Holiday Charitable Gift Guide
Thank you for supporting the causes close to your heart through the Community Foundation, today, tomorrow, and for generations.
Helpful tips and Important Dates for Year-End Giving
A Christmas Gift That Keeps Giving
Each year, Amy* found it harder and harder to pick a gift for her grandfather. With Christmas just around the corner, she and her sisters decided to do something a little more meaningful and make gifts to charitable organizations.
Amy’s Christmas gift to her grandfather was a donation made to a fund he established at the Community Foundation to benefit the local YMCA, which is close to his heart. "I think what the Community Foundation does is great," said Amy. "YMCA is a big part of my family, and I know for my grandfather it was a significant part of his life, especially during the depression. At 93, he still talks about how the YMCA was such a foundation for his life."
Her gift honors her grandfather, and it will continue to grow - providing support to a nonprofit that has been important to her family for generations.
*Actual account from a Community Foundation donor, used with permission.
Tips to Maximize Your Year-End Giving
List of Services
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Grow A Nonprofit's Sustainability
When you give to an endowment established to support a specific nonprofit, you help support their mission not only today, but tomorrow. Give a gift that keeps giving to your favorite nonprofit organization.
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Give to a County's Endowment
Keeping local dollars working for local causes. County Endowment Funds are endowed, meaning there will be dollars to support local nonprofits not only today, but for generations to come. Needs and opportunities in the County may change, but a County Endowment Fund is permanent, ensuring there will always be funds available to address the changing landscape.
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Start a Donor Advised Fund
Not only does a donor advised fund help organize charitable your giving, but over the long term it can also protect a your ability to support favorite charitable organizations even when market conditions are less than ideal.
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Consider Tax AdvantagesList Item 2
Giving appreciated stock to charitable organizations is a highly-effective tax strategy. However, during years when highly-appreciated stock is in short supply, other assets – like cash – could be more tax-wise. Always discuss giving plans and options with your professional advisors to determine the best way for you to give.
If you pay taxes in Illinois, you also may consider the new Illinois Gives tax credit. Illinois taxpayers are eligible to receive the 25% Illinois Gives Tax Credit. Illinois Gives incentivizes new charitable giving made to Community Foundation endowment funds that permanently benefit Illinois causes.
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Give Retirement AssetsList Item 3
If you are 70 1/2 or older, you can avoid paying taxes on distributions from your IRA by sending them directly to charity. You can use your IRA to contribute to an existing fund at the Community Foundation, or establish a new fund. Qualified charitable distributions cannot be directed to a Donor Advised Fund.
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Give in Someone's HonorList Item 4
Are you having a hard time figuring out what to buy your loved one for Christmas? A donation to a cause they care about is a meaningful and personal gift. The Community Foundation has more than 200 funds that support a broad variety of local causes.
Policies and laws governing charitable gifts are subject to change. The Community Foundation is not in the business of rendering legal, accounting, or financial advice. Always discuss your charitable giving plans and their impact on your own tax and financial situation with your attorney, accountant, or financial advisor.
