Planning For Your End-of-Year Giving
Now is an excellent time to support the charitable causes you value, while leveraging associated tax benefits. Please consider making a gift to your FFTC Gift Fund or establishing a new charitable gift fund to support your favorite organizations.
FFTC offers a number of fund options to meet your philanthropic needs, such as donor advised funds, field of interest funds and community impact funds. We accept an exceptionally wide variety of assets, such as stock*, real property, and closely held business interests.
Foundation For The Carolinas experiences higher than normal gift and grant activity at the end of the year. In order for your gift to be credited in calendar year 2020, please take note of the dates indicated below.
- Cash or check gifts must be received or postmarked by Dec. 31, 2020. To ensure timely processing, we strongly encourage the use of electronic payments.
- Gifts of stock* must be received into the Foundation’s brokerage account on or before Dec. 31, 2020.
- To ensure a grant is mailed to the designated nonprofit organization before the New Year, please submit your recommendation by Dec. 18, 2020 for organizations already deemed eligible to receive grants** and Dec. 4, 2020 for new organizations.
- For assistance, please contact our donor relations team at 704.973.4529 or firstname.lastname@example.org.
The CARES Act and 2020 Charitable Giving
Two CARES Act provisions may impact your giving plans:
- Taxpayers who itemize may deduct cash contributions to public charities up to 100 percent of their adjusted gross income in 2020, and increase from the 60 percent limit that usually applies.
- Taxpayers who do not itemize their deductions can claim a tax benefit up to $300 for cash gifts made to public charities beginning in 2020.
- These rules do not apply to contributions to donor advised funds or supporting organizations. They do apply to FFTC Gift Funds such as FFTC Community Impact Funds or Scholarship Funds
Guidelines for IRA Charitable Rollovers
- Donors age 70 1/2 or older can transfer up to $100,000 annually from their IRA accounts directly to qualified public charities without having to recognize the distribution as income.
- As above, these rules do not apply to contributions to donor advised funds or supporting organizations. They do apply to FFTC Gift Funds such as FFTC Community Impact Funds or Scholarship Funds
*If you are planning to make a gift of securities, please contact us at 704.973.4529 or email@example.com so we can promptly and accurately acknowledge the donation.
**To confirm that an organization is eligible, please log in to your fund online.
The material contained herein should not be construed as tax or legal advice.
The Foundation For The Carolinas staff continues to work remotely but is available to help. You may continue to reach the FFTC team via their office emails and phone numbers during regular business hours. Fundholders may access their accounts 24/7 at MyFFTC.org. We will be closed Dec. 24-25 for the Christmas holiday.
We look forward to continuing to help you achieve your charitable goals in 2020 and beyond!