End of Year Giving
Your gift to United Way can help to enhance and fulfill this holiday season for both your family and those in need in our community. Additionally, a charitable gift completed by December 31st can secure for you a charitable income tax deduction for the current tax year.
Your generosity this holiday season may take the form of an immediate gift, which will be utilized in its entirety to meet current health and human service needs in our community, or a legacy gift, which, when received, will provide ongoing assistance to those in need. You may also choose to name your gift in memory or in tribute to a loved one or friend.
An immediate charitable gift may be in the form of cash or in readily marketable securities. A cash contribution is deductible in the year the contribution is made up to a total of fifty (50%) percent of one's adjusted gross income. Excess unused deductions can be carried forward for up to five years.
A charitable gift of readily marketable securities may result in a double tax savings. If appreciated stock has been held for longer than one year, the securities may be donated to United Way and the capital gains tax (generally 20%) on the appreciation element of the assets is avoided. In addition, the donor can receive a charitable income tax deduction equal to the value of the securities on the date of the completed gift. The maximum charitable deduction for a gift of appreciated securities in the year the gift is made is up to thirty (30%) of adjusted gross income. Again, any unused excess can be carried forward for an additional five years.
It is important to understand when a charitable gift of stock is completed. If a broker transfers stock to United Way at a donor's direction, the date of the charitable gift will be the date on which the securities enter the United Way account. If a donor hand delivers physical stock certificates to United Way (either with endorsed certificates or along with a signed stock power), the date of the gift will be the date that the securities are delivered. If a donor mails a stock gift to United Way (this should be done by mailing the unsigned physical certificates in one envelope and a signed stock power in another separate envelope), the date of the gift will be the latest postmark date on the envelopes. Mailing should be completed seven (7) to ten (10) business days prior to year-end to assure a gift receipt.
Donate now or for more information about making a year-end gift, please call Yvonne Zuidema, CEO/President at (973) 279-8900 Ext. 206.
Please remember United Way in your will or estate plan.