Tips for Year-End Giving 

As the year ends, it is the perfect time to reflect on what we are grateful for and consider charitable ways to give back to our community. You may be asking, why give to charity? In studies on the reasons people give, passion for a charity’s cause, a desire to give back, and helping make a difference are often at the top, while tax reduction regularly ranks low on the list. 

Ron Altenburg

“Some years ago, I was running out of time to make my own year-end charitable gifts. While supporting the charity’s mission was my prime motivator to give, I must admit I felt compelled to do it in a tax-savvy way,” said Ron Altenburg, Principal, CPA with Clifton Larson Allen (CLA). “Although the low ranking of tax benefits might come as somewhat of a disappointment for a tax guy, it’s heartwarming to know genuine concern for others is of primary importance.” 

Here are some tips to help you with your year-end giving: 

1. Make the Most of Your IRA. If you are 70 ½ or older, you may transfer up to $105,000 (2024) directly from an IRA to a qualified charity like the Community Foundation.  This qualified charitable distribution from your IRA reduces your income, even if you do not itemize, and helps meet a required minimum distribution. While IRA transfers to donor advised funds do not qualify, the Foundation offers other types of funds that do, such as scholarship funds and designated funds. 
2. Leverage Donor Advised Funds. Establish or contribute to a donor advised fund. This allows you to make a tax-deductible gift now and decide later how the funds will be distributed to your favorite charitable organizations.  
3. Donate Appreciated Stock. Donate appreciated stocks or other securities held over a year directly to charity. This may allow you to deduct the full fair market value and eliminate capital gains tax. December 6 is the latest date we recommend initiating contributions of appreciated stock, bonds, or mutual fund shares to ensure receipt by December 31. Talk with your financial advisor and contact us before donating stock to ensure a prompt and accurate transfer of your gift. Visit cffoxvalley.org/stock for more information.
4. Important Donation Reminders. The last day to make in-person donations at our office is December 31by 4 PM. Mail postmark date for donations sent via U.S. Mail is December 31. Credit card donations, cffoxvalley.org/give-online, must be completed by midnight on December 31 to be considered a 2024 contribution.  

Michelle Lippart Hardwick

“Year-end giving is not just about tax benefits. It is about making a difference when it matters most,” said Michelle Lippart Hardwick, Director of Gift Planning. “Year-end is a vital time for many nonprofit organizations to raise contributions to sustain them for much of the coming year.” 

You have the power to change the world, starting right here in the Fox Valley region. Your gift provides hope to not just the recipient, but to the entire community. We are here to help you make the change you envision a reality. Together, we flourish! 

To learn more about how our donors’ generosity is making an impact for good, read our latest publication of our newsletter, Giving Matters.

This giving season and into the new year, our Community Foundation team is here to help you with your charitable goals. Contact Michelle Lippart Hardwick, Director of Gift Planning at 920.702.7622 or via email at mlippart@cffoxvalley.org.