The Community Foundation of Greater Memphis is happy to assist you with your year-end giving. Below, please find important dates and deadlines, holiday office hours, and some tax planning tips you and your professional advisors may want to explore.
Please note: Your Community Foundation account must be established and open prior to submitting your contributions. Allow time to open the account prior to making your grants.
For those interested in a healthy level of charitable giving, a little planning can benefit the donor in addition to those receiving the gifts.
“Bunching” future gifts in one year via a donor-advised fund is a great opportunity, especially for those in a high-income year due to factors like the sale of a business. This allows you to take advantage of an up-front tax deduction and to give to your favorite charities over a number of years while funds continue to grow tax-free to enhance future gifting.
Donate appreciated non-cash assets like stocks, exchange-traded funds (ETFs), and mutual funds that have been held for more than a year. This allows you to avoid long-term capital gains taxes on the securities and the opportunity for an up-front tax deduction, while satisfying your charitable giving goals.
For those with pre-tax IRAs in the RMD stage of life, consider making a qualified charitable deduction (QCD) for up to $100,000 of your annual RMD. These donations made directly from your pre-tax accounts to qualified charities allow you to avoid ordinary income tax on the distributions while still meeting your required distributions. Although QCDs cannot be used to contribute to a donor-advised fund, private foundation, or supporting organization, they are a great option for people who may not need the additional income the RMD would provide and want to give to one or more public charities with the bonus of saving on taxes.
So that we can provide the best possible service and ensure your charitable gifts qualify for a charitable income tax deduction in the 2022 tax year, please keep these important dates in mind:
Gifts of appreciated securities (stocks, mutual funds, ETFs, bonds, etc.) must be received by end of day on December 30, 2022. Please be aware that depending on the brokerage, there may be a delay between initiating the transfer and the stock being received in our account and plan accordingly.
If you make a gift of appreciated securities (stocks, mutual funds, ETFs, bonds), ask your broker to be sure to include your name along with the transaction. If you have made a securities gift, please check your gift history in the DonorView portal to confirm it has been noted in your account. When incoming gifts are not marked with the donor's name, we cannot properly credit your fund.
Additionally, for these types of gifts, please always notify us by emailing any details to email@example.com as soon as possible. Failure to notify us of incoming gifts will delay processing.
Checks sent via the U.S. Postal Service must be postmarked on or before December 31, 2022. Make checks payable to the Community Foundation of Greater Memphis. Please note the fund name in the memo line. Sending checks directly to our office may delay their processing. Instead, mail checks to our secure lockbox at:
Community Foundation of Greater Memphis
P.O. Box 1000
Memphis, TN 38148-0078
Checks sent via carriers such as FedEx, UPS, and DHL must be physically received at 1900 Union Avenue, Memphis, TN 38104, on or before 3:00 p.m. on December 30, 2022.
Wire transfers of cash must be received no later than 3:00 p.m. on December 30, 2022.
Credit card gifts made online may be made until December 31, 2022.
Email Director of Donor Services Amy Beth Dudley or call her at (901) 722-0038 for assistance.
Donor-advised fund holders may wish to recommend grants as part of year-end campaigns or holiday contributions. For nonprofit recipients to receive grant checks in 2022*, recommendations should be made by noon on Wednesday, December 28. Donor-advised grant recommendations should be made online through our secure donor portal.
*The timing of donor-advised grants has no effect on your 2022 charitable income tax donations since your charitable contribution was made when you contributed it to your donor advised fund.
The Community Foundation is ready to help you complete your year-end charitable giving, with our staff available to provide answers and process transactions until the last day of the year. Staff are available by email and phone during normal business hours to assist you.
We will be closed to observe the Christmas holiday on Friday, December 23, and Monday, December 26, but will be available via phone and email business weekdays, Tuesday, December 27, through Friday, December 30, from 9:00 a.m. to 5:00 p.m.