If you own appreciated securities for a year or more, you can deduct the full market value of the securities on the day you make the charitable contribution. For example, if you bought stock ten years ago for $5,000, and now, when it’s worth $25,000, you donate it to a charitable organization, you are allowed to deduct the full $25,000 and avoid the long-term capital gains tax on the $20,000 profit. The $20,000 is a pre-tax deduction while the $5,000 of basis is an after-tax deduction.

You may also be subject to other income tax and/or AGI limits, see your financial advisor.

Qualified Charitable Distribution is a tax-efficient way to make a charitable gift provided you are age 70 ½ or older. A QCD allows you to transfer any amount up to $100,000 per year from your IRA directly to a charitable organization while also satisfying your Required Minimum Distribution (“RMD”).

With a QCD, you don’t have to itemize income tax deductions to receive a tax benefit for your charitable contribution. The amount of your QCD is excluded from your gross income, meaning you will pay less tax. You end up with a 100% pre-tax charitable deduction with a tax savings between 10% and 37%, depending on your filing status and your top marginal rate. An added feature of QCDs is that they aren’t subject to the AGI limitations nor are they counted for purposes of the 60%, 30%, or 20% AGI limitations mentioned above.

Note: The SECURE Act states that if you turn 70 ½ in 2020, your RMDs will not be required until you turn 72. However, you can still make a QCD at 70 ½ even though you aren’t required to take RMDs. Taxpayers who turned 70 ½ prior to January 1, 2020 must continue to take distributions under the previous law.

The QCD is popular with retirees who plan to make charitable donations and don’t need the money from their RMDs. There are several benefits of excluding the QCD amount from your income. See your tax or financial advisor.

Chief Impact Officer, Janet Cotraccia, Shares in this 2 minute excerpt about how donors gifts to the COVID-19 Response Fund grants helped our communities to better demonstrate resilience.

Thank you to each of the 246 donors for your generosity of $1.4M YTD!

Perhaps you're interested in the impact of your gift?

So far, we have granted $1.69M to 444 grantees. Phew, busy time however, many needs have been fulfilled!

View the Dashboard at this link.

A $5,800 grant from the Social Justice Fund to GIAC sponsored this event which provided free haircuts and supplies for over 100, predominantly BIPOC, children to support their self confidence as they start the school year. Thank you God With Us Barbershop, Mane & Wigs Beauty Supply and V’s Hair Salon on S. Cayuga Street. Other supplies provided by Foodbank of the Southern Tier, Staples, and Cayuga Radio Group.

"My inbox is flooded with messages of gratitude and appreciation from families. Many are asking whether or not this will take place next year." -Gloria Coicou, Organizer

The lines were long, and our hearts were full. Planning this for 2022 and hopefully we won't need to turn anyone away!

God With Us Barber Shop

V's Hair Salon

Did you miss it on September 7?

How to write your application for the

Resilient Communities Fall Grant Cycle

Application Deadline:

5pm, Wednesday, October 13, 2021

Contact Janet Cotraccia jcotraccia@cftompkins.org