With the holiday season in full swing, most people find themselves in a flurry of activity, from decorating the house and preparing for guests to finishing a surge of work before scheduled vacation time to finding that perfect gift. Of course, not all gifts are wrapped. Some are designed to make a meaningful impact. Fortunately, even at the end of the year, there’s still time to support our mission.
Year-end giving has become a charitable tradition for many people, to the point where nearly a third of all charitable donations occur in December. Whether you participate in Giving Tuesday or focus on creating a personal legacy, there are plenty of “last minute” ways to make a difference for those we serve and reinforce the spirit of generosity that defines this time of year. If you’re looking for something beyond the common gift of cash, consider the following options:
Appreciated Stock
Are you rebalancing your investment portfolio? A gift of long-term appreciated stock is both easy and powerful, since it comes with two tax benefits:
- Your gift qualifies for an immediate income tax deduction for the full value of the stock
- You owe no capital gains tax on the appreciation
Initiate a stock transfer to us no later than December 23.
A Gift from Your IRA
Are you an IRA owner age 70½ or older who doesn’t need your required minimum distribution (RMD)? You can make a gift to us directly from your IRA. While your gift does not qualify for an income tax deduction, it does count toward your required minimum distribution (RMD) if one is due, and the distribution is tax free up to the $105,000 limit (for 2024).
Contact your IRA custodian early in December.
A Grant from Your Donor-Advised Fund
Are you one of our many supporters who has money set aside in a donor-advised fund (DAF)? Recommending a grant to us is an easy way to give without impacting your daily finances—the gift comes out of assets you’ve already designated for fulfilling your charitable goals. If you don’t have a DAF already, it may not be too late to set one up, and your donation to the DAF qualifies for a charitable income tax deduction. This can be a smart way to donate more complicated non-cash assets.
Create a new DAF by December 13 to qualify for a tax deduction.
Make grant requests from existing DAFs at the beginning of December to guarantee processing by the end of the year. However, since no additional tax deduction is available for the grant, the timing may not be important.
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