Tax Reform: The Final Steps
The Senate passed their version of tax reform late Friday evening. The House and Senate versions will now be reconciled to create legislation to send to the President for approval prior to the winter recess on December 15.
Similar to the House bill, the Senate version expands the standard deduction, which will reduce the number of taxpayers who itemize. Experts predict this will mean a loss of billions of dollars of giving to charities next year and beyond.
Despite heavy advocating from the nonprofit sector, an “above the line” universal tax deduction was not included in the final legislation.
NCDC released this statement on the passage of the Senate bill.
More need to know news:
- How The Tax Rewrite Could Impact Charitable Giving [NPR]
- Facebook Plans on Saying 'Goodbye' to Donation Fees for Nonprofits [Nonprofit Pro]
- Postal Regulator Allows Higher Rates, but Denies USPS Autonomy in Setting Prices [Alliance of Nonprofit Mailers]
- After waves of disasters, some nonprofits fear donor fatigue during critical holiday fundraising [Star Tribune]
“The main question is, ‘does faith affiliation matter for philanthropy and charitable giving,’” Rev. Austin said of the findings published in Giving to Religion. “The resounding answer is ‘yes, it does.’ People of faith are more generous and they’re more likely to be generous. They not only give more than unaffiliated people to religious causes but also to non-religious organizations. ” [Lily Family School of Philanthropy]
More emerging trends:
- The spontaneous order of charitable giving [Philanthropy Daily]
- Donor-Advised Funds Are Catching Up To Foundations As The Most Powerful Givers [Fast Company]
TIPS & TACTICS
“Donor retention is generally abysmal. On average, only 23% of first-time donors renew. Only 46% of all donors renew (Fundraising Effectiveness Project).
Why, oh why, is this so?
It’s because too many nonprofits make acquisition their priority and neglect retention.” [Bloomerang]
More tips and tactics:
- Three Simple Ways to Connect to Your Donors [Capital Campaign Masters]
- 7 Steps to Recycling Your Best Facebook Content [John Haydon]
- The Year-End eAppeal: Standing Out from the Rest [Opus Fidelis]
- Bishops urge Congress to ‘fix fundamental flaws’ in final tax reform bill [America]
- Bill that would allow churches to receive FEMA aid advances in Congress [Religion News]
Inspirational insight of the week:
"The giver of every good and perfect gift has called upon us to mimic
His giving, by grace, through faith, and this is not of ourselves."
- St. Nicholas of Myra