Catholic Education Foundation Provides Tips for Year-End Giving

Almost half of all charitable donations take place in the final months of any calendar year. While organizations like the Catholic Education Foundation need funds throughout the year to make a positive impact in the community, year-end donations offer a substantial positive impact on donors. It allows them to give heartfelt contributions to charities that are important to them, while positively impacting their tax situation and overall estate plan. Considering giving a gift of a Catholic education? Here are some tips:

1. Timing of the gift. Checks to your favorite charity should be dated and postmarked by Dec. 31, 2024. Single gifts of $250 or more require a substantiation letter from your charity recipient per IRS regulations.

2. Gifts of stock. Transferring stock electronically is the easiest and quickest method. Donating stock instead of cash can be a smart tax-planning move, since you can eliminate most, if not all, capital gains and take a charitable deduction of the gift’s fair market value.

3. Give more by donating retirement assets. If you are required to take a minimum distribution from your IRA, you may consider using a charitable IRA rollover, or qualified charitable distribution (QCD). Any gift from your IRA to the Catholic Education Foundation counts toward your required minimum distribution (RMD) and will not be considered taxable income.

4. Donor-advised fund. It’s not too late to set up a donor-advised fund for your charitable gifts. The advantage is that you can get a deduction for making the gift this year but decide later which charities will receive the money.

5. Planning your estate. The end of a calendar year is a great time to remember that a will is one of the most important documents you can have, as it can legally protect your family and your assets and specify how you would like things handled in the event of your death.

For more information, please visit cefjoliet.org/get-involved/donate.

Catholic Education Foundation : 815.221.6127 : 16555 Weber Road : Crest Hill, IL 60403