Year-End Giving Information Year-End Giving Information

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 in this unusual year.

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.

Dates & deadlines

So that we can provide the best possible service and ensure your charitable gifts qualify for a charitable income tax deduction in the 2020 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 31, 2020. 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. Please notify stockgifts [at] cfgm [dot] org of the transfer 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, 2020. 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 new, secure lockbox at:

    Community Foundation of Greater Memphis
    Dept. 78
    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 31, 2020.
  • Wire transfers of cash must be received no later than 3:00 p.m. on December 31, 2020.
  • Credit card gifts made by phone or online may be made until December 31, 2020.

Email (adudley [at] cfgm [dot] org) Director of Donor Services Amy Beth Dudley or call her at (901) 722-0038 for assistance.

Year-end grant recommendations

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 2020*, recommendations should be made by 5:00 p.m. on Monday, 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 2020 charitable income tax donations since your charitable contribution was made when you contributed it to your donor advised fund.

Year-end office hours

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. Access to our offices is restricted due to the coronavirus pandemic. However, staff remain available by email and phone during normal business hours to assist you.

We will be closed to observe the Christmas holiday on Thursday, December 24, and Friday, December 25, but will be available via phone and email business weekdays, Monday, December 29, through Thursday, December 31, from 9:00 a.m. to 5:00 p.m.

2020 Potential Tax Strategies

As you and your professional advisors prepare for year-end, here are some strategies that could maximize your charitable impact while minimizing their tax burden. Please consult with your tax/financial advisor on the potential benefits to you.

  • Take Advantage of 2020 CARES ACT Provisions. The CARES Act establishes an above-the-line deduction (universal or non-itemized deduction that applies to all taxpayers) for total charitable contributions of cash up to $300. For taxpayers who itemize, the Act eliminates the cap on annual cash contributions, raising it from 60% of adjusted gross income to 100%. Any excess contributions available can be carried over up to the next five years. While gifts to donor-advised funds are specifically excluded from these enhanced charitable giving provisions, donations to other funds at the Community Foundation are eligible, along with direct gifts to nonprofit agencies
  • Give Appreciated Non-Cash AssetsAppreciated non-cash assets such as stocks, ETFs, and mutual funds held more than one year offer an additional tax benefit in comparison to cash donations. Besides claiming a deduction for the fair market value of an asset, you can eliminate the capital gains tax you would incur if you sold the asset and donated the cash proceeds.
  • "Bundle" DonationsA smart strategy to reach the increased standard deduction threshold is to combine two or three years of charitable contributions (sometimes called bundling) into a single tax year and take the standard deduction in off-years.
  • Make a Qualified Charitable Distribution (QCD) of IRA AssetsClick to learn more about the Secure ACT and IRAS.
  • Make a QCD-like Contribution. With the CARES Act, individuals age 59½ to 70½ can take a cash distribution from their IRA, then contribute the cash to charity in 2020, which may offset the tax typically attributable to the IRA distribution.

We have advised you to seek your own legal and tax advice in connection with gift and planning matters. The Community Foundation of Greater Memphis does not provide legal or tax advice. The information provided above was not written or intended to be relied upon, nor can it be used by any taxpayer for the purpose of avoiding Federal tax penalties. This disclaimer is made to comply with Circular 230 issued by the U.S. Treasury Department.