Community Trust Foundation

5 Tips for Impactful Year-End Giving

With just over 100 days left in the year, here are a few simple ways to increase your giving power within the community before the ball drops on NYE!

1. Give Where You Live:  December 3rd is Giving Tuesday, make a tax-deductible contribution to the county fund of your choice (Allegany, Garrett, or Mineral) at Community Trust Foundation (CTF). Your gift will be used to support nonprofit work in your county. A contribution to your county fund can be made at any time!

2. Gift Stock in Place of Cash: Contributions of long-term appreciated stock to a fund at CTF are one of the most financially savvy ways to give. Generally, you avoid taxes on any capital gains and can take an income tax deduction for the full fair-market value. Gifting this way allows you to provide more support to your favorite causes.

3. Make a QCD From Your IRA: If you’re subject to the rules for Required Minimum Distributions (RMD), you can donate up to $100,000 from your Individual Retirement Account (IRA) to a qualified nonprofit such as CTF without paying income tax on the amount. This is considered a Qualified Charitable Distribution (QCD), and QCDs qualify as an RMD. That means you avoid income tax on the funds directed to charitable organizations. We can work with you and your advisors to go over the rules for QCDs and evaluate whether they are a good fit for you.

4. Take Advantage of Tax Credits: WV residents giving $500 or more to the Mineral Co. Meals on Wheels Fund at CTF can earn a 50% West Virginia tax credit to reduce their liability for West Virginia Personal Income Tax or Corporate Net Income Tax.

5. Create a Long-Term Giving Strategy: If you have a particularly high income this year and your total deductions are at or under the standard deduction amount, you may benefit from creating a fund of your own at CTF to support your favorite community causes. With $10,000 or more, you can reduce your taxes this year while creating an opportunity to grant to nonprofits of your choice for years to come.

Please consult your tax advisor about processing deadlines and deductions depending on your income and situation.

We’re standing by to help you maximize your philanthropic giving, minimize your taxes, and feel good about making a positive difference in your community. Contact us at (301) 876-9172.

Avoid the last-minute rush, make your contribution before December 13.

To enable quick processing of your cash donations, give online.

RMD and check contributions should be made payable to CTF and mailed to 112 Baltimore Street, Cumberland, MD 21502.

Thank you for generously giving back to the place you call home.