The short answer to ‘Why Pledge to CTO?’ is to reserve your limited tax credits; allowing you to wait and complete your pledge by December 15.
The better answer? In 2021, CTO allocated all of our tax credits by October 1st, the earliest ever in our 15-year history. A good economy helped, our prayers to St. Joseph Calasanz helped, explaining how donors could wipe out their Iowa tax liability helped AND the increase in the tax credit to 75% of the donation definitely helped.
With 75% of the donation returned to the donor via tax credits prompted both existing donors to increase their contribution amount and new donors to donate as well. We had just 381 donors in 2021 contributing $3.5 million as compared to 503 donors in 2020 donating $3.4 million.
We had more than 180 of our 2019 and 2020 donors not contributing in 2021 because we ran out of tax credits so early, and their gifts totaled nearly $1.4 million.
There is good news for 2022: we have more tax credits this year and we will get to raise $4.5 million…that’s $1.1 million more than last year. It doesn’t take much math to realize we will still have more demand from donors than tax credits available.
Your pledge will reserve your tax credits until December 15, 2022. Pledge online today!