F.F. Thompson Foundation, Inc., a not-for-profit organization, is committed to achieving philanthropic support for the services and priority needs of Thompson Health.
Heather Rickett, Director of Development
Bianca Sibley, Project Coordinator
Susan Tufts, Administrative Assistant
No Gift Compares to One that Benefits the Health and Quality of Life of Others
Through the generous gift that created Thompson Hospital in 1904, Mary Clark Thompson began a "Legacy of Caring" that has continued throughout the years and still holds true at Thompson Health today. Her legacy is upheld by the generosity of the many friends of Thompson who give their time, talents and treasure in support of the health system and our community.
Legislation known as the CARES Act, designed to rescue the economy from the effects of the coronavirus pandemic, was passed by Congress and signed into law by the president on March 27, 2020. Here is a summary of provisions applicable to charitable giving included in the Act, officially named the Coronavirus Aid, Relief and Economic Security Act.
Taxpayers who take the standard deduction rather than itemizing their deduction will nevertheless be able to claim a charitable deduction of up to $300 for cash donations made in 2020.
Individuals in 2020 will be able to deduct cash gifts to the extent of their entire adjusted gross income, and the deduction limit for corporations has been raised from 10% to 25% of taxable income.
For the year 2020, there will be no mandatory distributions from retirement accounts (whatever the age of the owner), thus allowing those accounts to recover. The minimum age for making a tax-free transfer from an IRA to a charity remains at 70 1/2 and the annual limit remains at $100,000. However, since cash gifts are deductible in 2020 to the extent of adjusted gross income, a person could withdraw and then contribute a larger amount - with the deduction offsetting the taxable withdrawal.
If you are under the age of 59 1/2 and withdraw money in 2020 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the 10% tax penalty will not apply, taxation of the distribution can be spread over three years, and the amount withdrawn can later be added without regard to contribution limits.
The CARES Act is several hundred pages long and includes numerous provisions that could benefit you financially. Consult your advisors about these provisions and contact us if we can help you with any gift-planning opportunities.
There are many reasons why gifts are given to Thompson:
Whatever the reason, each gift positively impacts the lives of many friends and neighbors who live in Ontario County and the Finger Lakes region. The support of a caring community ensures a healthy future for the people that we serve and for Thompson Health.
Send us an e-mail to firstname.lastname@example.org or call 585-396-6155.
Mailing address is:
F.F. Thompson Foundation
350 Parrish Street
Canandaigua, NY 14424