Texans have a reputation for facing challenges head on. Revenue is down. Needs are great. Dollars are stretched very thin as people’s focus stays centered on retaining jobs and bolstering the economy. Even though these are tough times, at least for the budgets of our state and cities, Communities Foundation of Texas is working on strategies to maximize the positive impact of nonprofits.
A new report sheds light on the role of the Texas nonprofit sector in ways beyond the contributions that normally come to mind. The Philanthropic Collaborative in Washington, D.C., just released a study showing that nonprofits are not only a source of good works — they’re also a major component of the Texas workforce. Texas nonprofits employ almost five times as many workers as our oil-and-gas extraction industry.
What does that mean? There are more than 400,000 nonprofit employees in Texas. They earn nearly $17 billion in annual wages, which produce more than $1.5 billion in state and local tax revenue. They are an important part of a robust economy!
To increase support for nonprofits and all their benefits to our community, CFT is working on creative ways to help you make more charitable gifts in tough times.
For example, you may have discovered that you have more assets locked in an IRA than you actually need. Through the end of 2011, you have the ability to roll over excess IRA assets as a direct gift to a nonprofit without first paying taxes on those assets as income if you are age 70½ or older. Currently, the gift is limited to $100,000 or less.
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The following foundation leaders joined forces on Capitol Hill: (from left) Larry Gill, Dodge Jones Foundation vice president; Bob Weiss, The Meadows foundation vice president for administration; Sarah C. Nelson, CFT chief philanthropy officer; U.S. Rep. Pete Sessions; Virginia DuPuy, Waco Foundation, Education Alliance executive director; Brent Christopher, CFT president and CEO; Paul W. Harris, Hoblitzelle Foundation president and CEO
CFT is encouraging Congress to make this IRA charitable rollover law permanent. We’re asking the age limit to be lowered to 59½ without any cap on the size of a gift. We also want all public charities to become eligible recipients.
We think that makes good sense for donors and nonprofits alike.
Especially in a difficult economy, nonprofits need unflagging support. It sustains their ability to fulfill their missions. And it sustains their vitality as an important part of our economic engine. Both of these outcomes help all of us.
Finding smart ways to get more resources behind effective nonprofits is what we do. Let us know how we can we can help you do that, too. |