by Mallory Sussman, Development Manager
Making a charitable contribution has many significant benefits for both the donor and the recipient of the gift. Contributions to:
- Investing in Excellence, Aspen Academy's Annual Fund, support enhancements in academic programs and technology for our students, opportunities for our teachers to participate in professional development trainings and scholarships for our students in need.
- Reinvesting in Enterprise, the Class of 2017's legacy gift, will grow our eighth grade entrepreneurship programs by renovating our student run café and store, and creating new business and learning opportunities as our eight grade class walks through the design, manufacturing and installation of a brand new mobile coffee cart.
- Building the Future, our Capital Campaign, will help unlock the potential of our Auditorium as a convening space, a place where our students can express themselves, find their voices and be heard, with the installation of new individual theatre seats and acoustic treatments.
All of these opportunities offer incredible benefits for our students and broader community, and enable us to continue to be relentless in our pursuit of excellence.
What's more; charitable giving often begets more charitable giving. Take Colorado Gives Day for example – as we rallied our Aspen family to raise over $28,350 dollars on Colorado Gives Day we were able to unlock critical dollars from the First Bank $1 million incentive fund to support the incredible initiatives above. And some of these gifts, were made by individuals and families who had already made generous contributions to our Annual Fund.
In our blog post, Aspen Gives, we discussed how aside from doing good; making charitable contributions can also lead to feeling good – both mentally and physically. Those who commit to engaging in philanthropy show higher levels of happiness, creativity, resilience, and longevity.
These results are extraordinary, but the benefits of giving don't end there. Giving also offers tangible opportunities that can have a significant impact on a family's finances. As a 501(c)3 non-profit organization, charitable contributions to Aspen Academy can be deducted on a 2016 tax return if a donor elects to utilize an itemized tax deduction. This 501(c)3 status is critical when considering charitable contributions – donors cannot deduct contributions to specific individuals or nonqualified organizations.
It's important to review these opportunities with your tax attorney as some restrictions may apply. For example, according to the Internal Revenue Service's Publication 526 on Charitable Contributions, a "deduction for charitable contributions generally can't be more than 50% of your adjusted gross income (AGI), but in some cases 20% and 30% limits may apply."
And remember, in order to take advantage of these benefits on your 2016 taxes, contributions must be made by December 31,2016.
To make your contribution today please visit www.aspenacademy.org/support-aspen.
For more information please read, "6 Things to Know About Charitable Giving this Tax Season" or contact Mallory Sussman, Development Manager at Mallory.firstname.lastname@example.org.