10 Tips to Plan for End of Year Charitable Giving and Tax Breaks

With the end of the year quickly approaching, now is a great time to start the conversation with your professional advisor and our staff to help you understand how you could set up a fund that also benefits you, the philanthropist, from the best tax advantages for your giving legacy. (Especially since all Community Foundation charitable contributions are fully tax deductible!) By giving charitably, you can ensure the future work and vitality of services providing for children, resources for the homeless, women’s health, food insecurity, the fine and performing arts, among many others.

But let us back up, because we’ve been told we’re one of the best kept secrets in North Texas. Since 1981, The North Texas Community Foundation has worked with local professional advisors, our fundholders, and nonprofit organizations to make smart investments for philanthropic solutions. In a nutshell, we work with savvy givers like you to connect your charitable dollars with the respected nonprofits that are doing excellent work.

In 2016 alone, we have grown our endowments by $18 million, adding up to more than $230 million in assets with a history of giving nearly $200 million in grants on behalf of altruistic donors of generous individuals and families from Fort Worth and Tarrant County.

That’s a huge vision for our future that we hope every savvy giver wants to be a part of.

To help you get started on maximizing your end of year charitable giving, we wanted to share our top ten tips to smart philanthropy!

Before the End of 2016

If you are over 70½ in 2016 and would like to make a donation to a Designated Fund at the North Texas Community Foundation from your IRA, you can donate up to $100,000 under favorable tax provisions as of 2016. Note: You can not set up a Donor Advised Fund but our team can help you benefit just as much with a Designated Fund, naming the nonprofit(s) of your choice as the recipient.

Set up or add to your Donor Advised Fund for an immediate income tax deduction and provide immediate and future donor gifting to charity over time.

Talk with your family at Thanksgiving about their charitable giving and discuss ways to give as a family by discussing similar values and interest areas. Our team can facilitate this family meeting or give you ideas of how to open the discussion.

Contribute to your fund at the Community Foundation by using appreciated stock in place of cash to reduce capital gains in your portfolio while generating an income tax deduction.
Give an outright charitable gift of cash for an immediate income tax deduction. By using your Donor Advised Fund, you don’t have to decide now which charity will benefit but you can take time to decide where your gift will do the most good.

Make a will or trust bequest to the Community Foundation so that the estate can take both income and estate tax deductions. This could be endowed or have an end date specified, but either way, it gives you control of your gift well into the future and takes care of the charity after your lifetime.

Learn more about types of funds we offer or call 817.877.0702.

Smart Philanthropic Planning for 2017

Set up or check in with your “philanthropic planning team” to set your charitable goals for the New Year. Your team could include the North Texas Community Foundation staff, your attorney, your CPA, your wealth advisor, etc.

Grantmaking happens year round: plan a meeting with our Donor Relations team to lay out your ideal plan around grants from your fund during the upcoming year.

Engage with your family to talk about their philanthropic goals for the coming year. Or talk to our team about facilitating a family meeting where all voices can be heard and a strategy can be developed around the family’s values and interest areas.


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Together, we can cultivate a more vibrant and resilient community where all North Texans can thrive.