Update from San Antonio’s Foundation for Jewish Philanthropies
September 3, 2020
As part of the larger Jewish Federation of San Antonio, the Foundation for Jewish Philanthropies of San Antonio continues to fulfill its goal of building a strong future for the San Antonio Jewish community. Through the generosity of local donors, the Foundation supports individuals, families, and a variety of community initiatives.
Totaling approximately $20 million, the majority of the Foundation assets are invested locally with professional money managers. The Foundation also has an investment committee, chaired by Ben Gurwitz, that meets quarterly to review performance against the Federation’s board-approved investment policy.
“We are pleased to report that during the fiscal year ending June 30th, the Foundation provided over $2,145,000 in grants,” Federation Chief Financial Officer Janet Irwine shared. “The distributions and grants made a significant impact on our community and worldwide.” The funds have been distributed through the annual allocations process as a result of contributions to the Federation’s Annual Campaign, donor advised fund recommendations, scholarships and camperships, and the Community Crisis Campaign for COVID relief. These funds were distributed to Jewish and non-Jewish charities, educational institutions, synagogues, cultural centers, and community agencies.
Because of the dedication and commitment of local community members, the Foundation touches not only the lives of the entire Jewish community, but also the lives of Jews throughout the world.
To learn more about becoming a partner in the Foundation’s charitable community, contact Janet Irwine, CFO.
To learn more about establishing a fund or contributing to your existing fund*, contact Beth Keough, Director of Philanthropy.
*Below are considerations for your philanthropic planning for this year
New Tax Law Affects Charitable Gift Planning
The CARES Act, designed to help the nation recover from the pandemic, has five important implications for charitable giving.
- New Charitable Deduction for Non-Itemizers: Taxpayers who take the standard deduction can nevertheless claim a charitable deduction of up to $300 for cash donations in 2020.
- Higher Deduction Limits: Individuals will be able to deduct cash gifts in 2020 to the extent of their entire adjusted gross income rather than with a cap of 60%.
- Increased Deduction Limits for Corporations: The contribution limit for corporations has been raised to 25% for cash contributions this year.
- Required Minimum Distributions Waived: For the year 2020, there will be no mandatory distributions from retirement accounts, thus allowing those accounts to recover if they have lost value. Once they do recover, retirement funds are a tax-wise giving strategy.
- Waiver of Penalties When Retirement Funds Are Used for Coronavirus-Related Purposes: If you are under the age of 59½ and withdraw money from your retirement plan to cover expenses incurred by you or a family member related to treatment of the coronavirus, the 10% tax penalty will not apply. In the future you may consider a retirement fund gift.