Community Foundation Releases New “10 Tips for Year End Giving”

ax Law Changes May Significantly Impact 2018 Charitable Contributions

December 18, 2018

FORT LAUDERDALE, Fla., -- (December 18, 2018) – With only two weeks left in the 2018 calendar year, the Community Foundation of Broward today released an updated “10 Tips for Year End Giving,” which take into account U.S. tax law changes resulting from passage of the 2017 Tax Cuts and Jobs Act.

The new “10 Tips for Year End Giving” include:

1.) Make anticipated future charitable gifts in 2018 to help avoid the impact of tax law changes that have significantly boosted the standard deduction.

2.) Consider “bunching” of charitable gifts in a donor advised fund or similar in 2018, again to help offset the impact of the increased standard deduction.  This gives donors the flexibility to maximize their deduction now, and advise how smaller gifts from a personalized fund may be distributed later.

3.) Give appreciated stock instead of cash, thereby avoiding the capital gain of appreciated positions in the stock market.

4.) If you are concerned by the threat of future stock market volatility, give stock instead of cash.

5.) Instead of taking the balance of your required minimum IRA distribution before the end of the year, consider donating up to $100,000 of it.  Donor-advised funds are not eligible for IRA distribution donations, but other types of funds offered by community foundations are approved.

6.) As a result of tax law changes, donors at higher income levels who still itemize deductions can take advantage of an enhanced deduction for contributions to public charities of cash, up from 50 percent to 60 percent of adjusted gross income.  Community foundations are qualified public charities.

7.) If you have used a charitable contribution to a college or university to help pay for tickets to athletic events, that deduction has been eliminated as part of the new tax law changes.

8.) For the wealthiest of donors, the charitable giving tax incentive remains in place to positively impact wealth transfer taxes.

9.) Regardless of tax law changes for 2018 and beyond, it is always important to consult your financial advisor and accountant to be certain specific changes apply to you.

10.) The greatest gift is the ability to give.  Your charitable contributions can truly change people’s lives.

“We have only a few days left in 2018 to finalize year-end charitable contributions,” said Linda Carter, President and CEO of the Community Foundation of Broward.  “Our heartfelt thanks go out to the tens of thousands of Broward residents who invest in our community’s future by making charitable contributions, especially the visionary philanthropists who have created a legacy of BOLD impact with their personalized charitable funds at the Community Foundation.”

About Community Foundation of Broward
Founded in 1984, Community Foundation of Broward (CFB) helps families, individuals, and corporations create personalized charitable Funds that deliver game-changing philanthropic impact.  453 charitable Funds represent more than $197 million in assets, distributing $100 million in grants over the past 34 years.  CFB provides bold leadership on community solutions and fosters philanthropy that connects people who care with causes that matter – which empowers visionaries, innovators and doers to create the change they want to see in the community – and BE BOLD. www.cfbroward.org.

CONTACT SUPPORT

For more information about the Community Foundation of Broward, including its Community Builder program, please email Kirk Englehardt, Vice President of Marketing and Communications at the Community Foundation (kenglehardt@cfbroward.org) or call 954-761-9503.

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