Five ways to make your giving count before 2019 ends
Now is a great time for giving. When you make a donation by December 31st to the Otsego Community Foundation, you aren’t just giving money—you’re creating positive impact that makes Otsego County better. Here are five ways to make the most of your year-end giving:
1. Give early and complete your gift by December 31st. A gift by check is complete when mailed (postmarked) by December 31st. Gifts by credit card are complete when your credit card account is charged. Even if it’s last minute, you can donate online up until 11:59 p.m. on December 31st.
2. Review your stocks. Consider a year-end gift of appreciated stock. If you gift stock, you will receive a charitable deduction for the current market value of the stock, which can provide significant savings in capital gains tax. Stock transfers can take several days. Contact your financial advisor soon to take advantage of this giving vehicle.
3. Give with your retirement plan. If you’re receiving taxable income from an IRA, the Charitable IRA Rollover Act allows donors age 70 ½ or older to donate up to $100,000 from their IRA without counting the distribution as income. Learn more about using your Required Minimum Distributions (RMD) to support the causes you care about most. Donors interested in an IRA rollover gift for the 2019 tax year should contact their financial advisors soon to take advantage of this benefit by December 31st.
4. Give now—decide later. If you need a charitable tax deduction this year but are undecided about which nonprofits to support, consider opening a donor-advised fund at the Community Foundation. You can claim a deduction for contributions to your fund now even though distributions from the fund would be made in future years. Contact us for details.
5. Let the Community Foundation do the legwork. Working with us gives you access to our extensive knowledge of the local nonprofit community and the needs of our county. We’re here to help you achieve your charitable goals. Email Dana Bensinger or call (989) 731-0597 to get started.
Thank you for making a difference in Otsego County!