Planning Now to Connect to Your Causes That Matter
Mark your calendar for September 19, when 95 non-profit causes that matter will be participating in Connect to a Cause, hosted by the Community Foundation of Lorain County. As part of our signature 12-hour online giving event, donors may browse a catalog and choose the local non-profits they wish to support. Every dollar each non-profit raises during this event will go directly to their current and long-term needs. But you do not have to wait as there are more ways you can connect with these causes in advance of September 19th.
Consider giving stock, not cash. It can be easy to reach for the checkbook when you’re ready to support your favorite organizations. Indeed, all of our Connect to a Cause participating non-profits are grateful for your generosity, no matter what form it takes! That said, it’s well worth reviewing the reasons giving appreciated stock instead of cash is one of the most tax-savvy ways to support our mission. Not only will transfers be eligible for a charitable deduction at fair market value (if you held the shares for more than one year), but also there won’t be income tax on the capital gains. This means you’ll be making a bigger gift than if you’d sold the stock, paid the tax, and supported any of the non-profits individually from the proceeds.
If you’re 70 ½ or older, consider giving from your IRA. A technique called the Qualified Charitable Distribution (“QCD”) is a very smart way to support charitable causes. If you are over the age of 70 ½, you can direct up to $105,000 this year from your IRA to Connect to a Cause or other qualified charities, penalty-free. If you’re subject to the rules for Required Minimum Distributions (RMDs), QCDs count toward those RMDs. That means you avoid income tax on the funds distributed to charity.
Do not forget your Donor Advised Fund (DAF). Whether you’ve established your donor-advised fund at the Community Foundation of Lorain County, our local hub of charitable giving services, or through another institution, you can plan for gifts from your donor-advised fund to Connect to a Cause. This can be a great way to support numerous non-profits with one DAF donation.
The net-net?
Every dollar our organization raises during this event will go directly to each of the participating non-profits and allow them to receive additional bonus funds based on the total amount raised throughout the day. Due to the nature of these transactions, advanced planning ensures the gifts are received in time for Connect to a Cause Day.
We would love to help you plan to make a gift of appreciated stock, QCD or DAF gift in preparation for September 19. You will save on taxes and also help the causes you care about earn additional cash prizes and bonuses throughout the day to support Lorain County. Please contact Laura Malone, Development Officer at the Community Foundation, for the appropriate form to ensure that your compassionate support maximizes our success. Laura can be reached at lmalone@peoplewhocare.org or by calling 440.984.7390.
Thank you for your continued support. We are here to help you make the most of your philanthropic intentions, and it is an honor to work together!