Maximizing Year-End Contributions

It’s hard to believe that, counting today; eight Fridays are left in 2015.  Where does time go?!

 

Once the calendar is changed to November, the final few weeks of the year seem to pass at lightning speed.  With the rush of the holidays, the conclusion of the school semester, and the fiscal close for many businesses, the New Year has often begun before we’ve even realized that two months have gone by!

 

As you begin to think about how you’re going to maximize the final eight weeks of 2015, reviewing your finances in order to fulfill year-end contributions may be one of many items on your to-do list.  The Rush County Community Foundation is poised to assist you with maximizing your charitable contributions.  As last week’s article mentioned, giving to the Foundation can come in a variety of forms, and our staff is happy to help you understand the options so that you can best match your financial needs.

 

If you are considering a year-end gift to charity, the IRS reminds you:

  • Give to qualified charities.  Only donations to eligible organizations are tax-deductible.
  • Contributions are only deductible in the year made.
  • Only taxpayers who itemize their deductions on Form 1040 Schedule A can claim deductions for charitable contributions.
  • For all donations of property, including clothing and household items, record must be shown detailing the fair market value of the property, the name of the charity, date of the contribution, and a reasonably-detailed description of the donation.
  • A bank record or a written statement from the charity must be kept in order to deduct any donation of money, regardless of amount.  The record must show the name of the charity and the date and amount of the contribution.

 

This year’s contribution to the Rush County Community Foundation provides an even greater maximization:  each $1 given to our funds that support our community grants program is matched by $1.  Donations to these funds inevitably impact every individual in our county, making your contribution incredibly valuable.

 

As you consider how you’re going to spend the final weeks of the year, we hope you’ll consider us when you’re doing the “spending” for your year-end needs.  If you’d like more information on how to maximize your charitable contributions for 2015, we’re glad to provide information on the variety of ways to donate, how our endowment funds benefit Rush County, and the good we continue to do for Rush County.  Visit us at 117 N Main St., online at www.rushcountyfoundation.org, or call (765) 938-1177 if the Foundation can assist you in meeting your charitable giving needs.

 

 

 

 

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