Your Generous Year-End Giving

Greater Cincinnati Foundation donors are generous year-round, but end-of-year tax considerations are an important factor in leveraging year-end giving. Recent tax legislation, including the 2017 Tax Cuts & Jobs Act, the 2019 SECURE Act and most recently the 2020 CARES Act to address the far-reaching effects of the COVID-19 pandemic, all provide different tax incentives for your charitable giving. Some specific strategies to consider and discuss with your financial advisors include:

Setting up a new fund

If you are interested in setting up a fund with Greater Cincinnati Foundation, your new fund can be established quickly. Call to discuss your charitable goals with a member of GCF’s Donor and Private Foundation Services staff and decide which type of fund is best for you and your family. The date of the gift transfer to GCF is most important: it will determine whether your gift qualifies for a 2020 tax deduction.

Gift Bunching

Recent increases to the standard deduction limits have highlighted a strategy using donor advised funds (DAF) to maximize your charitable giving. By combining – or bunching – two or three years of annual donations into one year with a gift to your DAF, alongside other itemizations, you can accrue total tax deductions greater than the new standard deduction. The assts can then be distributed from your DAF over multiple years in accordance with your regular charitable giving schedule. www.gcfdn.org/bunching

 

Qualified Charitable Distributions

Donors aged 70 ½ and older may make tax-free charitable gifts each year through their IRA’s Qualified Charitable Distributions (QCD). Although the 2020 CARES Act eliminated the Required Minimum Distribution for this year, the option is still available for those who wish to support their favorite charitable organizations in this way. The law allows each individual to transfer up to $100,000 of your IRA assets directly to a qualified public charity such as GCF. Because those assets are not recognized as income, they will not accrue federal income taxes. www.gcfdn.org/cares-act

 

Increases in the AGI Limit

The tax deduction of cash contributions to public charities (including donor advised funds) increased to 60% of adjusted gross income (AGI) in 2017, effective beginning in 2018. The 2020 CARES Act increased the charitable cash deduction to 100% of AGI for 2020 only. Although donor advised funds are excluded from receiving the full 100% deduction, other options like establishing a designated fund at GCF to accept these assets, do exist. Our Philanthropic Advisors can help you with a customized solution to discuss with your tax advisor.  www.gcfdn.org/cares-act

 

Important Year End Dates

 

Gift Type

Date

More Information

Publicly Traded Stock

To count as an income tax deduction for 2020, gifts of stock must be received into GCF’s account before 5 pm December 31, 2020.

Transfer Instructions [PDF]

Mutual Funds

Any gift of mutual funds should be initiated as early as possible and no later than November 16, 2020.

Transfer Instructions [PDF]

Checks

Check mailed to GCF must be postmarked by or hand delivered to our office by 5pm on December 31, 2020 to qualify as a 2020 tax deduction.

Mail or Hand Deliver to:

Greater Cincinnati Foundation
720 E. Pete Rose Way, Suite 120
Cincinnati, OH 45202

Cash

December 31, 2020

Transfer Instructions [PDF]

Closely held assets

Equally advantageous to gifts of publicly traded stock is to donate stock in a privately held company, partnership interests, real estate or other non-cash assets.

Please call Michele Carey at 513-768-6171 to discuss.

Grants To Non Profits from your Fund

To ensure your grants are received by the charitable organizations you support by year end, submit your recommendations to GCF by December 26, 2020.

Log in to Giving Connection to initiate a grant from your fund.

 

Notify Greater Cincinnati Foundation of an incoming contribution to your fund through the secure online portal, Giving Connection. The new “Make a Contribution” feature is an easy and efficient way to simplify communication between GCF and your financial institution. Select the “Contribute” button at the top of the main page.

 

Download Year-End Giving information for your reference [PDF]

Location

720 E. Pete Rose Way,
Suite 120
Cincinnati, OH 45202
Directions

Contact

513-241-2880
Email Us


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