It’s the end of the calendar year, and you’re starting to think about where you can make the most impact with your philanthropy. You know you can make a cash gift, but what are some other ways to give?
To help, CJP’s Gift Planning Office has pulled together a few helpful tips for ways you can direct your year-end philanthropy.
Tip #1: Contribute to a Donor Advised Fund
Did you know that more than 9,000 grants totaling $159 million dollars were recommended by caring CJP Donor Advised Fund participants last year? Donor Advised Funds are a great tool for donors of all ages to manage and optimize their giving.
When you transfer assets to a Donor Advised Fund, your contribution is invested for tax-free growth and may qualify you for an immediate tax deduction. You can recommend grants from your fund to support charities and causes you care about.
Contribute to a new or existing fund before December 22nd to qualify for a potential tax deduction this year.
Tip #2: Give a gift with your retirement assets
If you are 70½ or older, you can transfer up to $100,000 dollars annually from an IRA to the charity of your choice. This allowance is referred to as a “Qualified Charitable Distribution” or QCD.
If you are required to take a Minimum Distribution from your IRA, a QCD will count towards that requirement while reducing your tax burden. But don't forget, funds must be moved from your IRA before December 31st to count for this calendar year.
Tip #3: Donate gifts of appreciated securities
Did you know that by donating gifts of appreciated securities like stock and mutual funds, you may qualify for a charitable tax deduction while also avoiding tax on capital gains? Remember to give your broker plenty of time to transfer assets so they enter CJP’s account before year-end.
There is still time to give in 2023
We hope you’ll consider CJP as a worthy and trusted partner in your efforts. Of course, not every way to give is right for every donor, and CJP does not provide tax, financial or investment advice. Please consult your own trusted qualified advisors to discover the giving tools that are right for you.
For more information on any of these tips and other ways to make a lasting impact, visit CJP's ways to give website.