2020 Year-End Grantmaking and Giving Deadlines

October 27, 2020

With 2021 right around the corner, we want to remind you of a few important dates to make the most of your end-of-year grantmaking and maximize available tax benefits for gifts made this year.

Grantmaking

If you want to support your favorite organizations before year's end through your charitable fund at Stark Community Foundation, be sure to submit your grant recommendations by Sunday, December 27, 2020. Grant recommendations can be made through the Donor Portal, email or mail/fax. You can still submit grant recommendations after December 27, however, we can't guarantee the organizations will receive your generous support in 2020.

Giving

If you are considering creating your own charitable fund through Stark Community Foundation, or already have an established charitable fund with the Foundation, below are some important dates to keep in mind to ensure your gifts qualify for a charitable income tax deduction in 2020.

As a reminder, the Foundation accepts a wide variety of gifts such as cash, stock, publicly-traded securities, mutual funds and IRA assets, as well as facilitates complex transactions like real estate, charitable gift annuities and closely-held assets.

• Checks: Checks sent via the U.S. Postal Service to our office must be postmarked on or before Thursday, December 31, 2020. Checks sent via FedEx or UPS must be physically received at our office on or before December 31. Keep in mind that due to the pandemic, our office is open by appointment only. If you want to drop off a check, please arrange a delivery time by calling 330-454-7992.

• Appreciated Securities: Gifts of appreciated securities must be received into Stark Community Foundation's account before the close of business day on Thursday, December 31, 2020. Notify us early to ensure a smooth transfer of these gifts by contacting Bridgette L. Neisel, vice president of advancement, at 330-454-7992 or bneisel@starkcf.org or Carrie L. Bast, vice president and chief financial officer, at cbast@starkcf.org or 330-454-3426.

• Credit / Debit Cards: Gifts made with your credit or debit card must be made online by Thursday, December 31, 2020 at 11:59 p.m.

Gifts can be made to an existing fund at Stark Community Foundation or you can create your own charitable fund to support what matters most to you. Charitable funds are easy to create, tax deductible and have no start-up costs. In fact, you can open a Donor Advised Fund online today in less than 5 minutes. To learn more, contact Bridgette L. Neisel, vice president of advancement, at 330-454-7992 or bneisel@starkcf.org.

The CARES Act and Charitable Giving

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains several provisions that incentivize individuals and corporations to give charitably, including:

• Universal Charitable Deduction: Those who don't itemize their taxes can receive a temporary, above-the-line charitable deduction of up to $300 for cash contributions made to qualified charities (excluding Donor Advised Funds and Supporting Foundations) in 2020.

• AGI Limit Suspended for Individuals: For those who do itemize, the AGI (Adjusted Gross Income) limit has been suspended. As a result, individuals can deduct cash contributions to qualified charities (excluding Donor Advised Funds and Supporting Foundations) up to 100% of their AGI in 2020. Charitable deductions for cash contributions were previously limited to 60% of the taxpayer’s AGI.

• Increased Deductibility for Corporations: For corporations, the limit on charitable deductions for cash contributions to qualified charities (excluding Donor Advised Funds and Supporting Foundations) increased from 10% to 25% of a corporation’s taxable income in 2020.

Smart Tax Strategy: Charitable Bunching

One strategy to consider this year is Charitable Bunching with a Donor Advised Fund. National and local experts recommend this smart tax strategy, which is essentially bunching multiple years’ worth of donations into one calendar year to receive maximum tax benefits. The benefit of bunching with a Donor Advised Fund allows you to receive an immediate tax deduction and give back to nonprofits when the time is right for you through a convenient charitable giving account. Talk to your professional advisor to determine if this strategy makes sense for your situation. Learn more »

Charitable Giving Cards

Charitable Giving Cards are a unique way to strengthen the place we call home while showing your loved ones you care. They work just like retail gift cards, except the recipient can give the value of the card as a donation to his or her favorite cause. Giving cards are tax deductible and available in denominations of $25, $50 and $100. They never expire and 100% of the gift goes directly to the selected charity. Learn more and purchase »