November 28, 2022 – “Giving Tuesday,” celebrated this year on Tuesday, Nov. 29, is seen as the start of the year-end charitable and holiday giving season. To help South Floridians focus on year-end and holiday charitable giving opportunities, Community Foundation of Broward President/CEO Jennifer O’Flannery Anderson, Ph.D., today released her “10 Tips for Year-end Giving.”
“Now is the time to plan and maximize the value of your year-end charitable giving,” said Jennifer O’Flannery Anderson. “Our heartfelt thanks go out to the tens of thousands of Broward residents who invest in our community’s future by making charitable contributions, especially the visionary philanthropists who have created a legacy of BOLD impact with their personalized charitable funds at the Community Foundation.”
The new “10 Tips for Year-end Giving” include:
1.) Develop a strategy and plan for your year-end charitable giving. Review your personal objectives for giving as part of creating a plan. Spell out your mission and follow it in developing your giving plan.
2.) Consider gift “bundling.” You can bundle several years’ worth of support for your favorite causes or organizations through a single, year-end gift to a donor-advised fund. Gift bundling enables you to lock in support to achieve your long-term charitable goals, while realizing the full tax benefit during the 2022 year.
3.) Donate appreciated stock. Donating appreciated stock multiplies your giving power by removing your tax liability from the stock sale and realizing tax benefits from the donation. The stock transfer must take place before the end of the year and it may not be possible to complete in one day.
4.) Give with your IRA distribution. Using your Qualified Charitable Distribution (QCD) from your IRA is an easy way to donate. A QCD is an above-the-line tax deduction that can satisfy your required minimum distribution.
5.) Name a charitable organization as a beneficiary in your will. If now isn’t the best time to dip into your assets and make a donation, naming a charitable organization such as Community Foundation of Broward as one of your beneficiaries is a good way to ensure that your future gift will help others.
6.) Document the value of your gifts. For donations of non-cash items worth more than $5,000, an appraisal may be required to determine fair market value.
7.) Be mindful of limits on charitable contributions. According to the Internal Revenue Service, generally you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.
8.) Focus on the December 31 year-end deadline. Charitable contributions must be made by December 31, however, credit card charges processed before the end of the year are deductible in that year, regardless of when you pay off the charges. Also, checks written and mailed before the end of the year are deductible in 2022, even if the checks are cashed next year.
9.) Contact your professional advisors to help clarify your best giving strategy. It is always important to consult your financial advisor and your accountant to fully understand ramifications of year-end giving.
10.) Consult with philanthropy experts at Community Foundation of Broward. They can provide guidance about making the most of your charitable giving. Visit www.cfbroward.org to learn how best to amplify your impact.
For more information about Community Foundation of of Broward, please email Kirk Englehardt, Vice President of Marketing and Communications at the Community Foundation (kenglehardt@cfbroward.org) or call 954-761-9503.
About Community Foundation of Broward
Founded in 1984, Community Foundation of Broward (CFB) helps families, individuals, and corporations create personalized charitable Funds that deliver game-changing philanthropic impact. 473 charitable Funds represent more than $212 million in assets, distributing $119 million in grants over the past 35 years. CFB provides bold leadership on community solutions and fosters philanthropy that connects people who care with causes that matter – which empowers visionaries, innovators and doers to create the change they want to see in the community – and BE BOLD. www.cfbroward.org.
