As the year draws to a close, it’s the perfect time to reflect on the impact we can make in our community through charitable giving. The Grand Rapids Area Community Foundation (GRACF) invites you to join us in shaping a brighter future by supporting the causes you care about most.
Year-end giving is not just about tax benefits—it’s about investing in a stronger, more vibrant community. Whether you support local nonprofits, scholarship funds, or community projects, your generosity ensures continued support for those who need it most.
Here are three reminders that typically are among the most important for year-end charitable giving.
–Give stock. Evaluate your highly appreciated stock positions and use these assets to give to your fund at GRACF or to a charitable organization, coordinating with your tax and financial advisors to optimize your 2024 goals. Appreciated assets generally are far better charitable gifts than cash because you not only can take advantage of the income tax deduction, but also you can avoid capital gains tax.
–Use your donor-advised fund. Consider deploying a “bundling” or “bunching” technique by making a gift to your donor-advised fund at the GRACF this calendar year that allows you to leverage itemized deductions (the standard deduction is very high, at least at the moment), and then use your donor-advised fund over the next few years to support your favorite charities.
–Explore a QCD. If you are age 70 ½ or older, you absolutely should consider making a Qualified Charitable Distribution (“QCD”) to a designated or field-of-interest fund at GRACF. Each spouse can give up to $105,000 in 2024, and the distributions will satisfy your RMDs if you’ve also reached that age. Note that your donor-advised fund is not an eligible recipient, but there are lots of other ways you can leverage this tax-savvy giving opportunity.
Give before December 31, to make a tangible difference in the lives of others; qualify for potential tax deductions on 2024 income; and help nonprofits finish the year strong, ready to tackle the challenges of tomorrow. For year-end giving ideas, visit the Grand Rapids Area Community Foundation website at gracf.org and look at the Funds List under Types of Funds, call us at 218-999-9100, or stop by our office at 350 NW 1st Avenue, Suite E, to learn more about how your donation can transform lives.
