There are many ways to integrate charitable giving into your financial planning in 2024 to make a meaningful difference. The Community Foundation for Monterey County (CFMC) can help you customize a solution that works for you. Be sure to make your gifts by the deadlines for a 2024 deduction (see deadlines below).
You can give to causes you care about while gaining maximum tax benefit.” – Christine Dawson, Senior Vice President Philanthropic Services
5 Options to Consider for Year-End Giving
1) Donor Advised Funds (DAFs)
This is a great way to claim a tax deduction now for supporting your favorite charities in the future. Donor advised funds can be created quickly and easily with a gift of $5,000 or more. And, with a gift of appreciated stock or mutual funds, you avoid paying capital gains tax on the sale of the stock and receive an immediate charitable income tax deduction for the full value of the asset.
TIP: “Bunch” your giving with a DAF Some donors opt to bunch or “front load” their giving. This means donating two- or three-years’ worth of giving at one time into a DAF, claiming the charitable deduction that year, and then waiting to donate again while claiming the standard deduction. You can make the donation to your DAF in the first year and continue to support your favorite causes in future years from the DAF.
TIP: Explore a wide variety of fund types Donor advised funds are not the only types of funds that the CFMC offers. You can also establish field of interest funds, designated funds, unrestricted funds, or scholarship funds. Contact us to help evaluate what type of fund (or funds) is best suited for you.
2) Gifts of Real Estate or Appreciated Stock
A gift of real estate or appreciated stock are a good options to benefit the nonprofit with a direct gift and benefit the donor with an income tax deduction and capital gains tax savings.
TIP: Stocks vs Cash – A Tax-Savvy Way to Give
Gifts of long-term appreciated stock to your donor advised or other fund at the CFMC is always one of the most tax-savvy ways to support your favorite charitable causes. As opposed to selling the stock and donating cash, capital gains tax can be avoided by donating the stock directly to the CFMC.
3) Life-Income Gifts: Charitable Remainder Trusts & Charitable Gift Annuities
Both offer immediate tax deductions and income for life (a portion of which is tax free). The remainder creates a fund to benefit any nonprofit you choose.
TIP: Compare Different Options The CFMC team can run scenarios of different options for you or you can check out our gift calculator to compare giving options.
4) IRA Qualified Charitable Distribution (QCD)
If you are 70 1/2 or older, you can make a gift from your IRA account to the CFMC for the causes you care about. Gifts made from your IRA (up to $100,000 per year) are not taxable income. If you are 72 or older in the year of the distribution, your gift qualifies towards your RMD. If you are married, your spouse can also make a gift of up to $100,000 from his or her IRA, for a total of $200,000.
You can contribute to designated, agency, field of interest funds at the CFMC or the Fund for Monterey County (the unrestricted grantmaking endowment).
TIP: Make one gift to the CMFC to benefit many nonprofits anytime or through MC Gives! to receive a partial match. You can make an IRA QCD through Monterey County Gives! to benefit multiple nonprofits with one set of instructions. Gifts to donor advised funds are not eligible. Please see deadlines below and contact us for detailed instructions or to learn more.
5) Leverage Your Gift through Monterey County Gives! 11/14 – 12/31/2024
Leverage your year-end giving to more than 200 participating nonprofits through the Monterey County Gives! campaign. Each donation receives a percentage match. Give online at montereycountygives.com from November 14 through midnight, December 31, 2024.
TIP: The CFMC can also accept stock or IRA QCDs for Monterey County Gives! Donors can make one gift to the CFMC and recommend all the agencies they wish to support.
Monterey County Gives! is a special project of the Monterey County Weekly, the Community Foundation for Monterey County and the Monterey Peninsula Foundation.
2024 Year-End Giving Deadlines
Please reach out to the community foundation team to find out when certain transactions must occur to be legally completed during this tax year.
- The last day for 2024 grant recommendations from donor advised funds: 9 a.m. Monday, December 23, 2024.
- New donor advised funds can be established by Tuesday, December 31, 2024.
- Gifts of stocks must be received in CFMC accounts by Tuesday, December 31, 2024.
- IRA QCDs must clear the donor’s custodial account by Tuesday, December 31, 2024. To ensure the QCD clears the donor’s custodial account by Dec 31st, QCD’s should be sent to CFMC no later than December 10. Please confirm with the manager of your custodial account before making the gift as the CFMC receipt date may not qualify as the IRS gift date.
- Real estate and partnerships assets must have title transferred or assigned on or before Tuesday, December 31, 2024.
(County recorder’s office will close at 12 noon with their last recording at 11:30 a.m. on Tuesday, December 31, 2024) - Gifts sent to the CFMC must be postmarked no later than Tuesday, December 31.
- Credit card gifts must be made before 12 midnight Tuesday, December 31.
Attn: CFMC Donor Advised Fund Holders
To ensure that your year-end grants are sent out by December 31, the deadline for recommending grants for 2024 is 9 a.m. Monday, December 23, 2024.
To make a gift to an organization through Monterey County Gives!, you can recommend a grant from your Donor Advised Fund on the Donor Portal. Click on “Recommend a Grant” and select the button “I would like to make a grant to MC Gives” and choose the organization you would like to support. Visit Donor Portal to recommend your grant or contact your Philanthropic Services Officer.
CFMC Holiday Schedule
Thursday and Friday, November 28 and 29, 2024 – closed
Tuesday, December 24, 2024 – closed
Wednesday, December 25, 2024 – closed
Wednesday, January 1, 2025 – closed
All other days we will be available to serve you during regular business hours 8:30 a.m. – 5 p.m., Monday through Friday.
Contact Us
Partnering with the CFMC can simplify your giving. We invite you to contact Christine Dawson, Senior Vice President Philanthropic Services, or Cecilia Romero, Director of Gift Planning, at (831) 375-9712 to explore giving options.
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