Helpful Tips on CARES Act

As you may have heard, the newly signed stimulus bill allows an ‘above-the-line’ deduction of up to $300 in cash charitable donations in 2020, for those individuals choosing the standard deduction. If you itemize, the cap on charitable giving has been lifted from up to 60% of adjusted gross income to now 100%. (Please note this does not apply to donations to donor advised funds.) For further information about how the CARES Act may apply to your circumstances, please consult with your financial or tax advisor. 

If you are in a position to do so, we would be honored for you to consider supporting Overlake and other nonprofits today. If you choose to support Overlake, please know you can designate your donation to an area you care deeply about, including financial aid for Overlake families and students affected by the pandemic. For instance, Overlake is providing food vouchers and technology assistance, such as complimentary hot spots, to ensure that families have the resources they need.

Thank you so much for your consideration. We are grateful you are part of our community of Owls. Please take care and know we are thinking of you and sending our best.