Now that the holidays are over and the New Year has begun, it is time to shift our focus to organizing and planning for the year ahead. As you consider your charitable giving for 2021 how can you make the most of your good intentions for the coming year? Annual giving budgets can be organized and planned around three points—how much, how often, and to whom.
How much?
This will depend on your budget. Your annual charitable giving budget will be based on what makes the most sense for you and your family. Donor-Advised Funds are a great way to organize financial contributions to favorite charities each year. Charitable gifts can be bundled into one contribution to the Donor Advised Fund for which you can receive a tax deduction. The Fund can then be used as a vehicle to strategize giving by allocating small grants to your favorite charities throughout the year.
For more information about Donor Advised Funds at Centre Foundation, click here.
How often?
Charities need support year-round. Strategizing to spread your contributions throughout the year rather than only during the short five-week period between Thanksgiving and December 31st can be beneficial for both you and your favorite charity. Tax deductions are unaffected, and organizations receive a much-appreciated boost to their cash flow. Additionally, setting up a monthly bank account EFT (electronic fund transfer) allows you to easily give directly and on a schedule while maintaining an ongoing commitment to your favorite charitable organization.
For a list of Centre Foundation’s nonprofit partners, click here.
To set up a monthly donation with Centre Foundation, click here.
To Whom?
You want to support your passions, and you may want to give to those organizations that support your passion locally. Community Foundations are an excellent avenue for you to use to give to multiple areas of interest locally. For example, Centre Foundation supports organizations within the areas of Health and Human Services, Education, the Arts, Animal Conservation, and Environmental Stewardship within Centre County.
For more information about the areas of interest Centre Foundation supports, click here.
As always, we aim to cultivate strong, collaborative partnerships that enhance the vibrancy of our community. To chat with one of our staff about charitable giving and Centre Foundation, click here.
