Give Smart Blog

Year-end reminder for charitable gifts – Now is the time.

It’s that time of year! Complete your year-end giving NOW to realize tax benefits for 2022. Here are some reminders for making sure that your gifts are recognized for the 2022 tax year:

ADD TO AN EXISTING FUND: To learn more about the various assets you can use to give, review our guide to Contributing to a fund.

GIVE STOCK OR A PORTION OF YOUR IRA REQUIRED MINIMUM DISTRIBUTION: We have two new resources to support tax-wise giving. These secure, online tools allow you to donate appreciated stock or, if you’re 70.5+, give a Qualified Charitable Distribution (QCD)

REMEMBER! In order for charitable gifts into a fund to qualify for a charitable income tax deduction in the 2022 tax year, don’t forget:

  • Checks sent via the U.S. Postal Service to any Community Foundation office must bepostmarked by December 31.
  • Credit card gifts can be madeonlineuntil11:59 pm December 31.
  • Gifts of assets sent via other means must be physically received on or before December 31.

DONOR ADVISED FUNDS: Donor advised fundholders may wish to recommend grants to support nonprofit year-end campaigns, provide holiday contributions or make honorariums as gifts.

GRANT RECOMMENDATIONS: Grant recommendations can be made online through our secure donor portal or by contacting us. 

Please note that the timing of donor advised grants has no effect on your 2022 charitable income tax donations since the tax acknowledgement is given when you contribute to your fund.

Important things to remember:

  • For non-cash gifts, such as stocks, mutual funds, IRA charitable rollovers, real estate, etc., it is time to start these now.  These types of gifts can take significantly more time to process and in order to receive credit in 2022, the community foundation needs to receive the gift by 12/31/22. 
  • For IRA charitable rollover gifts, a check has to come directly to the Foundation from your financial institution and must note your name and that it is from your IRA account. The check envelope must be postmarked by 12/31/22 in order to be applied to 2022. Wired IRA gifts need to be accompanied by a letter or e-mail from the financial institution with your name and confirming it is from your IRA account. The community foundation needs to receive the wire transfer by 12/31/22 in order to have it applied to 2022.
  • Reminder about stock and mutual fund gifts – these must be received to the Community Foundation’s Schwab account by 12/31/22 in order to be applied to 2022. Please notify Corey Moline or Trina Greuel with the date, amount of the transfer, type and number of shares to be transferred (stock/mutual funds), your name and the name of your fund to receive credit before the transfer takes place. 
  • Wire/ACH gifts – Wires are usually same day transactions unless they are initiated late in the day.  You will need to check with your financial institution to confirm the wire time frame.  ACH (automatic clearing house) transfers usually have to be initiated anywhere from two to five business days prior to when we would receive the transfer. Your will need to check with your financial institutions to confirm the time frame.  The community foundation needs to receive the transfer by 12/31/22 in order to have it applied to 2022.
  • Real Estate – Must be gifted to the Arkansas Gift Foundation by 12/31/22 in order for it to be applied to 2022. 

Need a reminder on how to make a gift transfer? Click here for instructions on wire/ACH, stock and mutual fund gifts.

Other monetary gifts by mail or hand-delivered:

  1. Checks, money orders, or cashier’s checks MUST be in the hands of a community foundation staff member on or before 12/31/22 in order for he gift to be applied to 2022. 
  2. ALL gifts received by hand after 12/31/22 will be applied to 2023.
  3. If you mail your gift, we suggest that it be sent by certified mail to guarantee that it is postmarked and trackable OR suggest that the donor wire/ACH the gift to us using the attached instructions.