This newsletter is intended to help you, our donor-advised fundholders, stay up-to-date on the latest happenings at the foundation and The Center for Family Philanthropy. We strive to make this content informative and impactful. If you have suggestions for resources or information you would find helpful, please send them to Tracy Burt, vice president of marketing and communications, at tburt@akroncf.org or 330-436-5619.
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Bear markets aren’t much fun for anyone. But that doesn’t mean your charitable giving commitments have to be put on hold. If you are like many donors, you are still looking for ways to support the organizations you care about that rely on your support to achieve their missions. Here are three smart giving tips to consider this quarter:
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Gifts of stock, both appreciated and depreciated, can offer opportunities to be charitable. Donating appreciated stock to your donor-advised fund, rather than selling it outright, helps you avoid capital gains tax and is typically deductible at the fair market value. By selling stock at a loss and donating the proceeds to your fund, you can offset the realized capital gains and reduce your overall tax burden.
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Don’t forget about the Qualified Charitable Distribution. If you’ve reached the age of 70 ½, the QCD is a simple and effective planning tool. You are still required to take required minimum distributions from your IRA even in a down market, and the QCD can help offset this tax hit by allowing you to direct up to $100,000 to a qualified public charity. Although QCDs cannot be made to a donor-advised fund, they can be used to establish other types of charitable funds at Akron Community Foundation, like a field-of-interest or designated fund.
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This is also a good time to make sure your estate plan is in good shape, including bequests you may wish to leave to a fund at the community foundation so that the causes you care about can continue to be supported for generations to come. A bequest by way of a qualified retirement plan beneficiary designation is an especially effective tool to support your charitable intentions after you are gone. That’s because funds flowing directly to a fund at the community foundation from a retirement plan after your death will not be subject to either income tax or estate tax.
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Akron Community Foundation is working with The Center for Community Solutions to conduct a Community Needs Assessment — and your input is crucial to inform the work we do. The information we learn in our assessment will be used to help the foundation determine future funding priorities and make grantmaking decisions that will be most impactful for our community. This survey is voluntary and confidential, and should take roughly 10-20 minutes to complete. Thank you for your time and support!
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From hosting family meetings to helping you determine your philanthropic values, The Center for Family Philanthropy at Akron Community Foundation is here to help you and your loved ones engage in meaningful conversations about your charitable giving. As a donor-advised fundholder, you have complimentary access to the resources offered by the center.
We welcome the opportunity to learn how we can help you achieve your charitable goals. Contact Karen Hrdlicka, director of the center, at khrdlicka@akroncf.org or 330-436-5640, to set up a meeting today.
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Did you know you can contribute to our quarterly grant co-investment program through our online fundholder portal, DonorCentral? As a fundholder, you have the opportunity to review Akron Community Foundation's competitive grant applications and support initiatives that align with your charitable interests. Check out your fund portal to view our current Health & Human Services grant applicants now! If you haven't registered your DonorCentral account yet, view our instructions to get started or reach out to your primary contact for assistance. Co-investment requests should be submitted by Nov. 7.
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Have you thought about how you will make a charitable impact this year? With input from our Professional Advisor Council, we have created a Year-End Giving Guide with strategic tips to help you maximize your tax savings through philanthropy. Akron Community Foundation can accept gifts from the simple to the complex, including qualified charitable distributions from IRAs and closely held stock.
Here are a few reminders to ensure you meet year-end giving deadlines:
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Gifts must be postmarked or made online by 11:59 p.m. on Dec. 31 to earn a tax deduction for 2022.
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To ensure stock gifts can be processed by the end of the year, we recommend initiating transfers by Dec. 12, 2022.
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For donor-advised fundholders, grant recommendations should be submitted by Dec. 2, 2022, to ensure end-of-year delivery.
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Fund statements for the quarter ending Sept. 30 are now available through our online fundholder portal, DonorCentral. This document includes timely financial information, such as your fund balance, contributions, investment activity, grants and distributions, and more. For questions about your fund statement, please contact us at 330-376-8522. If you haven't registered your DonorCentral account yet, view our instructions to get started.
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We're here to help! We created a series of videos that answer some of your most frequently asked questions.
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Akron Community Foundation
345 West Cedar St., Akron, OH 44307
Office Hours: 9 a.m. to 5 p.m., Monday through Friday
Phone: 330-376-8522
Fax: 330-376-0202
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