CARES Act Expands Charitable Giving Provisions

As we navigate these challenging times, all of us at Fallingwater sincerely hope that you and your loved ones stay healthy and safe. It’s important to remember that while we can’t spend time with those we love, nature can always provide some much-needed solace and a breath of fresh air from the stresses surrounding us.

For the safety and well-being of our visitors and staff, Fallingwater closed to the public on March 15. Closing our doors means that we aren’t bringing revenue needed for Fallingwater’s care. Because of this, we’ve had to cut back staffing, operations and maintenance to their absolute minimums. Your support is needed now more than ever.

Fortunately, the Coronavirus Aid, Relief and Economic Security (CARES) Act brings some new benefits for individuals and corporations who want to provide much-needed support to Fallingwater and other charitable organizations.

Standard Deduction

  • If you take the standard deduction on your 2020 tax return, you may claim an “above-the-line” deduction of up to $300 per taxpayer for cash donations to nonprofits. The measure applies to gifts to qualified charities, such as Fallingwater, but does not include gifts made from a donor advised charitable fund or gifts of stock.

Itemized Deductions

  • If you itemize your deductions for 2020, you may now take charitable deductions equal to up to 100% of your Adjusted Gross Income. The amount you can deduct for cash contributions is generally capped at 60% of AGI. For business owners, the 10% limit has been increased to 25%. This measure applies to cash gifts to public charities and is not applicable to gifts from private foundations or donor advised funds.

In these uncertain times, we hope you find peace of mind and comfort in nature. Stay safe, stay healthy, and know that we are thinking of you. If you are able, please think of us as well.

If you would like to speak to someone about making a donation to Fallingwater, please contact Julie Holmes, director of development, at 412-586-2312 or jholmes@paconserve.org.

Giving Societies

Preservation of Fallingwater would not be possible without the generous support of donors who have made Fallingwater a priority for their philanthropy.
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