11 Dec 2020 Holiday Gift Giving Guide
We’re gearing up for the holiday season here at the Community Foundation, And we’re taking some fresh advice from BIGFOOT on how to be a Social Distancing World Champion with our 2020 Holiday Gift Giving Guide. Let us do the 2020 Santa-tized, hand-washed, socially-distanced, face-covered, warm-hearted Gift Giving for you! We even promise to not lick the envelope. (That made us laugh out loud, but we’re 100% serious!)
First, our mission is to connect people, resources, and causes to promote sustainable impact for the betterment of Grant County. So, we’re taking a moment to connect you with a few resources that will assist you in your 2020 Holiday Gift Giving with a donation that will last far beyond the holiday season.
Below are a few strategies for end-of-year giving that will provide you some tax savings advantages if you make your gift by December 31st. It’s as easy as 1-2-3:
Step #1: Decide WHO is on your 2020 Holiday Gift Giving List; especially think of those people who ‘have everything’ or are difficult to buy for:
- Make out your 2020 Holiday Gift Giving List. Include their names and addresses. You’re also welcome to include a short message to customize your Holiday Tribute card. On your behalf, we’ll send notification of your generous gift in the name of your family, friends, coworkers, and neighbors. It’s a gift that fits everyone!
Step #2: Decide WHAT charitable fund you’d like your gift to benefit:
- Specify the fund you’d like to benefit. We’re happy to split your gift between multiple funds, if you choose. Visit our Donor Marketplace online for a complete list of charitable funds serving a variety of worthy causes in our community. If you’re not sure which fund you’d like to benefit, we recommend an unrestricted gift to the Give To Grant Collaborative. Your gift, combined with many other generous donations, significantly increases our local grantmaking.
Step #3: Decide HOW you want to give:
- Cash/Check/Online: If you itemize deductions, these gifts are deductible up to 60% of adjusted gross income (100% in 2020). Your actual tax savings depends on the amount of your gift as well as your marginal income tax bracket. When you write a check to us and mail it by December 31st, you can deduct it this year. When you charge your gift to a credit card, you can deduct the gift in the year you make the charge. Give online here: www.GiveToGrant.org/GiveOnline.
- Required Minimum Distributions: Under the CARES Act, RMDs are not required in 2020. However, this type of gift can play a strategic role in your annual charitable giving and have an immediate impact in the community. At any time during the year, you can simply notify your IRA custodian to make a direct transfer of the required distribution amount from your IRA to us. This option is only available if you are 70 1/2 or over, own an IRA, and make your gift by direct transfer of funds from your IRA directly to the Foundation. The transferred amount counts towards your required minimum distribution, but no tax is due on the distribution (up to $100,000 annually). Many donors take advantage of this option!
- Appreciated Stock: You can make a gift of stock by an electronic transfer or by delivering the actual stock certificate to our office. This is easy to carry out and the most popular type of non-cash gift. The gift is deductible up to 30% of AGI, with a 5-year carryover provision. There are also no capital gains tax owed on the appreciation. Call us if you need help with this charitable option at 765-662-0065.
This is philanthropy and gift giving in its broadest sense! Do good and feel good. If there was ever a year that a charitable donation would be the perfect holiday gift, the year of COVID would be the year. You’ll stay inside, away from the crowds, and complete your holiday gift giving with these easy strategies. Give us a call at 765-662-0065 with any questions. We are committed to helping you meet your charitable goals.