Strengthen Your Impact: Ways to Give to Support Brooklyn
While the acute impacts of the coronavirus pandemic have subsided in our city, we are still in the eye of the storm—with another wave predicted in the coming months. We know that the effects of the crisis will be varied and ongoing, but we also know that Brooklynites are resilient, ready, and able to show up for their neighbors as we face an uncertain future.
As Brooklyn’s community foundation we strive to help you simplify your charitable giving, while also allowing you to maximize your impact on the borough. In the face of a crisis, it’s common to be overwhelmed and unsure of where to start, so below we’ve compiled a list of easy, actionable steps you can take to support our beloved borough for the long-term, as well as some important updates and changes to charitable deductions introduced by the CARES Act.
WAYS TO GIVE
Create A Personal Giving Plan
Consider establishing a giving plan to ensure that your giving is purposeful and personal. Decide where you want to make an impact, what and how much you can give, and then set goals and a timeline. Do what feels right for you, and remember—nothing is set in stone—you can change things up if your situation changes or the needs in your community shift. Many donors we work with find that a personal giving plan relieves the anxiety and pressure that they feel to do something meaningful when there is so much need around them.
Stimulus Checks: Pay It Forward
If you received a federal stimulus check but are not facing financial hardship, you can pay it forward. A number of donors to our Brooklyn COVID-19 Response Fund pledged part or all of their stimulus checks to support their neighbors in need.
Commit to a Recurring Donation
Donors who wish to have a sustained impact on Brooklyn opt to set up monthly recurring donations, providing a regular, predictable, steady source of support for the only charitable foundation 100% focused on Brooklyn nonprofits. Monthly donations of any size are welcome, and are easy to set up through our online system. Rest assured, 100% of your monthly gift will be thoughtfully distributed to community embedded organizations in the borough fighting for social and racial justice.
Double Your Impact With An Employer Match
If you or your spouse’s employer offers matching donations, you can significantly increase your impact with one simple step. Ask your employer if they can match your charitable giving, provide us with the paperwork, and we’ll take care of the rest.
Establish a Donor Advised Fund at Brooklyn Community Foundation
A Donor Advised Fund (DAF) is a charitable investment account through which your assets have the potential to grow tax-free. DAFs are often thought of as “rainy day” giving vehicles, with your fund being a centralized source of support from which you can allocate your giving. Created with a single tax-deductible donation of cash, stock, or real estate, you can name your fund and give at your own pace—we manage the rest.
Additionally, every fund at Brooklyn Community Foundation supports our overall mission for a fair and just Brooklyn, with 100% of fund fees going directly back to Brooklyn’s communities through grantmaking and special initiatives of our Community Fund.
CARES Act Charitable Giving Tax Incentives
Under the CARES Act passed in March, taxpayers filing next year can make an “above the line” charitable deduction of up to $300 without itemizing their taxes. This will reduce your adjusted gross income and allow you to still take the standard deduction.
Filers who do itemize their taxes will also benefit from changes introduced by the CARES Act when completing their 2020 taxes: contributions to charitable organizations in the 2020 calendar year may be deducted up to 100% of filers’ adjusted gross income, up from the previous 50%.
Any excess may be carried forward for up to 5 years. These deductions cannot be taken for contributions to supporting organizations or Donor Advised Funds.
Support Brooklyn Through Our Community Fund
If the ideas above have left you inspired to give but you’re still unsure where to make your impact, you can give to our Community Fund. A flexible source of support for the Foundation’s strategic initiatives, grantmaking, and leadership activities across Brooklyn, the Community Fund enables us to effectively respond to the needs of Brooklyn over time, in partnership with dedicated donors and stakeholders on the frontlines of social change. 100% of all donations go directly to community based organizations working on the frontlines.
Stay Connected With Our Donor Newsletter: Giving Matters
Our Giving Matters newsletter features monthly updates about our grantees who are doing incredible work throughout the borough, sharing news of your charitable impact in Brooklyn. If you'd like to receive the newsletter, or receive our monthly Foundation updates, you can sign up here.