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December 11, 2020

Tips on Giving from North Georgia Community Foundation

Hands giving money to others

I appreciate this opportunity to be the “guest blogger” for Strong, Gaddy, Lee Wealth Management. While their great team is helping you make plans and decisions about year-end investments, I wanted to touch on some charitable giving options you may consider, as well as how the North Georgia Community Foundation can help.

The services offered by NGCF provide advantages to donors in many ways:

Contribution Options

  • Start or add to your Fund
    • NGCF offers different types of charitable funds to meet your needs.
  • We make giving easy: Give now, Decide Later
    • Make contributions now but decide your recipients at your own discretion.
      • Grants from funds at NGCF can support nonprofits, churches, schools, government entities, or approved philanthropic projects.
  • Grow Your Giving
    • Your contributions are invested and grow tax-free.

Tax Advantages

  • Make a cash gift
    • Claim a tax deduction immediately.
    • Consider “bundling” a few years’ worth of giving and claim a charitable deduction this year while “pre-funding” your giving for future years.
  • Contribute appreciated stock or mutual funds
    • Avoid paying capital gains tax on the sale.
    • Still receive a charitable income tax deduction on the full value of the asset.
  • Sell real estate or a business
    • Involving NGCF in your business sale may help you avoid capital gains tax.
  • Satisfy your required minimum distribution (RMD)
    • Individuals over 70 ½ with a traditional IRA can give a qualified charitable distribution (QCD) to specific fund types at NGCF.
    • You can allocate up to $100,000 directly from your IRA and avoid paying any income tax.
    • Please note – Although NGCF will accept your RMD in 2020, they are not required. The CARES Act has waived all RMD obligations for 2020, including for those who turned 70½ in 2019 and had until April 1, 2020 to take their first distribution. However, you can still make a distribution and receive tax benefits and make an impact on nonprofits who need it the most.

Legacy Building

  • Make estate or planned giving arrangements to ensure your philanthropic legacy lives on forever.
  • Teach younger generations around you about the impact and legacy of giving.
  • Make a gift to the NGCF Endowment.
    • A gift to the NGCF endowment allows your contribution to be stewarded by NGCF and distributed throughout North Georgia to meet critical needs.

Personal Benefits

  • Receive Peace of Mind
    • Before grants are given from any fund, NGCF handles vetting the recipient. You have the benefit of knowing your funds are stewarded properly.
  • Get Happy
    • Psychologists have proven that giving to others has a direct impact on your happiness.

The North Georgia Community Foundation has been a trusted partner in philanthropy since 1985 and we currently manage $94 million in charitable assets. We are proud to have great relationships with professional advisors throughout North Georgia, including the amazing team at Strong, Gaddy, Lee Wealth Management. As you meet with them, be sure to review all these suggestions together and let me know if I can help or answer any questions you may have. I can be reached at 770-535-7880 or mprater@ngcf.org.

Again, thanks to Strong, Gaddy, Lee for allowing me to share all of this with you. I look forward to having a conversation with you soon about your charitable giving.

Michelle Prater
President & CEO
North Georgia Community Foundation

Content in this material is for general information only and not intended to provide specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
Michelle Prater and North Georgia Community Foundation are not affiliated with, nor endorsed by, LPL Financial.

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