As with many other businesses and nonprofit organizations, Bosque School is trying to navigate and adjust to the financial impact caused by these unprecedented times. Resources have been shifted to ensure the smoothest transition to remote learning, which includes increased technological needs, professional development for our staffulty, and additional resources for our students. Additionally, we remain committed to making Bosque as inclusive and accessible to all families, and actively continue to raise funds to support need-based tuition assistance. Currently, 63% of our students receive tuition assistance, and we foresee an increased need given the current financial climate. The cancellation of our spring fundraiser, which traditionally raises $50,000 for tuition assistance, has been a big setback, but we are determined to move forward and hope we can count on your help.
The 2020 Coronavirus Relief Law (CARES Act) has been passed and signed into law effective immediately. This legislation is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. Included in this bill are provisions that apply to charitable organizations, such as providing an above-the-line deduction for charitable contributions, and changing the limits on charitable contributions. Section 2204, for example, allows for a $300 deduction on donations made to charitable organizations, whether you itemize deductions on your taxes or not. We encourage you to take advantage of this provision in the tax code and consider a donation to Bosque School, a 501c3 charitable organization. Please click here to make your gift today and provide much-needed support for Bosque School.
Also, please click here to review the Finance Committee sections related to retirement accounts, IRA distribution changes, and charitable giving. Please contact your tax consultant for assistance and further detailed information.