Your help is needed…
Please keep the Beaver Island Association in mind when doing your year end charitable giving.
The work of the BIA is crucial to issues that affect the fundamental character and beauty of Beaver Island.
To say that 2020 has not been a good year is quite an understatement!
The financial impact of cancelling the 7th Annual Beaver Island Birding Festival, Warblers on the Water, has been substantial. The outlay of cash to prepare for the events was never recovered because of the cancellation. Your gift is essential to help offset these losses so that the BIA can continue to work on the crucial issues that affect the fundamental character and beauty of Beaver Island.
Our mission is to:
Work with local governments to support property owners’ views, concerns and investments by:
Providing a forum for discussion of island governance and property taxes
Spearheading improved cell phone and broadband services
Representing membership concerns through township government liaison
Support preservation and wise use of natural resources, plants, and wildlife of Beaver Island by:
Collaborating with tribes, environmental organizations, schools, and government agencies
Proposing environmental conservation policies and / or methods
Sponsoring environmental education programs and public lectures and presentations
Publishing a semi-annual newsletter and a continuously updated website
Monitoring and controlling invasive species
Cleaning up beaches and campgrounds and helping with forest fire prevention
1. You can take a deduction even if you don’t itemize
For 2020, you can deduct cash contributions up to $300 if you claim the standard deduction instead of itemizing. The dollar limit is “per taxpayer unit” so that the same $300 cap applies to singles and joint filers. The deduction isn’t restricted to contributions for COVID-19 relief. However, usual substantiation requirements apply (i.e., a written acknowledgment from the charity for donations of $250 or more).
This deduction won’t apply after 2020 unless Congress extends it.
2. You can take a bigger itemized deduction for 2020
Usually, cash donations are deductible up to 60% of your adjusted gross income (AGI). However, for 2020, you can elect to deduct such contributions up to 100% of AGI. Again, substantiation rules apply.
3. Donations of appreciated securities avoid capital gains
If you want to make gifts to charity, consider using appreciated stock or other property held more than a year that’s increased in value. The charitable contribution deduction is based on the fair market value of the property on the date of the donation. And there’s no capital gains tax on the appreciation since the time you acquired it.
Special AGI limits apply to property donations. What’s more, if you’re donating property other than publicly-traded securities, you may need a qualified appraisal to take any deduction
4. Last minute donations can be done by credit card or check
If you wait to the last minute but want your donations to count for 2020 tax purposes, you have options to act by midnight of December 31, 2020: charge the donation to a credit card or mail a check. The charged donation is deductible for 2020 even though you don’t pay the credit card bill until 2021. And the check by mail is deductible in 2020 even though the charity doesn’t receive it or cash it until 2021.
DONATIONS MAY BE SENT TO:
The Beaver Island Association
PO Box 390
Beaver Island MI 49782
or via PAYPAL
Your help is greatly needed and appreciated!
We wish you a Happy and Healthy New Year!
The BIA Board of Directors
Kevin Boyle – President
Dick Mulvihill – Vice President
Alan Vicstein – Treasurer
Sheri Richards – Secretary