Additional Resources

Legal and Technical

The Medical College of Virginia Foundation, d/b/a the MCV Foundation, is tax-exempt under 501(c)(3) of the Internal Revenue Code.

  • Legal Name: Medical College of Virginia Foundation
  • Address: 1228 E. Broad St., Box 980234, Richmond, VA 23298
  • Tax ID: 54-6053660

Stock transfer instructions

Legislation Updates

CARES Act Tax Incentives Extended — With a Small Increase
A couple of key provisions of the CARES (Coronavirus Aid, Relief, and Economic Security) Act were extended into the new year (and, in one case, increased). Here’s what the new stimulus package means for you in 2021.
Tax Incentives When You Give to Charity

  1. An expansion of the universal charitable deduction for cash gifts
    The universal charitable deduction has been extended and slightly increased. The new deduction is $300 for single filers and $600 for married couples filing jointly. This is available to taxpayers who take the standard deduction. This tax incentive is available for cash gifts to qualified charities (but not to supporting organizations or donor advised funds).
  2. An extension of the cap on deductions for cash contributions Contributions to public charities are generally limited to a percentage of a taxpayer’s adjusted gross income (AGI). The CARES Act lifted the cap on annual contributions for those who itemize, increasing it from 60% to 100% of AGI for 2020 (and now for 2021). Any excess contributions available can be carried over to the next five years. (For corporations, the law raised the annual limit from 10% to 25% of taxable income.)

The SECURE Act — Impact on Qualified Charitable Distributions

The SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement Act, modifies some aspects of the way that individual retirement accounts (IRAs) work.  

  1. Change to age at which RMDs start The law pushed back the age at which individuals must start to take required minimum distributions (RMDs) from age 70 ½ to age 72.  Individuals can still make qualified charitable distributions starting at age 70 ½ even if they are not taking RMDs at that time.
  2. Removal of age limitation for making contributions to IRAs Under prior law, people age 70 ½ and older could not make new contributions to an IRA.  The SECURE Act changed that.  Now, IRA owners may make contributions to their accounts, the amounts of which may be tax deductible, at any age.  Such contributions, though, will reduce the tax-free $100,000 QCD limit.

Brochures and Informational Pieces

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