SUNDAY, APRIL 26, 2020 THE CATHOLIC POST
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thecatholicpost.com
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Jim Carlson 4111 N. Prospect Peoria Heights, IL 61616 icephone: (309) 681-8717
DANVILLE - Schlarman Academy has announced new dates for drawings of its major fundraiser, the annual Spring Rle,whichwasinthefinal stages of preparation as the COVID-19 pandemic caused schools across the state to close. While a final drawing party will not take place this year, the drawings will still take place. A preliminary 23rd Anniver- sary Drawing was to be done on Thursday, April 23, for $2,300. The remaining schedule in- cludes: May 1 - Final Payday Drawing for two prizes of $250 and two prizes for $500. May 15 - the rescheduled date for the final drawing, with 50 prizes to be awarded including a grand prize of $100,000. These times are trying for everyone and we hope by pulling the prizes we will provide some good news for at least 55 people, said Janet Picillo, advancement director for Schlarman Acad- emy. Tickets may still be pur- chased by calling (217) 442-1184 or (800) 747-0880. Leave a message and the advancement department will return your call. Ticket order forms are also found online at schlarman. com or may be purchased at the Country Store Health Foods, 3618 N. Vermilion St. Tickets are $100 each and up to five people may be on a ticket.
New dates set for Schlarman Raffle
icialsoftheDioceseofPeo- ria have expressed gratitude for the continued financial support of parishes and schools through six weeks of unimaginable changes and have pointed out charitable giving incentives avail- able through the federal Coro- navirus Aid, Relief, and Eco- nomic Security (CARES) Act. This past month our bishop, priests, schools, and laity have expe- rienced some unimaginable changes, said Debbie Benz,
One thing has remained constant
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our resolve to be faithful to the mission that Christ gave to his church."
Debbie Benz Director, diocesan Office of Stewardship and Development
Support church through 'unimaginable changes'
diocesan director of steward- ship and development, as public worship has been suspended and schools transitioned to online learning. How- ever, one thing has remained constant, Benz con- tinued, our resolve to be faithful to the mission that Christ gave to his church. We are a people of mis- sion and that continues beyond thehardshipsanddicultiesof life. Acknowledging the prayer, outreach, and donations that have been directed to the church duringthesediculttimes, Benz said the support is needed and appreciated now more than ever. Mike Buckley, director of thediocesaniceofFinance, encouraged parishes to apply for Paycheck Protection Pro- gram loans through the CARES Act. The diocese has provided guidance on the process, he said, and applied for the loan for its payroll. The loans can be partially to fully forgiven depending on payroll numbers before and after the loan, he told The Catholic Post. In addition, Buckley and Benz pointed to two charitable giv- ing incentives for individuals through the CARES Act. Those incentives are published on this page.
RESPONDING TO CRISIS
The economic crisis is being felt by Catholic dioceses and institutions across the country. Weekly collections provide the vast majority of operating income, roughly 95 percent for a parish, reported Arjun Dias, directoroftheiceforPar- ish Service and Support of the Philadelphia Archdiocese. Most area parishes have seen significant declines in weekly collections, Dias said, with an average loss of about 57 percent. While Masses and devotions have moved online, electronic giving at parishes has lagged, he said. Bishop Peter A. Libasci of the Diocese of Manchester, New Hampshire, said the loss of weekly collections is making it dicultforparishestocover expenses related to ministry, maintenance, employment and other needs. Throughout history, Catholics have always responded abun- dantly to the trials they have faced. We respond, we sacrifice and we give out of love, Bishop Libasci said in encouraging contributions to a new fund that diocese has established. Acknowledging the hardship and suffering many parishio- ners are experiencing, Terrence Donilon - spokesman for the Archdiocese of Boston - expects that the church and society will emerge from this experience stronger and more committed than ever to sharing our faith with the people of the archdio- cese and those seeking to join us. In late March, the Diocese of Peoria postponed the Annual Diocesan Appeal until parishes are able to gather once again for public worship. It also estab- lished online giving opportuni- ties at cdop.org to assist parishes and the diocese with needed income. Click on the banners Support Your Parish or Sup- port Your Diocese. ThediocesaniceofStewardshipandDevel- opment outlined two incentives through the new CARES Act for those making charitable donations to nonprofits such as their parish, diocese, or Catholic Charities. Also recommended were dona- tions to a state program assisting with Catholic school tuition.
ABOVE THE LINE DEDUCTION
A reduction in taxable income is available in 2020 for donors who do not itemize their deduc- tions, i.e., an above-the-line adjustment to income that will reduce a donors Adjusted Gross Income (AGI) and consequently taxable income. The adjustment is available for cash gifts up to $300 per taxpayer or $600 for a married couple. The deduction is not available for gifts to private foundations, donor advised funds (DAFs), sup- porting organizations (SOs) or for cash deduc- tions carried forward from prior years. And this deduction is not available for noncash gifts such as appreciated stock. This new universal deduction will encourage the great majority of taxpayers who do not itemize to make more cash gifts in 2020.
NEW 100 PERCENT AGI LIMIT FOR 2020
A 100 percent AGI limit is available only in 2020 for cash gifts to public charities by those who item-
Charitable giving incentives listed
ize. This limit does not apply to carry-over deduc- tions from years prior to 2020. Gifts of appreciated stock and to DAFs, SOs and private foundations are not eligible for this special election. A donor who makes the 100 percent of AGI elec- tion can carry over unused deductions up to five additional years. The carry-over deduction will be subject to the regular 60 percent of AGI limit. Because federal income tax rates are progressive, it may not always be to a donors advantage to make the 100 percent of AGI election. Donors in the high- est federal tax brackets could generate better overall tax savings by using the 60 percent AGI limit and carrying over the excess deduction to the next year. Donors should consult their tax advisers to deter- mine whether the 100 percent election is best.
ILLINOIS TAX CREDIT SCHOLARSHIP PROGRAM
Another way you can help, and receive a tax credit, is by making a donation to Empower Il- linois through the Illinois Tax Credit Scholarship Program. Several families are going to struggle to keep their children in Catholic education next year, so now more than ever your support may be what allows a child to continue receiving a faith-based and high-quality education that will prepare them for a successful future. For more information visit empowerillinois.org/donors.
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