Tips for Year End Giving in 2023

This holiday season, plan ahead with your trusted financial advisor to increase the impact of your donations during end-of-year giving. We’ve put together some helpful tips to help you get started:

1. 1. Unrestricted gifts are the best way to support your favorite nonprofit! These gifts can be even more impactful when a donor commits to making recurring gifts, so the nonprofit can plan ahead.
   2. Give appreciated assets . Donating appreciated stocks or other assets can eliminate taxes a donor might otherwise incur if they sold the assets first and then donated the proceeds. Non-cash appreciated assets that are held for over a year are eligible. For example, you can avoid capital gains tax by donating stock instead of cash and receive significant income tax deductions. This strategy can increase the impact of your donation.
   3. Give more by donating retirement assets. Are you at or near retirement age? You might be eligible to use your IRA to support your giving strategy. If you are 72 and older, you can direct up to $100,000 per year tax-free from an IRA to a nonprofit through Qualified Charitable Distribution. Thinking of leaving a bequest? You can also designate Park City Community Foundation as an eventual beneficiary of your IRA. Learn more >
   4. Make sure you know your financial institution’s timelines. If you have a Donor Advised Fund, many institutions need a few weeks to make your grant recommendations. If you want to ensure the nonprofits you support receive donations by the end of the year, stay on top of deadlines.
   5. Work with your financial advisor to make the best gift for your personal needs. Some folks have increased value for non-cash assets, including private business interests and real estate. Talking with your financial advisor today can help you prepare for impactful year-end giving.
   6. Start a Donor Advised Fund. Donor Advised Funds are a vehicle that encourages tax-smart giving and philanthropic planning. They give you the ability to make a single donation and then grant for years to come. Learn more >>
   7. Does your employer match your donations? Many companies will double or even triple your donation. Find out if your employer offers a match by connecting with your HR department.
   8. Make it count for 2023. Credit card donations to Park City Community Foundation can be made until midnight on December 31. Be sure the postage for any mailed donations has a 2023 date.