Timing of a gift - when it is given, received and considered for tax
purposes - is critical and varies depending upon what is being given and
how. This is most important during the busy end-of-year giving season.
Here’s a short refresher:
| According to the IRS, a gift is made on
the date it is unconditionally delivered: |
| Checks: |
on the date it is postmarked (not the date of
the check). |
| Credit Cards: |
on the date that it is processed (not the date
it is postmarked) |
| Tip: If mailing a credit card donation in
December, please mail early in the month. We process them on the
date we receive them, but mail delivery can be very slow, especially
toward the end of December. To protect your 2008 tax-deduction it
may be wiser to make the donation online or by telephone (574)
284-5641. |
| Stock: |
Hand-delivered: on the date that the endorsed
paper certificate is hand-delivered to a qualified organization or
its agent. |
| Mailed through regular mail: the date it is
postmarked. (For security reasons, this should be a two-step
process: 1) mail the unendorsed certificate and a cover letter in
one envelope 2) mail a signed, signature guaranteed stock power in a
separate envelope. Send both via Registered Mail.) |
| Transferred electronically by your broker: the
date the stock transfer is credited to our brokerage account (not
the date you gave the instructions to the broker) |
| Tip: Please let us know in advance if you are
planning to make a donation of stock, especially if you are
transferring it electronically, so that we can help make the
transfer go smoothly. We’ll be able to provide the up-to-date
routing numbers and alert our broker. |
For more information:
- Please consult your personal financial or legal advisor.
- IRS Publication 526: Charitable Contributions
- IRS Publication 561: Determining the Value of Donated Property
|
