Cavalier Corner

February 2021

Cavalier Corner is the publication just for UVa sports fans!

Issue link:

Contents of this Issue


Page 25 of 31

26 CAVALIER CORNER & VAF news notables Despite delaying the vote on the name, image, and like- ness and the uniform transfer proposals, the NCAA Divi- sion I Council and Board of Directors adopted five pro- posals into legislation during the week of January 11-14, 2021. A brief overview of each is below: Proposal 2020-5: Requires institutions and conferences to conduct an equity, diversity, and inclusion review once every four years. Proposals 2020-10 and 2020-10-1: Prohibits men's bas - ketball camps and high school or preparatory school pros- pects from visiting Division I schools during the NCAA Col- lege Basketball Academy scheduled for July 20-25, 2021. Proposal 2020-12: In men's and women's basketball, permits the first regular season contest to be conducted on the Monday preceding election day/civic engagement day if the first contest falls on the required day off for civic engagement (remember your high school govern - ment lesson that election day is the first Tuesday after the first Monday in November?). For example, in 2022, the first contest may occur on Monday, November 7, 2022 (instead of Wednesday, November 9, 2022) since Tuesday, November 8, 2022 is a required day off to al- low student-athletes to participate in civic engagement activities. Proposal 2020-14: For men's and women's basketball, the size of the men's and women's basketball committees increased from 10 to 12 members. The above proposals each had an immediate effective date and are already applicable for UVA coaches, staff, and student-athletes. The vote is still "to be determined" on the name, image, and likeness and the uniform trans - fer proposals. Stay tuned and GO HOOS! New NCAA Legislation Eric Baumgartner, Associate Athletics Director for Compliance compliance corner Your donation to the Virginia Athletics Foundation, no matter how big or small, is significant to the Virginia Athletics program. To make your pledge or donation, visit or call (800) 626-8723. The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law in 2020 included charitable giving incentives that have been extended through 2021 by the Consolidated Appropriations Act of 2021 (the Bill). The Bill extends the benefit that allows taxpayers who take the stan- dard deduction (rather than itemize) to claim a deduction up to $300 for gifts to public charities. In 2021, the deduction expands to $300 per single filer or $600 for those married and fil- ing jointly. Taxpayers who claim this benefit in 2020 are limited to deduct- ing a maximum amount of $300; the expansion of the benefit to $600 for married couples only applies in 2021 and not in 2020. The Bill also extends the CARES Act provision that allows itemizers to elect an unlimited deduction (up to 100% of adjusted gross income) for qualified cash gifts to public charities. This increased AGI limit does not ap- ply to donations made to private foun- dations, donor-advised funds, or split- interest trusts; however, the deduction produced by funding a charitable gift annuity with cash will qualify for this enhanced AGI limitation if the annu- ity is established with a public charity in 2020 or 2021. REQUIRED MINIMUM DISTRIBUTIONS RETURN While the CARES Act suspended Required Minimum Distributions (RMDs) from Individual Retirement Accounts for 2020, RMDs have re- turned for 2021. If you are at least 70-1/2 years old, you may be eli- gible to make a Qualified Charitable Distribution (QCD) from your IRA. QCDs count toward your required minimum distribution (RMD) if you are required to take one. Amounts distributed to support the Virginia Athletics Foundation that would oth- erwise be deductible as a charitable contribution will be excluded from federal income. Gifts to the VAF that are associated with the right to purchase tickets to home football or men's basketball games are not de- ductible. Please refer to the VAF's Giving Levels chart at http://virgin- levels/ to determine the amount of your gift associated with the right to purchase tickets. To find out more about how these changes may benefit you as you con- sider your 2021 giving to the VAF, contact a member of the VAF team at 434-982-5555. The VAF also recom- mends seeking the advice of a tax professional. 2021 Tax Law Changes That Impact Charitable Giving The Consolidated Appropriations Act of 2021 Extends CARES Act Provisions

Articles in this issue

Links on this page

Archives of this issue

view archives of Cavalier Corner - February 2021