Three Things to Consider for Your End of Year Giving
As we transition from summer to fall, you may be thinking about your kids or grandkids going back to school, watching your favorite football team compete against bitter rivals or anxiously awaiting the various pumpkin flavored food items at the grocery store. You may also be thinking about year-end tax planning and supporting a charity or cause. With the bombardment of end of year appeals, school fundraisers and the social pressure of supporting a friend’s Facebook fundraiser; end of year giving can be chaotic. Here are three things to consider when planning your end of year giving.
- Making Impact
Do you consider your philanthropy more reactive or proactive? Have you ever thought about the impact a larger gift could have on an organization? Imagine the impact you could have if you used your entire philanthropic budget to support a major project at a local non-profit. Instead of funding a day’s worth of meals, fund a week’s worth. Instead of helping one child participate in an afterschool program, fund an entire class. This may be easier than you think!
First, take a moment to total the amount of money you plan to give to charity this year. Next, create a list of the non-profits whose mission matches your passions. Once you create the list, find a time to talk with them about the impact of a larger gift. These conversations will allow you to have a more proactive approach to giving and have a greater impact.
- Family Philanthropy
Why should adults be the only ones involved in philanthropic decisions? Children and young adults can be just as passionate about causes. When you are planning your end of year giving, this is a great opportunity to show your children the importance of helping others. You could ask them to research local agencies impacting our community. Encourage them to visit the agencies to see the impact of their potential gift and ask questions. Then vote on where they would like to make a gift.
If your children are grown, there is still an opportunity to discuss as a family the impact you all want to have on society. As a group you can combine philanthropic resources to make a larger gift to support a non-profit, university or foundation that is important to your family.
- Philanthropic Tools
There are a variety of tools an individual or family could utilize in giving. Traditionally, most people think about giving cash or a check. For those wanting to have a lasting legacy in the community or thinking about tax considerations, you can work with The Community Foundation to create a philanthropic plan by using cash, stock, IRA required minimum distributions, real estate, gift of grain, or estate planning to create a fund at the Foundation. Why worry about sending out multiple checks out at this busy time of year when The Community Foundation can streamline your giving through a Donor Advised Fund? This doesn’t just apply to individuals. If your family is interested in creating a philanthropic plan, we can help with creating a plan for you and your loved ones.
Making an impact in our community through philanthropic support should not be an end of year chore. As you are thinking about the impact you want to in our community, The Community Foundation can work with you to create a philanthropic plan to achieve your goals today and tomorrow. To learn more about how we can support you contact our Chief Donor Engagement Officer, Nick Kulik, at (419) 425-1100.