DAF Year End Deadlines
As we approach the end of 2020, 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 2020:
- 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 2020 and ACH (electronic) transfers will be initiated in 2020.
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 2020 it must be received by OCF by the IRS deadline of December 31. We thought it might be helpful to offer the deadlines below:
|
Gift Type |
Recommended Initiation Date |
|
Real Estate Gifts (and other complex assets) |
No later than November 15, 2020 |
|
Certain mutual funds |
No later than November 30, 2020 |
|
IRA Qualified Charitable Distributions (QCD) |
No later than November 30, 2020 |
|
Public Securities |
No later than December 11, 2020 |
|
Wire transfers |
No later than December 28, 2020 |
|
Checks or cash |
Must be postmarked by December 31 (for USPS) or received in OCF’s office by December 31 (for private delivery services such as FedEx or UPS) Send to: |
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.
Special Opportunities for 2020
There are a few specific opportunities for giving in 2020. The CARES Act (“Coronavirus Aid, Relief and Economic Security Act) 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 not per person, but per tax-filing unit.)
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.
The Tax Cuts and Jobs Act of 2017 made a few notable changes as well. It doubled the standard deduction and reduced and limited itemized deductions. As a result, many taxpayers are not able to itemize their deductions, which means that they cannot take advantage of the tax benefit of making a charitable donation. 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 with the new legislation, 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.