Yes, I want to support the Mystic & Noank Library Annual Fund!
Because you care about information, ideas, knowledge and the power of community, you help ensure that the Mystic & Noank Library continues to be a vital and vibrant resource and gathering place for all.
Ongoing support from our community is more important than ever. The Mystic & Noank Library receives less than 30% of our annual funding from state and local government allocations. We must rely on philanthropy for the balance of our operating income (over 70%) in order to maintain the same high quality programs and services for our patrons. Can we count on you being part of the 70%?
Your gift will help us continue to enrich the lives of everyone who comes through our doors.
To contribute via check or cash, please send to: Mystic & Noank Library, 40 Library Street, Mystic, CT 06355 Attention: Development
To contribute online, click https://mysticnoanklibrary.networkforgood.com/projects/109299-support-mystic-noank-library
The Library is a registered 501(c)(3) cultural institution, and gifts are fully deductible under federal tax regulations. The Library is also eligible for corporate matching gifts. Mystic & Noank Library's tax ID# is 06-0709292.
Please contact the Director of Development with any questions at (860) 572-8191.
Thank you for your generous support!
CARES Act for Non-Profits
Donors directing a QCD to charity this year (up to $100,000 per individual) will still reduce their taxable IRA balance. This allows all taxpayers, itemizers and non-itemizers alike, to direct gifts from their IRA to charities in a tax efficient manner.
The bill makes a new deduction available for up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is particularly beneficial to people who take the standard deduction when filing their taxes (in other words for taxpayers who do not itemize their deductions). It is calculated by subtracting the amount of the donation from your gross income. It is an “above the line” adjustment to income that will reduce your AGI, and thereby reduce taxable income.
To qualify, you would have to give a donation to a qualified charity such as Mystic & Noank Library. If you have already made your donation since Jan. 1, that contribution counts toward the $300 cap. A donation to a donor-advised fund (DAF) does not qualify for this new deduction.
Also part of the bill, individuals and corporations that itemize can deduct much greater amounts of their contributions. Individuals can elect to deduct cash contributions, up to 100% of their 2020 adjusted gross income, on itemized 2020 tax returns. This is up from the previous limit of 60%. Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%. The new deduction is only for cash gifts that go to a public charity. If you give cash to, say, your private foundation, the old deduction rules apply. And while the organizations that manage DAF’s are public charities, you do not get the higher deduction for donating cash to your DAF. These new limits do not apply to gifts of appreciated stock. If your assets are substantial enough that you can give more than your income this year, you won’t lose the deduction for the excess amount. You can use it next year, as has always been the case.
RMD for individuals over age 70 ½ are suspended until 2021. This includes distributions from defined benefit pension plans and 457 plans. The RMD is an attractive way for donors to make a significant charitable gift directly from their IRA to a charity through a qualified charitable contribution (QCD) while avoiding taxable income. The suspension of the RMD may dampen somewhat the incentive for a donor who makes a gift from their IRA to count toward that minimum. However, the tax benefit of the QCD remains.