Year-End Giving Tips & Deadlines
There are many ways to integrate charitable giving into your financial planning in 2022. The Community Foundation for Monterey County (CFMC) can help. Each of these options offer tax advantages and can help you make a meaningful difference. We can help you customize a solution that works for you. Be sure to make your gifts by the deadlines for a 2022 deduction (see deadlines below).
You can give to causes you care about while gaining maximum tax benefit.” – Christine Dawson, 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.
DAFs and Bundling: Some donors opt to bundle or “pre-fund” 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 the donation to your DAF in the first year, you can continue to support your favorite causes in future years from the DAF.
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.
Both offer 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.
Gifts to donor advised funds are not eligible. You can contribute to designated, agency, field of interest funds at the CFMC or the Fund for Monterey County (the unrestricted grantmaking endowment). An IRA Qualified Charitable Distribution may also be made through Monterey County Gives! to benefit multiple nonprofits with one set of instructions. Please contact us for detailed instructions or to learn more.
Leverage your year-end giving to more than 202 participating nonprofits through the Monterey County Gives! campaign. Each donation receives a percentage match. The CFMC can also accept stock or IRA Qualified Charitable Distributions. Donors can make one gift to the CFMC and recommend all the agencies they wish to support, or give online at www.montereycountygives.com from November 10 through midnight, December 31, 2022. Monterey County Gives! is a special project of the Monterey County Weekly, the Community Foundation for Monterey County and the Monterey Peninsula Foundation.
2022 Year-End Giving Deadlines
- Last day for 2022 grant recommendations from donor advised funds: 10 a.m. Tuesday, December 27.
- New donor advised funds can be established by 12 Noon Friday, December 30.
- Gifts of stocks must be received in CFMC accounts by Friday, December 30.
- Real estate and partnerships assets must have title transferred or assigned on or before Friday, December 30.
- Gifts sent to the CFMC must be postmarked no later than Saturday, 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 30, 2022)
Donor Advised Fund Holders
To ensure that your year-end grants are sent out by December 31, the deadline for recommending grants for 2022 is 10 a.m. Tuesday, December 27.
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.
CFMC Holiday Schedule
Thursday and Friday, November 24 and 25 – closed
Friday, December 23 – closed
Monday, December 26 – closed
Monday, January 2, 2023 – 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.