Making the most of your year-end charitable giving.
During this season of giving, and as we approach the end of the calendar year, our staff is ready to make your year-end gifts and grantmaking as easy and impactful as possible. With this in mind, here are a few year-end giving tips and deadlines for 2023.
DAFs and “Bundling”
A GiveWell Community Foundation (GWCF) charitable fund is a great way to claim a tax deduction now and support your favorite nonprofits and charitable causes in the future. With a donor-advised fund (DAF), donors can take their time deciding where and when their contributions go. And, in the meantime, their fund contribution can be invested, allowing them to give back even more over time. A charitable fund can also allow some donors to reach the itemizing threshold by “bundling” or pre-funding years of charitable giving in advance.
Establishing a charitable fund is quick and easy to set up with a gift of $10,000 or more. Gifts can also be made with non-cash assets such as appreciated stock or mutual funds, which avoids capital gains tax on the sale of the stock.
Qualified Charitable Distributions
If you are 70½ or older and not using your Required Minimum Distribution (RMD) for your living expenses, you can reduce your taxable income by using your RMD to contribute an IRA Qualified Charitable Distribution to a GWCF charitable fund (excluding donor-advised funds).
Professional Advisors
Before making any significant gift to charity, we suggest you consult with your CPA, attorney, or other professional advisor to understand the impact on your taxes and estate. In addition, our professional staff would be happy to work with you and your advisor to help maximize the impact of your year-end giving.
Year-End Giving Deadlines
- Gifts/checks sent to GiveWell Community Foundation must be postmarked no later than December 31 (keep in mind that 12/30-31 are weekend days).
- Credit card gifts can be made online at givecf.org/donate and must be made before midnight on December 31.
- Gifts of publicly- or privately-traded stock and other non-cash assets can be more complex, so be sure to get in touch with us soon to discuss. Note: if you are giving appreciated stock, please let us know in advance the name of the donor, the name of the security, the anticipated number of shares, and the name of the fund to receive the gift.
GWCF Holiday Schedule
Our offices will be closed on Friday, December 22, and Monday, December 25. We will be available all other weekdays, including Friday, December 29, to serve you during our regular business hours of 9:00 a.m. – 5:00 p.m. Our offices will also be closed on Monday, January 1, 2024. If you have any questions or would like to set up an appointment, please call us at 863-683-3131.
This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.
