Page 15 - CEMS News Summer 2020
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                                          GIVING MATTERS
       Sustaining CEMS throughout COVID-19 and beyond
As the pandemic changes life as we know it, the CEMS community is coming together to make a difference in individual lives
and in our world. Amidst these disquieting times, many CEMS alumni and friends have inquired about how they can continue to help the department and support its students and faculty in an uncertain economic environment.
How does the Coronavirus Aid, Relief, Economics Security (CARES) Act affect charitable giving?
• If you do not itemize deductions on your tax return, you can still take a $300 charitable giving deduction.
• If you do itemize, the act increases the amount you can deduct for a cash gift in 2020 from 60% of adjusted gross income (AGI) to 100% of AGI.
Can I still make a qualified charitable distribution from my IRA?
Yes. The CARES Act suspended required minimum distributions from retirement accounts for 2020. However, IRA owners who are
age 701⁄2 or older can still make a qualified charitable distribution from their IRA to charity and avoid the income tax that would otherwise be due on the distribution.
If you want to continue supporting CEMS or other charitable organizations that are important to you, a qualified charitable distribution from an IRA is a tax- advantaged way to make a gift and may still be the best option.
All future distributions from IRA accounts will be subject to tax, unless transferred to charity.
What are some ways I can support CEMS if I need financial flexibility right now?
Many donors find that including a gift in their will is a meaningful and flexible way to support CEMS. With this type of gift, you maintain control of your assets during your lifetime, and you can change your plans at any time. You can give a specific dollar amount, specific property, or a percentage of what remains after you have provided for your loved ones.
Another option is to name the University of Minnesota as a beneficiary of your tax-deferred retirement account. This straight- forward option allows these assets to pass tax-free, so the full value
of your gift will support the areas of the University that are important to you. If transferred to your heirs, these assets are subject to income tax and possibly estate tax. Like a gift in your will, a gift of retirement assets can be changed at any time.
You may also consider giving
of your time and expertise by participating in the CSE Mentor Program, which begins in October and ends in April every year. Your mentorship will help undergraduate students learn to build their professional network, refine communication skills, explore new areas of interest, and transition to the workplace.
   CEMS is in a
strong position to weather uncertain times thanks to the past extraordinary generosity of its alumni and friends.
To learn more about how you can help the department sustain its legacy of excellence now and into the
next century, please contact Courtney Billing, CEMS Director of External Relations, at cbilling@umn.edu or 612.626.9501.
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