Published December 15, 2020 | As the year winds down, many of us are making final decisions on where to place our 2020 charitable dollars. The donations we receive allow us to create educational resources, advocate for legislation, and fund research. All benefitting the PKD community. Did you know there are multiple ways to give to the PKD Foundation? Let’s deep dive into the many ways of giving to the Foundation.
Cash payments, including paper checks, credit cards, electronic fund transfers (EFT), and digital wallet payments, are the easiest way to donate. Credit cards have the added advantage of providing you with bonus points or flights when you use them. While some credit cards allow you to donate your bonus points to a charity, you can also redeem your points for cash and send them to the Foundation.
Looking to give more to the Foundation? Setting up a recurring monthly donation is a painless way to meet that goal by automatically donating a set amount each month—it can really add up by the end of the year. Monthly donations can be made through a credit card, EFT, and digital wallet payments that send funds directly from your bank or brokerage account to the Foundation.
You can access PKD’s website at pkdcure.org for easy online donation processing.
Stock given directly to the Foundation will provide you with a tax deduction while also avoiding capital gains tax. You can even take the money you’d normally give as a donation and repurchase the same stock to have in your portfolio, but at a much higher cost basis. Check with your tax advisor to maximize your tax benefit.
Donor-Advised Funds (DAF)
There are a lot of benefits when it comes to DAF.
- Easy record keeping, distribution, and compliance with state and federal requirements
- No government required payout, unlike private foundations which must distribute 5% of their assets to charitable activity each year
- You may name a successor or recommend charities to receive the remainder of funds upon your death
DAF also comes with multiple tax benefits.
- Depositing assets in a DAF gives you an immediate tax deduction, even before money is distributed to a designated charity
- There is no capital gains tax on gifts of appreciated assets
- DAFs aren’t subject to estate taxes
- Investments in a DAF can appreciate tax-free
- Closely-held stock and real estate can be deducted at their full market value, other assets such as art and collectibles will need an appraisal
Individual Retirement Accounts (IRA)
Wanting a tax-free giving option? IRA donations made by an account holder, directly to the Foundation, are tax-free. This is especially beneficial once you become 72 years old and you’re required to take a minimum distribution (RMD) each year. By using the funds to make a charitable deduction (QCD), there’s no income tax on the distribution. You can name a successor or recommend charities to receive the remainder of their IRA upon their death, saving estate taxes.
Tribute gifts are a thoughtful way to celebrate life events, such as birthdays, bar/bat mitzvahs, graduations, anniversaries, etc. For acknowledging someone’s passing, you can send a gift in memory to family members, sharing your condolences.
In addition to celebrations, tributes make a great personal or business thank you, or as a host/hostess gift instead of a bottle of wine. By making a donation of any size, you can support the Foundation’s mission to give hope while also honoring the recipient.
Vehicle donations are a great way of giving to the Foundation while making it easy to dispose of an unused car, truck, motorcycle, boat, etc. Simply go to pkdcure.org and start the simple process from the comfort of home. A car donation company will come pick-up the vehicle, sell it, and send a check to the Foundation. Then you get a tax deduction for the amount of the sale. That’s a win-win!
These days, we’re all doing a lot of online shopping. AmazonSmile lets you shop for the things you need and then donates a percentage of designated items to the Foundation. The best part is that as long as you shop through smile.amazon.com (as opposed to amazon.com) you don’t need to remember a special login or code—just shop. Amazon will occasionally let you know how much your purchases have been donated to the Foundation.
Facebook fundraising events are an easy way to help the Foundation and promote PKD awareness. By setting a crowdfunding campaign, you not only help raise funds for the Foundation, but Facebook covers all transaction costs. Every dollar you raise is received by the Foundation.
Bequests and Wills
Bequests and wills let you leave either a specified dollar amount or percentage of your estate to the Foundation. These donations are more than a wonderful way to advance PKD research, but they also minimize estate taxes. It’s vital to periodically review and update your will to take into consideration life events (marriage, birth of a child, sale of a house), and the value of your assets. We’d appreciate knowing if we’re included in your estate plans, even if you prefer not to share the value of your intended gift. We value the importance of your intention.
We’re here to help with your year-end giving questions
As you decide where to place your final charitable donations for 2020, we hope you consider making a gift to the Foundation. If you have any questions about giving options or need additional information, we’re here to help. Please contact Chad Iseman, chief advancement officer, at email@example.com or visit myimpact.pkdcure.org.