This year of 2020 has been a rather unusual year. It began in March with the COVID-19 outbreak which continues to be a major public health pandemic. We also had a very successful Big Give Gage fund raiser by raising $27,990.00 with proceeds going toward the Teaching Kitchen of our Y renovation.
While all this is happening, we have continued to raise money for the Capital Campaign of the Beatrice Y facility. To date we have pledges totaling $4,449,540.25 with $2,597,521.94 received of a $6,000,000.00 project. It has been through generous donors throughout our community and southeast Nebraska, grants, and various foundations that we have been able to achieve these results.
But we are not done yet! We have applied for a Federal Tax Credit grant and we are waiting to hear if we have been accepted. Just recently we were approved for the use of State of Nebraska tax credits on a first come first serve basis which should be done by year end. This program allows donors to receive a credit on their State of Nebraska tax return. With these two possibilities we will still need to raise about $600,000.00 and this is where you can help us.
Tax legislation enacted as a result of the COVID-19 pandemic, the CARES ACT, includes special tax provisions for charitable giving which will expire at the end of 2020. This one-time tax incentive allows you to deduct up to 100% of your adjusted gross income for cash gifts made to charitable organizations. Depending on your situation, this could dramatically reduce or eliminate any federal income tax owed. To take full advantage of this opportunity, many benefactors are accelerating pledge payments and/or increasing their giving in the 2020 tax year.
We invite you to consider giving to the Beatrice YMCA Capital Campaign: Vision 2020 by making a pledge to this campaign, increasing your pledge, or accelerating your pledge payments before the 2020-year end. If you would like more information on the CARES ACT please contact your personal financial advisor. If you are interested in the State Tax Credit program please contact Darcy Moran, at Bryant and Associates, P.C. (402-223-3367)
Although there have many challenges in 2020, we are very thankful. We couldn’t have gotten this far without each of you. Without all of the volunteers, donations, talents and expertise that each one of you have brought to the table, we’d never be one of the best YMCA’s around.
We wish you a blessed holiday season and hope this will be helpful as you plan your 2020 year-end contributions. Thank-you for your support of the Southeast Nebraska YMCA Foundation and our YMCA.