Year End Giving
Charitable Year End Giving Options
As the year draws to a close, now is the time when many start thinking about year-end charitable giving and which option may be most advantageous for them. Whether you give a lot or a little, by sharing what you have today you’re making a difference and investing in a better tomorrow for everyone. Thank you for thinking of our Wheeling University students.
A gift of cash can be made by writing a check made payable and sending to Wheeling University, Office of Advancement, 316 Washington Ave., Wheeling, WV 26003.
You can also make an online gift using a debit or credit card. You can make a one-time gift or choose to make a monthly or quarterly gift.
A qualified charitable distribution (QCD) from an IRA is an option for retirees who are 70½ and older and have to take a taxable required minimum distribution (RMD) each year. This necessity can be turned into a tax advantage by making a direct contribution from an IRA to Wheeling University. For example, if your required minimum distribution is $10,000, and you make a $5,000 qualified charitable distribution, you would only have to withdraw and pay taxes on $5,000 to satisfy your required minimum distribution for that year. If you are able to maximize the qualified charitable distribution, you can potentially eliminate paying taxes on IRA distributions of up to $100,000 a year. The donated amount is not taxed to you, but still counts against your RMD for the year. Taking advantage of the QCD tax benefits does not require you to itemize your deductions, which is particularly useful in light of the new, larger standard deduction for 2018. To make your qualified distribution, contact your plan administrator and complete the qualified charitable distribution form as soon as possible.
A donor-advised fund (DAF) is one of the easiest, tax-advantaged means of giving to charity. It’s more of an initial financial commitment but the ongoing benefits to you and the charities of your choice make it worth considering. It generally takes a minimum of $5,000 to open a donor-advised fund account; however, you may qualify to get an immediate tax deduction for the entire amount, if you itemize. If you donate appreciated assets, you get a tax deduction based on current market value while not incurring capital gains tax. You then use the funds to make grants to any public charity and any money not immediately distributed can be invested, potentially increasing the amount available to give. To me, if you have the means, it’s a great way to make an upfront contribution that you can then strategically manage over time. Plus, you can do most of it online-and have easy access to your giving history.
A gift of appreciated securities provides financial support for Wheeling University as well as tax benefits for the donor. Donating appreciated securities owned for at least one-year can generate the most favorable tax benefits as the deduction is the current value and no capital gain.
To ensure that your contribution is receipted in a timely manner, please follow the steps below notifying Wheeling University of your plans. You can use this Sample Stock Donation Letter to notify both Wheeling University and your broker.
Step 1: Contact Information
Office of Advancement
Email: advancement@wheeling.edu
Phone: 1-800-888-2586
Step 2: Information Needed
- Name of securities
- Number of shares or approximate total of value
- Name of the brokerage firm that will be handling the transfer
- Gift designation (purpose)
Step 3: Provide Wheeling University account information to your broker:
WesBanco Trust & Investment Services
Participant # 2271
Agent ID 13160
FBO: Wheeling University
Account #1040003119
IMPORTANT – Please instruct your broker to add your name to the reference field
Before making any decisions, be sure to consult your tax advisor to see what is most advantageous for you. If you don’t have an advisor, WU alumnus, Matt Rak, of Metz Lewis Brodman Must O’Keefe LLC is willing to
Offer his advice free of charge. Matt’s contact information is mrak@metzlewis.com or 412-918-1126.