There has never been a more important time for the Babson community to come together…as one. As we face unprecedented times and unexpected challenges related to the global health crisis, the Babson community is coming together on April 22 and 23 as One College, One Community, One Babson.
By making gift to the Emergency Fund today, you will help Babson students impacted by the COVID-19 health crisis by:
- Providing support and necessities to the students on campus who could not safely return home. This includes groceries, meal plans, and personal supplies.
- Assisting students who lost their only source of income due to a business or Babson closure such as an internship or an on campus job.
If you'd like to fulfill an existing pledge or support another area of your choice as part of ONE Babson, please visit: www.babson.edu/givenow
New Tax Benefits When You Give to Babson
Donors can give to Babson with the benefit of the new Coronavirus Aid, Relief, and Economic Security (CARES) Act—which provides temporary charitable giving incentives.
- A gift to Babson in 2020 allows you to deduct up to $300 if you take a standard deduction (non-itemizing taxpayers).
- For those making significant cash donations (even from investments), there is a temporary suspension of adjusted gross income (AGI) limitations, allowing donors to deduct cash gifts up to 100% of your AGI in 2020 (as opposed to the current 60% of AGI). In addition, the deduction limit for corporations has been raised from 10% to 25% of taxable income.
- If you are over 70½, consider directing some of your tax savings gained by the waived 2020 mandatory IRA distribution to Babson.
* These provisions do not apply to gifts to donor-advised funds and supporting organizations. Please consult with your tax advisor.