This March, the CARES Act was passed as an essential relief bill to protect millions of taxpaying Americans from the economic effects of the COVID-19 pandemic. The CARES Act also includes a special one-year only tax incentive for charitable giving up to $300 in 2020. It provides an opportunity for taxpayers with standard deductibles to support the work of organizations like The Fortune Society while reaping additional tax benefits.
“Above-the-line” charitable deductions apply to anyone who does not itemize their tax expenses so they can deduct up to $300 for donations made this giving year. Individual donors can also elect to deduct 100% (up from 60%) of their adjusted gross income for cash contributions. This means an expanded tax benefit for generous donors like you, whose donations we rely on.
Like many other nonprofits across the country, Fortune was heavily impacted by COVID-19 but made sure we were available to our clients in need. During the peak of the pandemic in April, we opened Freedom House, a housing unit for men recently released from jail. Our Food & Nutrition program shifted its model to offer grab-and-go meals or meal delivery right to residents’ front doors at our Harlem housing. As people were released early from Rikers Island due to the pandemic, our Prepare for Release (I-CAN) program provided emergency cell phones and services. Despite the challenges of the pandemic, our services continued remotely and we continue to be an unwavering source of stability for our participants.
Your support for our programs and services is more critical than ever this year to ensure that Fortune can continue to empower our participants and community.