By: Michael I. Sattell, CPA/CFF, CFE – President & CEO
As we reach the end of 2015, you, like many others, may be in the middle of planning the majority of your charitable giving for the year. If you are considering the Jewish Home and Care Center Foundation in your year-end giving, thank you.
I want to remind you of a few important issues to ensure your gift is deductible in the year you intended, and for the amount you expect.
To ensure the gift is deductible in the year you intend, you first need to understand the IRS’s “date of delivery” rules. Basically, the date you hand deliver a check or direct us to charge your credit card, either by phone or through our website, is considered the date of delivery that value has been transferred to the Foundation. Similarly, the date postmarked on US Postal Service mail will determine the year of deductibility, even if not delivered to us until 2016.
In addition to cash, you can generally deduct the fair market value of any other property donated. This is often a wise tax strategy. Gifts of stocks and/or Mutual Funds must settle before the end of the year to be considered a gift for that year. So please be careful if you intend to gift these securities before year’s end and allow yourself enough time to ensure they can be delivered to us by December 31.
Finally, make sure to keep a record of any gift, by bank record or written communication from the organization. In addition, you must obtain a contemporaneous written acknowledgement of any gift of $250 or more from the organization which indicates the amount of cash or any property contributed. (At the Jewish Home and Care Center Foundation, we make sure to send a receipt for any gift we receive, regardless of amount.)
Please be careful to plan ahead and ensure your donation counts in the year you intend and for the amount you desire. IRS Publications 526, “Charitable Contributions” and 561, “Determining the Value of Donated Property” are especially informative. Check with your tax advisor for more information. And please let us know how we can help you with this or any charitable giving question, at 414-721-9255 or firstname.lastname@example.org.