Your donations to the Vincent Smith School gives students with learning disabilities the high-quality, supportive education they so richly deserve. Making a tax-deductible gift to VSS strengthens the school for current as well as future students.
Your generosity allows us to develop innovative and creative programs to help our students overcome their learning obstacles and gain academic, emotional, and social achievement.
Vincent Smith School is a 501 (c) (3) non-profit organization, and donations are tax-deductible to the extent allowed by law.
The CARES Act, Charitable Giving, and You
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, 2020, has several key provisions that may interest you:
Universal Charitable Deduction for Cash Gifts
Individuals will be able to deduct $300 above-the-line. This means taxpayers who take the standard deduction can still deduct charitable donations made in 2020, even if you don't itemize. This deduction applies only to cash gifts to qualified charities like Vincent Smith School (not donor-advised funds).
100% Charitable Deduction Limit
The new law lifts the cap on annual contributions for those who itemize. The usual deduction limit for cash gifts to public charities is 60% of adjusted gross income (AGI). For 2020, cash gifts to public charities, excluding donor-advised funds and supporting organizations, are deductible up to 100% of AGI. The gift may be for any charitable purpose and is not limited to gifts for coronavirus relief.
Required Minimum Distribution Waiver
The required minimum distribution (RMD) is waived for IRA and other qualified retirement plan owners for the year 2020. Loyal donors may still wish to use IRA funds to make a qualified charitable distribution (QCD). The QCD is available up to $100,000 for individuals who are over age 70½.
As always, please consult your tax advisor or attorney for advice on your specific situation.
Thank you for your support of Vincent Smith School!
Stocks and Securities
Please make checks for this purpose payable to the Vincent Smith School. This is the simplest and most popular way of donating to our school.
Direct cash donations may be made online via Paypal or by mail.
The mail-in form may be submitted online or printed and mailed to:
Lynda Bekore/Development Office
Vincent Smith School
322 Port Washington Blvd.
Port Washington, NY 11050
Stocks or other investments that have grown in value can become a substantial gift made at a low net cost to you. A gift of appreciated stock generally offers a two-fold tax savings. First, you avoid paying any capital gains tax on the increase in value of the stock. Second, you receive an income tax deduction for the full fair market value of the stock at the time of the gift. In order to do this, your stock generally must have been held for more than one year.
GIFTS IN MEMORY OR HONOR OF OTHERS
Making a gift in memory of or in honor of a special person is a wonderful way to recognize the important role that others have played in our lives. When making such a gift, please provide the name of the person being remembered, and please also let us know if an acknowledgment card should be sent to a specific person.
Hundreds of employers will match their employees' charitable contributions, thus enabling many individuals to double the value of their gift. Check with your employer's Human Resource Department to determine the availability of such a program. If so, simply enclose your employer's matching gift form along with your gift.
By including the Vincent Smith School in your estate plans, you play a vital role in the School's long-term financial stability. Estate gifts may be an effective way to make a gift that may not otherwise be possible during your lifetime, and they often represent a fitting capstone to a lifetime of generosity and commitment. Bequests may be for a percentage of your estate, outright (designating a specific dollar amount, certain securities, or other real property), contingent (taking effect only if the primary beneficiary indicated in your will pre-deceases you), or, in the form of a testamentary trust (in which the principal transfers to the School upon the death of a lifetime beneficiary of the trust).
Life Income Gifts
You may hold certain assets that would make a substantial gift, but they are serving a purpose right now. Transferring these assets to a charitable gift annuity or to a charitable remainder trust may allow you or another beneficiary to receive an income for life, sometimes at a higher rate of return than you have been receiving. At the end of a specified time frame (such as the donor's or beneficiary's lifetime), the remainder of the assets would come to the Vincent Smith School.
It is possible to name the Vincent Smith School as beneficiary of all or a percentage of a life insurance policy. Perhaps you have a policy that has served its original purpose - to protect children now grown or a loved one now deceased. To receive a deduction, designate us as both the owner and beneficiary of the life insurance policy. If the policy has a cash value, you can take a deduction approximately equal to the cash value at the time of the gift. Annual premiums are tax deductible each year.
Giving homes, land, farms, or commercial properties may offer you a variety of options concerning your tax situation. If you are interested in making such gifts, please contact John Baldi at 516-365-4900.
EBAY FOR CHARITY PROGRAM
eBay shoppers can give to enrolled charities like Vincent Smith at checkout, while sellers can earmark 10-100% of their items’ selling price to benefit a chosen charity—and eBay waives the same percentage in fees! You can also donate to the school directly from eBay through the Paypal Giving Fund. 100% of your tax-deductible donation will go to our school, with eBay paying all the processing fees.
All donations are tax-deductible to the extent allowed by law.