Planning to make end of year donations to support the causes you care about? This year’s tax law changes will make a difference in the way those charitable gifts are treated, with an implication for your 2018 taxes and for the year to come. As you do make your final donations of the year, it’s also a good time to consider your plans for next year’s charitable giving.
While the primary motivation for most charitable gifts is a desire to make a difference, not simply tax breaks, good financial planning leaves more for charitable gifts. Donors are paying attention to the impact of the new tax law – and making plans to maximize the difference their gifts can make. The Covia Foundation offered several workshops this year on maximizing your charitable contribution and offers the following strategies you can use for your own planning purposes.
The new tax law that went into effect for 2018 nearly doubles the standard deduction to $12,000 for individuals and $24,000 for married couples filing jointly. That means fewer Americans will itemize deductions on their tax returns – including charitable gifts.
Using tax-smart giving strategies can allow some donors to give more and enable others to grow their initial contributions tax-free until funds are disbursed to designated organizations:
One strategy is to donate appreciated assets such as stocks or real estate directly to a charity. Donors receive the fair-market value of the asset at the time of the gift as a charitable deduction – without incurring the capital gains tax they would face if selling an appreciated asset outright. The charity then liquidates the asset and puts the funds to work to make a difference.
IRA CHARITABLE ROLLOVER:
Taxpayers over the age of 70 ½ can plan a Qualified Charitable Distribution from their Individual Retirement Accounts (IRA). Diverting some or all of the required minimum distribution from an IRA can provide financial benefits. While the distribution doesn’t count as a charitable deduction, it also doesn’t add to the donor’s adjusted gross income – which can reduce income taxes (and possibly Medicare premiums). Up to $100,000 annually may be requested as a Qualified Charitable Distribution.
DONOR ADVISED FUNDS:
Donors can make several years’ worth of charitable gifts in cash or appreciated assets to a donor-advised fund. This strategy can provide an immediate tax deduction on the amount contributed and allows the donor to direct gifts from the fund each year to the charities he or she supports.
Charities are able to continue their work in good part because of the support of people who care about making a difference. Planning ahead gives you the opportunity to make an even bigger impact with your charitable dollars. Generosity combined with knowledge can make all the difference in the world.
If you would like to attend a future charitable giving forum, please contact Michelle Haines, Covia Foundation Development Associate, at email@example.com. And to join our effort to provide life-changing support for seniors, please visit our secure online donation page.
The 7th Annual Celtic Cup was a huge success thanks to so many people who care. On May 21st, more than 200 people joined the Covia Foundation at the Orinda County Club to raise more than $220,000 to provide life-changing services for seniors.
All of us want to share our deepest gratitude to all of our supporters. Your support will help seniors living in Covia’s Affordable Housing communities as well as those living in their own homes throughout the Bay Area. The funds from the Celtic Cup provide vital services such as nutrition, emergency assistance and a community of support for thousands of low-income and isolated seniors.
Fore! Golfers Out In Force
It was a beautiful day on the picturesque Orinda Country Club course. More than 120 golfers brought their best game on a picture perfect day. Congratulations to this year’s tournament winners!
1st place: Dennis Colvin, Al Climent, Jeff Hyer, Michael Ofstedahl.
2nd Place: David Chin, Terry Gilmore, John Fradelizion, Ken Keeney.
3rd Place: Matt Baldwin, Wally Baldwin, Bill Gilmartin, Steve Spina.
Kudos to the course contest winners!
- Closest to the Pin – Men: Dave Ring
- Closest to the Pin – Women: Ginni Henri
- Most Accurate Drive – Men: Dave Costello
- Most Accurate Drive – Women: Dee Ann Campbell
Celtic Cup Presented to Long-time Supporters
Special thanks to the recipients of the 2018 Celtic Cup, Bill and Connie Ring. The Celtic Cup honors those who have provided dedicated support to the Covia Foundation in its service to seniors. Bill and his wife Connie helped kick off the inaugural Celtic Cup in 2012 and Bill has served as emcee of the evening gala and live auction for seven years running. President and CEO Kevin Gerber presented the Rings with the Celtic Cup to conclude the gala dinner. Congratulations, Bill & Connie!
Click here to find more photos from this year’s Golf Tournament and Gala Dinner.
Thank you, Sponsors, Staff, and Friends
Many thanks to our 2018 Gold Sponsors:
And to our generous Silver Sponsors:
City Building, Inc.
Morrison Community Living
Nelson T. Lewis Construction Co., Inc.
T.C. Castle Construction, Inc.
Join Us Next Year!
We hope you’ll join us for the 8th Annual Celtic Cup in 2019. If you have any questions about this year’s event, please contact Michelle Haines at 925.956.7448 or visit our website at celticcup.org. Find out more about the Covia Foundation, what we support, and how to give here.
Join Covia on May 21st at the Orinda Country Club for camaraderie, golf and a great cause! The Covia Foundation’s 7th annual Celtic Cup Golf Tournament, dinner and auction still has a few spaces available and we would love for you to be there.
Can’t join us for the event? Your gift has a life-changing impact on low-income and isolated seniors. Your contribution will directly support Covia’s Affordable Senior Housing and Community Services programs. 100% of your gift will be put to use in providing services.