Year End Smart Giving Guide
The end of the calendar year is the perfect time to reflect on your finances and philanthropic goals and maximize your charitable giving to reduce your tax burden. The Catholic Foundation of Greater Philadelphia is here to support you on this path.
KEY DATES TO REMEMBER
Donor-Advised Fund holders are encouraged to recommend DAF grants by December 16th to ensure your gift is mailed to your charity by the end of the year.
Gifts of appreciated securities, such as shares of stock or mutual funds, can take up to 10 days to transfer. It is recommended to begin this process before December 20th. See below.
Qualified Charitable Distributions (QCD) from an IRA must be completed by December 31st to qualify as a 2024 rollover and be excluded from the donor’s taxable income. See below.
Wire transfers must be received on or before December 31st. Gifts in the form of cash, check, or money order must be postmarked no later than December 31st.
Gifts made via credit card must be made before midnight on December 31st.
Donor-Advised Fund holders are encouraged to recommend DAF grants by December 16th to ensure your gift is mailed to your charity by the end of the year.
Gifts of appreciated securities, such as shares of stock or mutual funds, can take up to 10 days to transfer. It is recommended to begin this process before December 20th. See below.
Qualified Charitable Distributions (QCD) from an IRA must be completed by December 31st to qualify as a 2024 rollover and be excluded from the donor’s taxable income. See below.
Wire transfers must be received on or before December 31st. Gifts in the form of cash, check, or money order must be postmarked no later than December 31st.
Gifts made via credit card must be made before midnight on December 31st.
As you consider your charitable priorities, consider these three powerful ways to maximize your giving!
1. Qualified Charitable Distributions (QCD) or IRA Rollover
Individuals who are 70½ years old or older may use a Qualified Charitable Distribution (QCD), also known as an IRA Charitable Rollover, to donate up to $105,000 from an IRA. If you are 73 years of age or older, your gift will count toward your required minimum distribution (RMD), but it will not count as income to you. You will not pay taxes on any distributions made to your favorite charity.
2. Gifts of Appreciated Securities
If you’re considering selling appreciated publicly traded securities and donating the proceeds, you may want to consider gifting the assets directly to the charity. Gifting the assets directly to a charity can eliminate your long-term capital gains tax and provide a sizable tax deduction. Appreciated securities must be held by the donor for at least one year to qualify. When you buy low and give high, you make a gift that costs you less than the benefit it delivers.
3. Donor-Advised Funds (DAFs)
A Donor-Advised Fund (DAF) is a personal charitable giving account that allows the freedom to decide where and how often you want to give. After opening your Donor-Advised Fund, you receive an immediate tax-deduction and can then make distributions from your fund to your favorite ministries as frequently as you wish. A DAF with The Catholic Foundation can be created quickly and easily with a gift of $5,000 or more. When you create a fund with The Catholic Foundation, you’re investing in the future of our Catholic faith. Our philanthropic advisors will walk with you through every step of the investment process, ensuring that your contributions are organized, sustainable, and directed towards causes that matter to you.
Individuals who are 70½ years old or older may use a Qualified Charitable Distribution (QCD), also known as an IRA Charitable Rollover, to donate up to $105,000 from an IRA. If you are 73 years of age or older, your gift will count toward your required minimum distribution (RMD), but it will not count as income to you. You will not pay taxes on any distributions made to your favorite charity.
2. Gifts of Appreciated Securities
If you’re considering selling appreciated publicly traded securities and donating the proceeds, you may want to consider gifting the assets directly to the charity. Gifting the assets directly to a charity can eliminate your long-term capital gains tax and provide a sizable tax deduction. Appreciated securities must be held by the donor for at least one year to qualify. When you buy low and give high, you make a gift that costs you less than the benefit it delivers.
3. Donor-Advised Funds (DAFs)
A Donor-Advised Fund (DAF) is a personal charitable giving account that allows the freedom to decide where and how often you want to give. After opening your Donor-Advised Fund, you receive an immediate tax-deduction and can then make distributions from your fund to your favorite ministries as frequently as you wish. A DAF with The Catholic Foundation can be created quickly and easily with a gift of $5,000 or more. When you create a fund with The Catholic Foundation, you’re investing in the future of our Catholic faith. Our philanthropic advisors will walk with you through every step of the investment process, ensuring that your contributions are organized, sustainable, and directed towards causes that matter to you.
Contact Us
The Catholic Foundation would be delighted to help you simplify your end-of-year giving! We invite you to contact Garrett Owen, Chief Philanthropy Officer, at gowen@thecfgp.org or 215-587-5650 to explore your options.
The information on this page does not constitute legal or financial advice. Consult your financial advisor and obtain professional counsel from an attorney to assist you in making a gift in a way that will benefit the people and organizations you care most about.