Family Values, Traditions, and Forever Funding
Family traditions are a great way of conveying a family’s values, history, and culture from one generation to the next. Starting a family giving tradition is an excellent way to build relationships with your family.
At the Community Foundation, we recently shared a deck of Values and Issues Cards from the Stanford Center on Philanthropy and Civil Society (PACS) – Effective Philanthropy Learning Initiative with our former and current board members. These cards help families clarify the motivations driving their giving and help identify the values that are most important to them. The cards also provide an overview of broad non-profit issue categories to review specific issues where the family might want to direct their giving. In my own family, we are looking forward to starting this process with our daughters who just turned two in October. While they are at the stage where they are not quite aware of all the excitement of the holidays and other traditions, we now have a helpful tool to guide us when it is time to introduce our values and create new traditions around the holidays.
Some families prefer a less structured idea of their values behind their giving, which is also a great strategy. It is one of the main benefits of donors contributing to our Touch the Future Fund. This fund’s unrestricted nature allows Community Foundation of Lorain County to respond to the community’s changing needs as they arise and is essential considering the continued uncertainties we face. By adding to the Touch the Future Fund, donors create a lasting impact that will grow and change as the community does. As with gifts made to any of our other endowed funds, the contributions you make as part of your giving tradition will turn into forever funding that will always be there to benefit our community.
While giving traditions can be one of the most enjoyable parts of the holiday season, an added benefit can sometimes be the tax benefits of charitable giving. For instance, most donors can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction may increase to $600 for married individuals filing joint returns. Donating from your IRA or stock portfolio may also be a great opportunity.
Please also remember that the deadline for donating for the 2021 tax year is Dec. 31st, and our offices will be open until 5pm that day. Checks sent by mail need to be postmarked by Dec. 31st to count for 2021 charitable deductions. Gifts of stock or IRA assets may take up to two weeks to ensure they arrive in time. To learn more about how your donations can make a lasting impact, contact Laura Malone, Development Officer, at 440.984.7390
We hope that your family traditions add joy to your holiday season, whether newly created or passed down from previous generations. We thank you for including Community Foundation in your giving at any time throughout this year. We hope you have a healthy and safe holiday season.