by Jody Dilday
There’s no denying it…cooler temps, changing leaves, and the “fall back” from Daylight Savings Time all signal that the HOLIDAYS are here!
For many of us, the end of year is an ideal time to make charitable gifts. Every day, Arkansas Community Foundation works with Arkansans help them achieve their charitable goals for tax benefits, while helping make a difference across the state.
Here are 4 tips to help you giving at year-end:
- Give an asset that provides you with the maximum tax benefit. You know the old saying, “cash is king”? Well….that’s not always the case. Sometimes it makes more sense to give a non-cash gift to charity. Doing so can help you reduce capital gains, avoid estate taxes, or minimize taxable income, thereby supporting your overall financial strategy. Talk with your professional advisor about what makes the most sense for you and your goals. Arkansas Community Foundation is equipped to accept complicated gifts and distribute the proceeds to your charity of choice. We’d be more than happy to help.
- Utilize a giving tool that best fits your income level, your tax-savings goals, and your philanthropic priorities. How you give to charity may differ from your neighbor or depending on your stage of life. Whether you give modest annual gifts to causes you care about, want to continue supporting an organization close to your heart forever, or have the means to make a larger impact…the Community Foundation has flexible tools.
- Fund general operations to make the greatest impact for the organization you believe in. At year-end, most nonprofit organizations are striving to meet their budget. Gifts in support of general operating expenses are incredibly beneficial. These “unrestricted” gifts empower the organization to determine where and how the money will be used—whether for a major program development, hiring additional staff, or simply maintaining their facility. Unrestricted donations also provide the charity flexibility and security to advance its mission by planning initiatives for the following calendar year. Similarly, a gift to your community’s Giving Tree endowment enables the Foundation to plan for and respond to the ever-changing needs in your community.
- Give Where You Live! By all means… give to support medical research, fund projects that provide clean water, or sponsor a global mission. But remember to Give Where You Live as well! At the Community Foundation we ASPIRE to improve the quality of life for all Arkansans. Let’s work together!
As the end of the year approaches, remember your friends at the Community Foundation are ready to help you.