Triangle Education Foundation - fraternity, non-profit, donate

Time 2020-11-22 09:04:02

Web Name: Triangle Education Foundation - fraternity, non-profit, donate

WebSite: http://triangleef.org

ID:123627

Keywords:

Foundation,Education,Triangle,

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Did you know that you can make your year-end gift to the Triangle Education Foundation with appreciated stock? This is one of the easiest and tax advantageous ways to donate- you can claim the full, fair market price of the stock and you avoid paying the capital gains tax on the share growth! If you are interested in making this type of gift to the Foundation, please give Amy Buchheit, CFRE, Senior Director of Development a call at 317-203-7759 / email her at abuchheit@triangle.org to get more information or click here to download our form to give to your stock broker. Don't forget to let us know that you've made your gift so that we can properly thank and acknowledge you for your donation! As always, if you have any questions about your giving or the work we're doing, please contact Scott Bova, CFRE, President at sbova@triangle.org or 317-837-9641. Thank you for your support of Triangle! The Triangle Education Foundation is pleased to announce that a donor has made a generous gift to ensure every undergraduate member will have a Triangle mask to wear on campus and keep themselves and other safe this fall. "I am so pleased to share this good news!", remarked Scott Bova, President of the Foundation. "This donors commitment to Triangle is unmatched. He recognizes all that Triangle provides to undergraduates and alumni and if making this gesture is what ensures that young members can continue to stay on campus, he was happy to provide the funding to do so. Once again, I am reminded that our alumni care about undergraduates and want to give them all the tools they need to be successful." Masks will be distributed the last week of August, ensuring that they are at chapters before Labor Day. Congress last month sought to jump-start charitable giving by offering rank-and-file taxpayers access to a charitable deduction for up to $300 in donations. The goal was to help groups affected by the coronavirus and the economic crisis. Nonprofits have long been asking Congress to extend deductions to people who don’t itemize their returns — a group that includes about 85 percent of Americans. In the days since passage of the deduction measure, included in the CARES stimulus act, many donors and nonprofits have expressed confusion about how the deduction works. Here are some questions and answers from experts in the nonprofit field. As always, if you have questions about your donation to the Triangle Education Foundation, contact Amy Buchheit, CFRE, Senior Director of Development at 317-203-7759 or email her at abuchheit@triangle.org Who is eligible to take the deduction? Only taxpayers who don’t separately itemize their deductions are allowed to claim the new deduction. Alexander Reid, a Washington tax lawyer who served as legislative counsel for Congress’s Joint Committee on Taxation, notes that when the tax overhaul was passed in 2017, the threshold for the standard deduction was doubled. For individuals it is now $12,200. Are couples who file jointly allowed to claim a $600 deduction? The legislation is not clear on this point, experts say. Reid says the deduction is allowed for each tax form that is filed, meaning that the $300 deduction limit applies whether taxes are filed by either an individual or a married couple. Howard Gleckman, senior fellow at the Urban-Brookings Institute, says, "It’s not really clear" whether it works that way or if a couple filing jointly can claim a $600 deduction. This is probably going to require IRS guidance." said Gleckman. Is the $300 deduction permanent? The deduction appears to be only good for tax year 2020 — though Gleckman noted that Congress did not specifically say that it expires in December. One thing is clear: If you haven’t filed 2019 taxes, you can’t claim it this year. Can a taxpayer claim a deduction for giving a car or other material goods to charity? Only cash gifts are eligible for the $300 deduction. Gifts of stocks, clothes, vehicles, and land are all off the table. Congress followed the "keep it simple, stupid" rule when limiting the deduction to cash gifts, says Ken Kies, managing director of the Federal Policy Group and former chief of staff of the Joint Committee on Taxation. If other types of gifts were included, tax accountants and Internal Revenue Service staff would get bogged down in calculating the correct value of the gift for tax purposes, Kies says. He adds that in future debates, Congress may address whether to include non-cash gifts to make the deduction more attractive. Can gifts to any nonprofit be used to claim the deduction? No. Gifts to establish or add to a donor-advised-fund account do not qualify. Nor do gifts to supporting organizations — charities that are set up to aid one specific nonprofit. Is there additional paperwork required to claim the deduction? No additional paperwork is required, but charities should acknowledge these gifts just like they acknowledge any other donation. Taxpayers should be prepared to substantiate their gifts in case they are audited. "Let’s be honest: The IRS isn’t going to expend a lot of audit resources to figure out if someone made a $300 contribution," Kies says. "Still, taxpayers shouldn’t be reckless." The Triangle Education Foundation is pleased to announce that our suite of financial aid program applications are now open. The Foundation offers over $80,000 in scholarships to undergraduate and graduate students, emergency student loans with 0% interest and income share agreements. These programs help to offset the rising cost of education and ensure that our members have access to financial tools that will help them pay for school. More information about our programs can be found HERE The Triangle Education Foundation is pleased to announce that there are FOUR $2500 scholarships available to alumni of the FIRST Robotics Program! Students of FIRST robotics as they seek continuing education in STEM areas. If you have any questions about the scholarship or application process, please email first@triangle.org Requirements: Must be a current member of a FIRST Robotics team Must have a minimum 3.0 cumulative high school GPA (on a 4.0 scale) Must be a current high school senior, planning on attending an accredited 4-year US educational institution in the fall of 2021 Must intend to pursue a major/concentration relating to STEM (Science, Technology, Engineering, and/or Mathematics) Applications are due May 31, 2021. Winners will be reviewed and selected by July 15, 2021, by which date the winners will be contacted via phone or email. The Triangle Education Foundation will award scholarships on the basis of holistic achievement and a demonstrated passion for STEM. Areas of the review will include academic accomplishments, community service extracurricular activities, references, and a personal essay. Scholarships are awarded without regard to race, color, ethnicity, gender or sexual orientation. Preference will be given to students attending universities associated with a chapter of Triangle Fraternity. Click here to apply Scholarships, Emergency Student Loans and Income Share Agreement applications are now open! More Triangle mourns the loss of Foundation Director Emeritus Charles Chuck Bowman ps56. More CEF Applications are now open! All CEF draw amounts have been updated for the current school year. More

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