Year-End Charitable Giving Tips
The North Georgia Community Foundation (NGCF) offers several ways to incorporate charitable giving into your year-end planning. We help you maximize your charitable impact as well as your tax benefits. The services offered by NGCF provide advantages to donors in many ways:
▪ Start or add to your Fundo NGCF offers different types of charitable funds to meet your needs.
▪ We make giving easy: Give Now, Decide Later
o Make contributions now but decide your recipients at your own discretion.
▪ Grants from funds at NGCF can support nonprofits, churches, schools, government entities, or approved philanthropic projects.
▪ Grow Your Giving
o Your contributions are invested and grow tax-free.
▪ Make a cash gift
o Claim a tax deduction immediately.
o Consider “bundling” a few years’ worth of giving and claiming a charitable deduction this year while “pre-funding” your giving for future years.
▪ Contribute appreciated stock or mutual funds
o Avoid paying capital gains tax on the sale.
o Still receive a charitable income tax deduction on the full value of the asset.
▪ Sell real estate or a business
o Involving NGCF in your business sale may help you avoid capital gains tax.
▪ Satisfy your required minimum distribution (RMD)
o Individuals over 70 ½ with a traditional IRA can give a qualified charitable distribution (QCD) to specific fund types at NGCF.
o You can allocate up to $100,000 directly from your IRA and avoid paying any income tax.
o Please note – Although NGCF will accept your RMD, taking a RMBD is not required in 2020. The CARES Act has waived all RMD obligations for 2020, including for those who turned 70½ in 2019 and had until April 1, 2020 to take their first distribution. However, you can still take a distribution and receive tax benefits and make an impact on nonprofits who need it the most.
▪ Make estate or planned giving arrangements to ensure your philanthropic legacy lives on forever
▪ Teach younger generations around you about the impact and legacy of giving
▪ Make a gift to the NGCF Endowment
o A gift to the NGCF endowment allows your contribution to be stewarded by NGCF and distributed throughout North Georgia to meet critical needs.
▪ Receive peace of mind
o Before grants are given from any fund, NGCF handles vetting the recipient. You have the benefit of knowing your funds are stewarded properly.
▪ Get happy
o Psychologist have proven that giving to others has a direct impact on your happiness