A vote is expected Thursday, December 11, 2015, on a federal bill, which would permanently allow tax deductions on donations to food backs, land set-asides for conservation, and donations to charity from IRA retirement accounts.
The Latino Legacy Fund made its first round of grants Wednesday, directing $100,000 to five local Latino-focused programs. Created in 2012, the Fund is the only charitable fund in Greater Boston focused solely on supporting Latino-led or Latino-focused nonprofits. The fund was seeded with contributions of $250,000 each from the Boston Foundation and Hispanics in Philanthropy. It has since grown to about $800,000 thanks to individual and corporate donors, including MFS Investment Management, Eastern Bank, and John Hancock.
After the White House threatened to veto an $11-billion bill that would make permanent three tax breaks for charitable donations, the U.S. House of Representatives rejected the measure 275-149. The bill would have provided tax incentives, which expired at the end of 2013, for donations of food, money from retirement accounts, and conservation easements.
Within a day of the Boston Marathon bombing on April 15, 2013, state and city leaders had established the One Fund to centralize giving for the victims. Since then, it has raised and distributed nearly $80 million to people killed and hurt by the blasts. “Now, after over a year and a half of operations, we have completed our task,” said Jim Gallagher, president of the One Fund, in a statement.
When it comes to creating social change, strategic communications brings great value. The Communications Network, a nonprofit that supports foundations and nonprofits in finding ways to communicate more effectively, puts it this way: “Communication matters. Organizations that do it well are stronger, smarter, and vastly more effective.”
Boston’s Local Initiatives Support Corporation (LISC), together with The Hyams Foundation, The Boston Foundation, and the Commonwealth of Massachusetts, has launched the $5 million Accelerator Fund to jump start equitable transitoriented housing development in Boston and throughout the state.The new loan fund will leverage $30 million of additional early stage financing to help spur the development of affordable and mixed-income housing along light rail corridors and other transit rich areas.
The IRA Charitable Rollover provision allows individuals who have reached age 70½ to donate up to $100,000 to charitable organizations directly from their Individual Retirement Account (IRA), without treating the distribution as taxable income. The provision is part of a package of 55 temporary tax extenders that were reinstated retroactively for only the 2014 tax year, but were set to expire again on January 1, 2015.
Advances in technology have changed many aspects of everyday life, and these changes include how we view giving. With adaptations in lifestyle, nonprofits must work doubly hard to ensure that fundraising goals are met for continued service offerings. As other financial transactions are increasingly being done with mobile devices and as spur-of-the-moment online purchases, nonprofits must understand how to make this type of giving accessible to future donors.
The Boston Foundation announced its quarterly discretionary grants after a meeting of the Foundation’s Board of Directors today. The Board approved $1,565,000 in single and multi-year discretionary grants to be paid out beginning in December of 2014.
The Nellie Mae Education Foundation Board of Directors has approved more than $16.2 million in grants to five school districts across New England. Funding will further the implementation of phase II of Building New Models for System Change (BNM) grantees in Pittsfield, NH and Portland, Maine; and phase I for New Approaches in Urban Districts (NAUD) grantees in Hartford and Meriden, Conn., and Revere, Mass.