“We prepare students to transform the lives of people in Virginia and beyond through the quality of our academic programs and the impact of our research. This is a moment of great opportunity for the college and all whom we serve.”
—Dean Mark R. Ginsberg
The College of Education and Human Development has been closely following the COVID crisis and its impact on our alumni, donors and friends. When the COVID-19 Stimulus Package / CARES Act passed on March 27th, it brought with it new information regarding charitable giving. We want to ensure our donors remain well-informed during this time, both those who have already made gifts in support of our Student Emergency Fund and those who may make gifts moving forward. Below are the high-level changes in the bill that impact all donors to CEHD.
For donors who take the standard deduction:
The new bill adds a new deduction of up to $300 per taxpayer ($600 for a married couple) in annual charitable deductions, regardless of whether or not they itemize in their annual tax returns. This is an above the line adjustment to income that will reduce your adjusted gross income and reduce taxable income. Donations to donor-advised funds (DAF) will not qualify for these deductions.
For donors who itemize their taxes:
The new bill allows individuals and corporations to itemize greater amounts of their 2020 adjusted gross income. Individuals can now deduct donations up to 100% of their adjusted gross income in 2020. Corporations may now deduct up to 25% of taxable income. These increased deductions apply to public charities, whereas the old deduction rules apply to gifts to private foundations. The higher deduction does not apply to donations made directly to donor-advised funds (DAF).
Required Minimum Distributions waived in 2020 for most donors:
Required minimum distributions (RMD) that would have started in 2020 do not have to start until 2021, including distributions from defined benefit pension plans and 457 plans. Donors can still elect to make a qualified charitable distribution (QCD) from their IRA in 2020. Making a QCD this year will still allow itemizers and non-itemizers alike to direct up to $100,000 from their IRA to charities in a tax efficient manner.
The inclusion of an expanded charitable giving incentive is a critical acknowledgement by Congress that the work of nonprofits is an essential service. It is the first time Congress has passed this type of giving incentive in response to a disaster or national emergency. To learn more about the CARES Act, please visit this resource from CASE. To make a gift to the College of Education and Human Development student emergency fund, please visit Giving to CEHD.
Have A Unique Impact
Every gift is important and every gift is unique. We will work to advance your goals through your gift's structure and focus. The support we receive from our alumni and friends affirms our mission and is critical to sustaining our success in preparing our students to be the leaders of tomorrow.
Ways to Give
Make a gift or pledge to the College of Education and Human Development securely now by clicking here, or learn more below about giving opportunities.
You can also mail a check, made payable to George Mason University Foundation Inc., to:
College of Education and Human Development
4400 University Drive, MS 2F1
Fairfax, VA 22030
The George Mason University Foundation, Inc., is a non-profit, 501(c)(3) organization established in 1966 to receive, manage, invest, and administer private gifts, including endowment and real property, made in support of George Mason University. Click here for more information on the George Mason Foundation.
An endowment is a significant and lasting investment in the future of CEHD that will support the college and the donor's desired gift purpose in perpetuity. Endowments may be funded with a single gift or over a period of time not to exceed five years, and donors can name the fund and specify the fund’s purpose, if desired. The fund may be created through the donation of cash, marketable securities or other liquid assets.
How do endowments work?
Endowment funds are managed to provide a permanent source of income to support the educational mission of the University. The endowment is invested in a purposeful and accountable manner in order to generate income that:
- honors the donors’ intended purposes for their gift;
- supports the operating budget of the institution; and,
- is re-invested to protect the value of the endowment against inflation.
George Mason University is located in one of the most important political and economic hubs in the world. As we prepare the leaders and innovators of tomorrow, Mason's influence will spread far beyond our campus. To ensure a bold, progressive education for future generations of students, please consider including a gift to Mason in your estate plan. We can help you find a gift that matches your family's need and charitable goals.
If you would like to make a gift to the College of Education and Human Development or if you have any questions, please contact:
Shirley Hartman, CFRE
Director of Advancement