DAF Year End Deadlines

As we approach the end of 2021, our thoughts turn to year-end giving and grantmaking. Please keep in mind these important dates and tips.

Year-End DAF Grant Recommendation Deadlines 

To ensure nonprofits receive a check dated 2021:  

• Submit recommendations greater than $100,000 by December 17.  
• Submit recommendations of $100,000 or less by December 22.  

For recommendations received between December 3 and December 17, we cannot guarantee the nonprofit will receive the funds by the end of the year; however, checks will be dated 2021 and ACH (electronic) transfers will be initiated in 2021. 

Year End Deadlines for Adding to Your Fund 

You may be planning to contribute to your existing OCF fund, please note that certain types of assets take longer to transfer to OCF, particularly at the end of the calendar year. For a transfer to qualify for a charitable tax deduction in 2021 it must be received by OCF by the IRS deadline of December 31. We thought it might be helpful to offer the deadlines below:

 While we will make every effort to receive and process a gift by December 31, there are situations where this may not be possible due to factors beyond our control.

Our philanthropic advisors around the state would love to talk more with you. We offer many different types of funds, depending on what you would like to accomplish with your giving. Our investment program, administrative support, personal service and expertise in Oregon will ensure that you can experience the joy of impactful giving without worrying about details.

There are a few specific opportunities for giving in 2021. The coronavirus legislation provided a $300 above-the-line charitable deduction, which will allow you to qualify for a charitable deduction even if you aren’t able to itemize. (Note that the $300 limit is per person so it is $600 for a married couple filing jointly)

Also this year, you can elect to suspend the limitation (based on adjusted gross income) on your charitable income tax deduction for cash gifts, which is typically limited to 60% of your adjusted gross income. If you are interested in learning how this might be of benefit to you, based on your personal tax situation, please seek advice from your accountant. Additions to donor advised funds will not qualify for this election, although additions to all other OCF fund types do qualify.

The Tax Cuts and Jobs Act of 2017 made a few notable changes that can impact giving strategies. It doubled the standard deduction and reduced and limited itemized deductions. As a result, most taxpayers can no longer itemize their deductions, which means that they cannot take advantage of the tax benefit of making a charitable donation other than the allowable above-the-line deduction previously mentioned. However, saving up all charitable deductions for certain tax years, sometimes known as “bundling,” has enabled many donors to itemize. Creating an OCF fund is a great way to accomplish this. You can establish your own fund for your “bundled” donations and then spread out your giving to nonprofits over time.

Even as a non-itemizer, making qualified charitable distributions from an IRA account and making gifts of appreciated assets remain a compelling tax-wise way to give.

We are here to help talk with you about these giving options, and how OCF can support your charitable goals. When you give with OCF, you’re connecting to a powerful network of generous Oregonians who share your vision for a better future. It’s an honor for OCF to partner with our donors to create lasting, measurable change.

Questions?

Your OCF philanthropic advisor would love to talk more with you.

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