Jul 30, 2014

Making A Year-End Donation?

Some simple reminders for tax-reporting purposes from the Community Foundation of Eastern Connecticut

Making A Year-End Donation?

There are just a few days left in 2011, but that is still enough time to take care of that charitable donation you have been meaning to make, and have it help you on your taxes.

The so-called "year-end giving season," is when 80 percent of people who will make a charitable gift do so. And in this economy, with so many in need and so many organizations seeking assistance, deciding which to support can be difficult and confusing.

The recommends this " Forbes.com" article.  “Its simplicity resonated with us,” the Foundation wrote in a press release,  “and we thought it might be helpful to you. No matter the size of your charitable budget, the article provides an easy, clear strategy for philanthropic giving.”

The Community Foundation offers these reminders for end-of-the-year giving:

  • charitable gifts by check must be received or postmarked on or before December 31st.  
  • Online gifts must be made before midnight on December 31st
  • And gifts of stock must be received by the charity on or before December 31st (check with your broker re: timeframe).  

The Community Foundation says in the release it has more than 50 donor advisors and many of these generous people practice this same approach. “ Once the fund is established, our donor advisors select the specific charities they'd like to make grants to each year and the exact dollar amount for each.  If you are considering this approach or would like more information on how we might be able to help you design your philanthropic plan, please do not hesitate to call Alison Woods ( alison@cfect.org) or Kip Parker ( kip@cfect.org) at 860.442.3572.”

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