Light HER Way!
Every day, Serviam students take one step towards fulfilling their dreams and sharing their light with the world. Your investment makes it possible for Serviam Girls Academy to provide an exceptional, innovative education tuition-free, impacting girls' lives for years to come. One hundred percent (100%) of Serviam’s Class of 2020 will attend 8 competitive high school programs; 100% of Serviam’s Class of 2016 will graduate from high school and matriculate into college. Of Serviam’s college-ready students, over 80% are enrolled in college.
As you review your year end giving, recall that you may also benefit from changes to tax laws and their specific impact on charitable giving. Thank you for your continued support.
The “CARES Act” (Coronavirus Aid, Relief, and Economic Security Act) includes the following provisions designed to stimulate philanthropy through increased tax incentives for individuals, including:
- Donors may deduct up to $300 in charitable giving even if they do not itemize.
- Donors may deduct more of their adjusted gross income (AGI). For 2020, taxpayers may deduct up to 100% of their AGI for charitable cash contributions, compared to the normal 60% maximum.
- Many donors may temporarily suspend required minimum distributions (RMDs) from retirement accounts for the 2020 tax year, regardless of the account holder’s age.
The “SECURE Act” (Setting Every Community Up for Retirement Enhancement Act) changes limits for required minimum distribution (RMD) including the age that individuals are required to take distributions from their tax-deferred retirement savings accounts from 70½ to 72.
- Donors who continue to receive RMDs in 2020 may find that directing all or a portion of their RMDs through a qualified charitable distribution from an IRA can be an efficient way to support nonprofit organizations.
Please contact your tax adviser to discuss if these changes are advantageous to you.
Gifts in memory and honor
Generous gifts to support Serviam scholars, alumnae, and their families are frequently made in memory of a loved one who has gone before us or in honor and celebration of a loved one's birthday, retirement, or accomplishments. Thank you to those who have contributed in their memory and honor: