Maximize your year-end giving
As the calendar year winds down, often we look at our charitable giving and make gifts to our important charities. But did you know there are “smarter” ways to give than just writing a check or making an online gift with your credit card? Here are two ways you might think about your giving to maximize the impact of your gifts.
- Give using appreciated stock. If you are thinking about selling stocks to provide the money for a charitable gift, rethink your strategy. Transferring the stock, rather than selling it, allows you to save on your taxes by avoiding capital gains taxes on the income from the sale. Your gift will still qualify as a charitable deduction for your taxes, adding even more value since your stock gift will be valued at the full market value on the day it is transferred rather than the price at which you purchased it. Transferring stock to the Foundation for OCCC is easier than you think – we can provide a brief form to take to your broker to initiate the transfer.
- Give with a Qualified Charitable Distribution from your traditional IRA. Depending on your age, you know you must take required minimum distributions from your IRAs, which sometimes cause unnecessary income – and the taxes associated with that income. Instead of taking the distribution, you can make a direct contribution to qualified nonprofit organizations – including the Foundation for OCCC – and eliminate the contribution as income. This, too, is far easier than you think. Start with your financial institution to initiate your gift.
If you have questions, please feel free to contact our experienced gift officers at 405-682-7591 to help prepare you for your conversation with your financial representatives. It’s always a good idea for you to consult with your legal or financial advisers about your specific circumstances. The Foundation for OCCC does not offer legal advice.
