Easy Gifts at Year End

There is Still Time To Help Your Clients at Year End

It’s hard to believe but 2020 is coming to end. In just a couple of weeks we’ll be putting this rather interesting year behind us. I think we’re all thankful to put 2020 in our rear view mirror but before we start ringing in 2021, I wanted to make sure you knew that we can still help those clients who need to make a gift at year end.

Donor Advised Funds – Give Today and Make Grants Later

If your clients need to make a gift at year end they still have time to establish a donor advised fund at CFSI. Setting up a donor advised fund for your client will only take a us a day or two and will allow your clients to make their gift and take their deduction in 2020. Then, whenever they’re ready, they can recommend grants from their fund to support their favorite causes. This is an excellent giving technique for anyone who has a 2020 tax issue but isn’t sure where they want to give yet.

Some Other Tips to Help Your Clients

  • Keep an eye on timing. Checks must be hand delivered or postmarked on or before December 31. Credit card gifts must be posted to your client’s account and received by CFSI by December 31, so we recommend making gifts by credit card several days before year end.
  • Make a Qualified Charitable Distribution (“QCD”) from an IRA. This very popular giving technique allows IRA owners age 70½ or older to make a tax-free contribution of up to $100,000 directly to a qualified charity from their IRA. Qualified charitable distributions are excluded from taxable income and can count towards their required minimum distribution. A QCD gift can go into any fund at CFSI except donor advised funds. Please note that IRA owners who turn 70½ in 2020, however, don’t have to begin taking required minimum distributions until after they reach age 72, and under the CARES Act required minimum distributions are suspended for 2020.

I’ve included some helpful resources below and, as always, I’m here to help you and your clients make the most of their giving. If the Community Foundation of Southern Indiana can help your clients make an impact or save on taxes at year end, please let me know how I can help by contacting me at 812-948-4662 or lspeed@cfsouthernindiana.com.

Happy Holidays,
Linda S. Speed, JD
President and CEO


Advisor Resources

The Community Foundation’s website offers a range of resources to help you serve your clients including access to PG Calc, the Charitable Giving Tax Service, and the Advisor Toolkit from R&R Newkirk.

Tools Available on our website include:

The Community Foundation of Southern Indiana is honored to be your partner in philanthropy. If you or your client would like to learn more about our giving options and how they can benefit from a fund at CFSI, please contact Linda Speed at (812) 948-4662 or lspeed@cfsouthernindiana.com

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