For many, this time of year inspires gratitude and generosity. We are grateful for the generous donors who give their time, talent, and treasure to help our community thrive. As you think about how you will make a difference this year, consider these 2023 tips and strategies to make your charitable dollars go further!
Consider a donor advised fund
Donor advised funds are the fastest growing giving vehicle in the nation, and for good reason! They can help with tax planning and provide a convenient way to keep your giving levels consistent even in lower income years. Reach out to us to learn more about how “bunching” at year end can maximize your tax benefits, and at the same time ensure that nonprofits are supported as demands on their missions continue to grow in choppy economic waters.
CFHZ is your local donor advised fund option and is uniquely positioned to offer our donor-advised fund holders personal attention and deeper connections to the nonprofits whose work is essential to effecting local community change. Our advised fund holders receive administrative convenience and benefit from our local focus, expertise, and mission-driven status.
Explore a wide variety of fund types
Donor-advised funds are not the only type of funds we offer. You can also establish field-of-interest funds, nonprofit funds, unrestricted funds, or scholarship funds. Our donor services team is ready to help you evaluate what type of fund (or funds) is best suited for your particular goals. For example, a Qualified Charitable Distribution from an IRA is a great candidate to establish a field-of-interest fund.
If you are 70 1/2 or older, consider using your required minimum distribution to support your charitable giving. Qualified Charitable Distributions (QCDs) allow donors to avoid paying income taxes on distributions up to $100,000 annually while supporting causes in the community. QCDs may not benefit Donor Advised Funds, but they can benefit any other fund at the Community Foundation including the Community’s Endowment, Designated Funds, Nonprofit Endowments, Scholarship Funds, etc.
Gifts of appreciated assets shine
Gifts of stocks, bonds, mutual funds, crypto or any other appreciated property owned for at least one year to a fund at CFHZ is still one of the most tax-savvy ways to support your favorite charitable causes. Contributions of appreciated assets to a public charity like the community foundation allows for a deduction of the fair market value without paying capital gains taxes, leaving you more funds to support your favorite causes.
*Please note these important year-end gifting reminders. The CFHZ office will be open to serve you until 5 p.m. on Friday, December 29.
- Gifts of Stock: Shares must be received into a CFHZ brokerage account before 4 p.m. E.S.T. on December 29, 2023 to be receipted as a 2023 gift. It is recommended that you discuss this soon with your broker, as processing times vary.
- Gifts by Credit Card: Whether received online, by mail, or by phone, credit cards must be charged by midnight on December 31 within the time zone the gift was made to be receipted as a 2023 gift.
- Gifts by Check: If you mail a check, the envelope must be postmarked by December 31 to be receipted as a 2023 gift. Note, December 31 is a Sunday, and you will want to mail your gift by Saturday, December 30, to be postmarked for a 2023 gift.
- Gifts by Wire Transfer: Gifts of cash must be received via cash wire transfer into a CFHZ bank account by 4 p.m. on December 29 to be receipted as a 2023 gift.