AbilityLab welcomes distributions of all sizes from DAFs.

Please send gifts from your donor-advised fund to:

Legal Name:
Rehabilitation Institute of Chicago d/b/a Shirley Ryan AbilityLab
355 East Erie Street
Chicago, Illinois 60611

Tax ID#: 36-2256036
 

Retirement Assets/Charitable IRA Rollover Gifts

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Often, individuals are surprised to see that the value of their retirement plans has grown substantially, and that the increased value can be used philanthropically. Now, donors can put their required minimum distribution to good use, while also avoiding payment of income tax on the withdrawal or the excise tax penalty for skipping.

For donors 70 ½ or older, donors can make direct, outright gifts from their IRAs to Shirley Ryan AbilityLab. Considered Charitable IRA Rollover gifts, these transfers are easy for donors. Simply contact your IRA custodian to authorize your rollover gift, up to $100,000, per nonprofit organization. Donors avoid paying income tax on the withdrawal from their IRA account, and therefore, are not eligible for a charitable gift deduction. For assistance, please contact Julie Captain, Senior Director, at 312.238.8083 or jcaptain@sralab.org.  

Legal Name:
Rehabilitation Institute of Chicago d/b/a Shirley Ryan AbilityLab 
355 East Erie Street
Chicago, Illinois 60611

Tax ID#: 36-2256036

Retirement assets also make excellent assets to gift Shirley Ryan AbilityLab through your estate. Please visit our Leave a Legacy page to learn more.

This information is provided as general, educational information and should not be construed as legal advice. Please check with your attorney on how these topics apply to your personal situation.
 

Other Giving Opportunities

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