Reminders to Wrap Up 2024

Dec 5, 2024

Year-end is closing in, and it’s easy to get overwhelmed by all the advice floating around about what to do before December 31. We’re making it super easy for you! Here are three reminders that are typically among the most important for year-end charitable giving. 

–Give stock. Evaluate your highly-appreciated stock positions and use these assets to give to your fund at the Community Foundation, coordinating with your tax and financial advisors to optimize your 2024 goals. Appreciated assets generally are far better charitable gifts than cash because you not only can take advantage of the income tax deduction, but also you can avoid capital gains tax. 

–Use your donor advised fund. Consider deploying a “bundling” or “bunching” technique by making a gift to your donor advised fund at the Community Foundation this calendar year that allows you to leverage itemized deductions (the standard deduction is very high, at least at the moment), and then use your donor advised fund over the next few years to support your favorite charities.

–Explore a QCD. If you are age 70 ½ or older, you absolutely must consider making a Qualified Charitable Distribution (QCD) to an existing fund at the Community Foundation. Each spouse can give up to $105,000 in 2024, and the distributions will satisfy your Required Minimum Distributions (RMDs) if you’ve also reached that age. Contact the Community Foundation right away to learn why the QCD is so powerful. Note that a donor advised fund is not an eligible recipient, but there are lots of other ways you can leverage this tax-savvy giving opportunity.    

As you consider your year-end giving decisions, mark your calendar with these important dates to ensure you achieve your giving goals through the Community Foundation.

  • Grant recommendations – Due by noon on Monday, December 30 
  • Credit card contributions – Submitted by 11:59 p.m. on Tuesday, December 31 
  • Contributions by check – Due Tuesday, December 31 in the office or postmarked by this date

Please allow additional time for processing gifts such as stock, real estate or tangible personal property that require advanced planning; contact our team to begin the process of meeting your financial and charitable goals. 

Your generosity and commitment to the needs and opportunities of our communities have made a meaningful impact. Thank you for investing in the projects and organizations that not only make us better together, but better forever.