Year-End Giving Tips & Deadlines
There are many ways to integrate charitable giving into your financial planning in 2023 to make a meaningful difference. The Community Foundation for Monterey County (CFMC) can help you customize a solution that works for you. Be sure to make your gifts by the deadlines for a 2023 deduction (see deadlines below).
You can give to causes you care about while gaining maximum tax benefit.” – Christine Dawson, Sr. Vice President of Philanthropic Services
5 Options to Consider for Year-End Giving
This is a great way to claim a tax deduction now for supporting your favorite charities in the future. Donor advised funds can be created quickly and easily with a gift of $5,000 or more. And, with a gift of appreciated stock or mutual funds, you avoid paying capital gains tax on the sale of the stock and receive an immediate charitable income tax deduction for the full value of the asset.
TIP: “Bunch” your giving with a DAF Some donors opt to bunch or “front load” their giving. This means donating two- or three-years’ worth of giving at one time into a DAF, claiming the charitable deduction that year, and then waiting to donate again while claiming the standard deduction. You can make the donation to your DAF in the first year and continue to support your favorite causes in future years from the DAF.
TIP: Explore a wide variety of fund types Donor-advised funds are not the only types of funds that the CFMC offers. You can also establish field-of-interest funds, designated funds, unrestricted funds, or scholarship funds. Contact us to help evaluate what type of fund (or funds) is best suited for you.
A gift of real estate or appreciated stock are a good options to benefit the nonprofit with a direct gift and benefit the donor with an income tax deduction and capital gains tax savings.
TIP: Stocks vs Cash – A Tax-Saavy Way to Give
Gifts of long-term appreciated stock to your donor advised or other fund at the CFMC is always one of the most tax-savvy ways to support your favorite charitable causes. As opposed to selling the stock and donating cash, capital gains tax can be avoided by donating the stock directly to the CFMC.
Both offer immediate tax deductions and income for life (a portion of which is tax free). The remainder creates a fund to benefit any nonprofit you choose.
If you are 70 1/2 or older, you can make a gift from your IRA account to the CFMC for the causes you care about. Gifts made from your IRA (up to $100,000 per year) are not taxable income. If you are 72 or older in the year of the distribution, your gift qualifies towards your RMD. If you are married, your spouse can also make a gift of up to $100,000 from his or her IRA, for a total of $200,000.
You can contribute to designated, agency, field of interest funds at the CFMC or the Fund for Monterey County (the unrestricted grantmaking endowment).
TIP: Make one gift to the CMFC to benefit many nonprofits anytime or through MC Gives! to receive a partial match. You can make an IRA QCD through Monterey County Gives! to benefit multiple nonprofits with one set of instructions. Gifts to donor advised funds are not eligible. Please contact us for detailed instructions or to learn more.
Leverage your year-end giving to 206 participating nonprofits through the Monterey County Gives! campaign. Each donation receives a percentage match. Give online at montereycountygives.com from November 9 through midnight, December 31, 2023.
TIP: The CFMC can also accept stock or IRA QCDs for Monterey County Gives! Donors can make one gift to the CFMC and recommend all the agencies they wish to support.
Monterey County Gives! is a special project of the Monterey County Weekly, the Community Foundation for Monterey County and the Monterey Peninsula Foundation.
2023 Year-End Giving Deadlines
Please reach out to the community foundation team to find out when certain transactions must occur to be legally completed during this tax year.
- Last day for 2023 grant recommendations from donor advised funds: 10 a.m. Tuesday, December 26, 2023.
- New donor advised funds can be established by 12 Noon Friday, December 29, 2023.
- Gifts of stocks must be received in CFMC accounts by Friday, December 29, 2023.
- Real estate and partnerships assets must have title transferred or assigned on or before Friday, December 29, 2023.
- Gifts sent to the CFMC must be postmarked no later than Sunday, December 31.
- Credit card gifts must be made before 12 midnight Saturday, December 31.
(County recorder’s office will close at 12 noon with their last recording at 11:30 a.m. on Friday, December 29, 2023)
Attn: Donor Advised Fund Holders
To ensure that your year-end grants are sent out by December 31, the deadline for recommending grants for 2023 is 10 a.m. Tuesday, December 26, 2023.
To make a gift to an organization through Monterey County Gives!, you can recommend a grant from your Donor Advised Fund by selecting the organization and “Monterey County Gives” as the purpose. Visit cfmco.org/DonorCentral to recommend your grant or contact your Philanthropic Services Officer.
CFMC Holiday Schedule
Thursday and Friday, November 23 and 24, 2023 – closed
Friday, December 22, 2023 – closed
Monday, December 25, 2023 – closed
Monday, January 1, 2024 – closed
All other days we will be available to serve you during regular business hours 8:30 a.m. – 5 p.m., Monday through Friday.
Partnering with the CFMC can simplify your giving. We invite you to contact Christine Dawson, Senior Vice President of Philanthropic Services, or Cecilia Romero, Director of Gift Planning, at (831) 375-9712 to explore giving options.