The Coronavirus Aid, Relief and Economic Security (CARES) Act provides widespread economic relief but specifically includes appropriations for arts and humanities not-for-profit organizations. These are in addition to annual appropriations.
Additional appropriations include $75 million to remain available until September 30, 2021, for the National Foundation for the Arts Grants and Administration, to be distributed at 40% to state arts agencies and regional arts organizations and 60% for direct grants. These funds may also be used for general operations, and matching requirements are waived.
In addition, $75 million will remain available until September 30, 2021, for the National Endowment for the Humanities Grants and Administration with similar stipulations.
The CARES Act also includes a charitable contribution provision whereby all non-itemizer taxpayers will be able to deduct up to $300 of qualified charitable contributions for tax years beginning in 2020.
Contact Marie Brilmyer at mbrilmyer@cohencpa.com or a member of your service team to discuss this topic further.
Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.