At St. Ambrose, we encourage and empower each student to explore far and wide through academics, art, social activities, and service opportunities. Your philanthropy makes a St. Ambrose education and experience possible.
Together, we shape the education and opportunities St. Ambrose offers students today, and for generations to come. Join us on their journey, and make their dreams a reality.
With alumni support, the possibilities are endless at St. Ambrose. Every season of the year, alumni donors make things happen. Thank you!
McMullen Hall Capital Initiave
The building is open but fundraising continues for this $8.6M renovation/addition to McMullen Hall, the new home of the College of Business.
CARES Act Tax Incentives
On March 27, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act to help combat the far-reaching impacts of COVID-19. The bill provides increased tax incentives for charitable giving for both individuals and corporations, signifying an intent to stimulate philanthropy throughout America.
As you look for ways to help those in need, be sure to visit our giving guidance page and understand how the following provisions may impact your charitable contributions in the 2020 tax year.
Are you itemizing deductions?
The adjusted gross income (AGI) limit for cash contributions was increased for individual donors. For cash contributions made in 2020, you can now elect to deduct up to 100 percent of your AGI (increased from 60 percent).
Interested in corporate giving?
The AGI limit for cash contributions was also increased for corporate donors. Corporations can now deduct up to 25 percent of taxable income (increased from 10 percent).
The CARES Act allows for an additional, "above-the-line" deduction for charitable gifts made in cash of up to $300. If you are not itemizing on your 2020 taxes, you can claim this new deduction.
Wondering about your Giving Account?
Both of these new incentives apply only to cash contributions to public charities but not to contributions to supporting organizations or public charities that sponsor donor-advised funds. However, there have been no changes to existing deductions for contributions made into a donor-advised fund like your Giving Account. You are still able to deduct up to 60 percent AGI in cash and up to 30 percent AGI in appreciated assets contributed to a donor-advised fund.
Existing carry-over rules still apply, so if your donations in 2020 exceed your AGI deduction limits, you may carry forward excess deductions for up to five subsequent tax years. As always, donors should consult with their tax and legal advisors when considering their charitable giving.
What about IRA Qualified Charitable Distributions (QCD)?
The CARES Act did not change the rules around the QCD, which allows individuals over 70½ years old to donate up to $100,000 in IRA assets directly to charity annually, without taking the distribution into taxable income. However, remember that under the CARES Act an individual can elect to deduct 100 percent of their AGI for cash charitable contributions. This effectively affords individuals over 59½ years old the benefits similar to a QCD; they can take a cash distribution from their IRA, contribute the cash to charity, and may completely offset tax attributable to the distribution by taking a charitable deduction in an amount up to 100 percent of their AGI for the tax year.
If you're planning a large donation in 2020, this may be a smart strategy as long as you are between the ages of 59½ and 70½ and are not dependent on existing retirement funds.
This information is provided for educational purposes only. Donors should consult a tax professional for their own unique circumstances.
Margaret Babbitt, Director, Ambrose Annual Fund
Terri Beutel, Assistant Director, Advancement Information Resources
Sally Crino, Associate Vice President; Director, Campaign and Legacy Giving
Dan Haverkamp, Associate Director, Individual Giving
Caroline Hughes, Administrative Assistant
Lindsey Kennedy, Coordinator of Research and Prospect Management
Milissa Lamantia, Administrative Assistant
Nick Lenhard, Assistant Director, Athletic Development and Marketing
Elaine Quinn, Administrative Assistant
Kristine Vermuelen, Administrative Assistant
Kristen Veto, Assistant Director, Donor Relations
Elizabeth Wesel, Associate Director, Individual Giving
Jim Stangle, Vice President
Alumni House: 1527 Brady St.
Mail: 518 W. Locust St.
Davenport, IA 52803