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.
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:
Email (adudley [at] cfgm [dot] org) 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 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.
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.
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.
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.