Get Ready. Get Set. Give!

5 Big Questions for Smarter Year-End Giving

As the year draws to a close, a little planning can help you make the most of every gift. Ask yourself these five questions to maximize your impact, reduce your taxes, and avoid the year-end rush.

1. Should I give something other than cash?

People often give from their wallets or checkbooks out of habit, but you may be able to reduce your taxes and stretch your charitable dollars by giving stock, real estate, or other non-cash assets. By giving appreciated assets directly, you may receive a tax deduction for their fair market value and bypass capital gains.

2. Am I eligible to give from my IRA?

For supporters ages 70½ and older who qualify, qualified charitable distributions from an IRA are among the smartest ways to bless your favorite ministries. Not only do these gifts satisfy your required minimum distribution, but they also reduce your taxable income.

3. Does my employer offer a matching gift program?

Check with your employer, as many companies offer a matching gift program as part of their philanthropic efforts.

Often, corporations will make a matching contribution for every dollar given, in some cases on a two-for-one basis.

4. How much time will I need to complete my year-end giving?

December is a hectic month, not only for you, but also for the post office, professional advisors, and ministries, all of which handle a high volume of year-end transactions. IRA gifts must be fully processed before December 31 (not just postmarked), and for complex gifts (such as real estate or equipment), you’ll need to allow time to sell the assets and distribute the funds. Beat the year-end rush by planning ahead and giving as early as possible!

5. Are there ways to streamline my giving?

Barnabas Foundation can simplify the year-end giving process through the Stewards Fund, a Christian donor-advised fund. Like a charitable giving account, you can give cash and appreciated assets into a single fund, and then you can choose when and how to recommend grants to the causes close to your heart. This also buys you additional time at the end of the year. So long as your gifts are deposited into your Stewards Fund account by December 31, you’ll receive credit for this year’s taxes, even if you choose to distribute the funds later.

In whatever ways you choose to give, now and throughout the year, the goal is always the same: to wisely steward whatever God has entrusted to you for the greatest benefit to His Kingdom.

By planning ahead and exploring your options, you will discover the joy and satisfaction of making your generosity go further as you support the ministries you love.

To learn more about smart year-end giving strategies and ways to support the mission of Fellowship of Christian Farmers International, email fellowship@fcfi.org or call us at 309-365-8710.