Giving to a Good Cause is Good for Others and May be Good for your Finances

CHEYENNE, Wyo. (December 30, 2020) There is still time to make your end-of-year contribution to a favorite charity or good cause. According to donorbox.org, approximately 31 percent of all annual giving occurs in December and approximately 12 percent of goodwill giving occurs in the last three days of December. Contributions made during these last few days of the year help more than 25 percent of nonprofits raise from 26 to 50 percent of their annual contributions.

Non-profits in Cheyenne carry out essential services that our residents come to rely on and with the pandemic, many were unable to carry out their annual fund-raising events.  “We hear from many of our non-profit partners that funds are very tight, and they are doing their best to reduce expenses while still delivering quality services,” said Charlene Murdock, Vice President of the Greater Cheyenne Chamber of Commerce.

The good news is this year more taxpayers can benefit from charitable giving.  According to the IRS website, the 2020 CARES Act expands deductions for charitable contributions this year. Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. However, taxpayers who do not itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose.

“Our nation’s charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get,” said IRS Commissioner Chuck Rettig. “The IRS reminds people there’s a new provision that allows for up to $300 in cash donations to qualifying organizations to be deducted from income. We encourage people to explore this option to help deserving tax-exempt organizations – and the people and causes they serve.”

Local giving helps at home, right here in Cheyenne.

President and CEO of Magic City Enterprises Jeff Gardner spoke to Chamber members in November at the monthly membership lunch and explained Magic City has worked to be creative in fund-raising efforts, taking their annual Festival of Trees event online, but still the organization is impacted and the need for services has not diminished.  Magic City supports people with disabilities to live successfully in our community and they rely on charitable contributions to offer the best services possible.

Cheyenne’s Dr. Paul Washburn of non-profit Health Medical Institute (HMI) is passionate about healthcare and end-of-year giving.  Dr. Washburn advocates for individuals and businesses to learn more about how charitable giving can help not-for-profit organizations and at the same time reduce their federal tax obligations.

HMI strives to contribute to local and national communities with regards to rural clinical healthcare outreach, healthcare research and developing health and healthcare education for all people. In November, Dr. Washburn announced he would be offering lower fees for medical services to people who do not have health insurance.  HMI relies on funding sources such as grants from the federal government and foundations, fundraising events, general insurance reimbursement from clinical medical visits with providers and from donors to assist in their efforts to reform the current healthcare systems and improve individual’s quality of life by means of altering measurable health outcomes.

Another worthwhile entity, Wyoming CARES was founded in 2001 targets Wyoming residents who often fall through the cracks of available assistance, Wyoming CARES helps Wyoming infants, children, youth, adults, and senior citizens for medical and non-medical needs. Funds for Wyoming CARES are raised through volunteer-generated fundraising events, private donations, grants, foundations, memorials, clubs, organizations, and corporations.  Donations may be designated to a specific area of need by the donor.

Cheyenne has many worthwhile charities.  Take advantage of saving on your federal tax bill and help a local cause. Make sure to mail your contribution before the end of the year.

American Red Cross Wyoming, Arts Cheyenne, The Beast Foundation, Boys & Girls Club of Cheyenne, CASA of Laramie County, Cheyenne Animal Shelter, Friends of the Cheyenne Botanic Gardens, Cheyenne Family YMCA, Cheyenne Little Theater, Cheyenne SCORE, Cheyenne Symphony Orchestra, CLIMB Wyoming, COMEA Shelter, Goodwill of Wyoming, Grace for 2 Brothers Foundation, Habitat for Humanity, Healthworks, Hispanic Organization for Progress & Education (HOPE), K9s 4 Mobility, Kiwanis Club of Cheyenne, Blue Foundation, Laramie County Community College Foundation, Laramie County Library Foundation, Life Choice Pregnancy Care Center, Magic City Enterprises, Old West Museum, PTSD/ Dogs & Tags of Wyoming, Cognitive Behavioral Theater, Big Brothers Big Sisters, Safeharbor, Safehouse, Special Friends, STRIDE Learning Center, United Service Organization, United Way of Laramie County, Vitalant, Volunteers of America, Wyoming Liberty Group, Cheyenne Regional Medication Center Foundation, Align, Poemspeak, PEAK Wellness, The Salvation Army, My Front Door.