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So long, 2022: Important charitable tax planning reminders as the year winds down

So long, 2022: Important charitable tax planning reminders as the year winds down

Now is the time to share important reminders with your clients about year-end gifts. Time is indeed of the essence!

Gifts of appreciated stock still shine

Giving in a roller coaster market may continue to be a real concern for many of your philanthropic clients, but remember, not all stocks are down. Gifts of appreciated stock to a donor-advised fund or other type of fund at The Community Foundation is still one of the most tax-savvy ways to support favorite charitable causes because capital gains tax can be avoided. And of course, a stock market rally can present timely opportunities.

Donor-advised funds help both the donor and the donor’s favorite nonprofits

Grantmaking from donor-advised funds (DAFs) continues to rise, especially as donors and their advisors pay increasing attention to the ways a donor-advised fund can help with tax planning and, importantly, keep a donor’s giving levels consistent even in lower income years. Reach out to The Community Foundation to learn more about how “bunching” at year end can maximize clients’ tax benefits, and at the same time ensure that nonprofits are supported as demands on their missions continue to grow in choppy economic waters.

Year-end giving deadlines are firm

Watch the calendar closely! Year-end can sneak up on all of us, and it’s important not to miss key deadlines for accomplishing your clients’ charitable goals. Please reach out to our team to find out when certain transactions must occur to be completed during this tax year, including checks to a fund at The Community Foundation. Gifts of marketable securities also need to be fully transferred by December 31, so please urge clients to contact us in plenty of time for our team to process and receive the transfer.

The team at The Community Foundation is a resource and sounding board as you serve your philanthropic clients. We understand the charitable side of the equation and are happy to serve as a secondary source as you manage the primary relationship with your clients.

Questions? Call us at 540-432-3863 or email Kristin Coleman at [email protected].

 

Year-End Deadlines

2015 year-end deadlines are coming soon! December is one of the busiest months of the entire year for staff at The Community Foundation of Harrisonburg & Rockingham County. Please be sure to reference the following deadlines to be sure we provide you with the best service possible:

December 1 – Virginia Department of Education Preauthorization Request Forms must be submitted for the Education Improvement Scholarships Tax Credits Program. If you wish to take advantage of the opportunity for a 65% Virginia State tax credit offered through the VDOE tax credit program, please contact Ann Siciliano at 540-432-3863 with any questions.

December 11 – Grant Requests should be received by The Community Foundation to guarantee processing in 2015. If you wish to send a grant and have a Donor Central account, you should make your requests through Donor Central. Otherwise, please send a Grant Recommendations form to Revlan Hill at [email protected].

December 30 – Gifts of stock and mutual funds must be received by The Community Foundation by 2:00PM. If you have questions or need assistance regarding gifts of stock or mutual funds, please reference our Stock Transfer Instructions form or contact Revlan Hill.

December 31 – Gifts to The Community Foundation must be postmarked by this date or hand-delivered to the office by noon. Our office usually closes early on the last day of the year.

We appreciate your attention to our year-end deadlines. We will make every attempt to assist you in a timely manner and we appreciate your patience as we process a much higher volume of gifts and grant requests at the end of the calendar year.

Thank you for your generosity which benefits our community!