If reading about Required Minimum Distributions (RMDs) and Qualified Charitable Distributions (QCDs) made doing your taxes this year a chore, you are not alone! The SECURE Act 2.0 made changes to RMD rules that are important to understand, especially if you are involved in charitable giving and have reached the age of 70 1/2.
To help you make the most of your charitable giving ahead of next year's tax season, we've put together a brief explainer of RMDs and the recent changes.
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Thank you to everyone who gave to our first-ever Wish Book, a collection of 50 requests from Summit and Medina County nonprofits.
Whether you gave $250 or $5,000, your grants made a difference. Because of the generosity of you, our donor-advised fundholders, we raised a total of $132,815. You helped us completely fund 17 projects and partially fund 28 additional projects. These included everything from the purchase of double bunk beds for people without housing living in the Glendora House to software that will prepare 300 out-of-school youth to find employment at a livable wage.
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Opening a donor-advised fund is often a first step in prioritizing your strategic giving. The Center for Family Philanthropy can help you determine your next steps, and better incorporate the way you utilize your treasure, time, talent and ties to make a greater impact in your community.
One of the many tools available to you through The Center for Family Philanthropy is the Institute for Emerging Philanthropists. You may want to consider applying for the 2023-2024 course if you answer "yes" to any of the following questions:
- Are you overwhelmed by the multitude of nonprofits out there and are struggling to decide where to give?
- Is your giving influenced more by what your friends and family ask you to give, rather than what matches your own values and interests?
- Do you aspire to become a leader in the philanthropic community?
- Do you have children or grandchildren in whom you want to encourage giving and generosity?
- Do you want to get more involved with Akron Community Foundation but are unsure where to start?
- Does your giving seem more like something you're obligated to do, rather than something that enhances your life?
The Institute for Emerging Philanthropists is an exclusive, biennial educational program designed to support, inspire and cultivate a developing group of donors. This structured seven-session program (September – June) helps participants identify their personal philanthropic goals and develop plans for a lifelong commitment to improving our community.
If you or someone you know would be a good fit, consider applying today. Applications are due at the end of April for the upcoming cohort. For questions, contact Karen Hrdlicka, director of The Center for Family Philanthropy, at 330-436-5640 or khrdlicka@akroncf.org.
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Did you know you can contribute to our quarterly grant co-investment program through our online fundholder portal, DonorCentral? As a fundholder, you have the opportunity to review Akron Community Foundation's competitive grant applications and support initiatives that align with your charitable interests. Check out your fund portal to view our current Arts and Culture grant applicants now!
If you haven't registered your DonorCentral account yet, view our instructions to get started or reach out to your primary contact for assistance. All co-investment requests should be submitted by May 8.
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Philanthropy Roundup: Stock market volatility, new tax legislation, and stats on volunteering
Not a day goes by at the community foundation without our team talking with fundholders and nonprofits about the state of philanthropy in our community. The following are updates and tips from our staff on some popular topics.
Banking’s bumpy road
You, like many philanthropists, may have questions about transferring stocks to a donor-advised fund while the stock market seems volatile. Although the current market climate may be rough, we are nevertheless encouraged by evidence suggesting that technology is increasing the opportunity and efficiency of charitable giving overall. If you're considering making a gift of stock, contact Steve Schloenbach, vice president and chief financial officer.
Tax perks on the horizon?
It appears that there may be renewed hope for non-itemizers to be able to deduct at least a portion of their charitable gifts. As you and other charitable-minded taxpayers are undoubtedly aware, because of the higher standard deduction passed as part of the Tax Cuts and Jobs Act of 2017, tens of millions fewer households itemized their deductions, leaving many nonprofits with shortfalls in projected donations. In addition, a “universal charitable deduction” may be back in play.
Generational factors impact charitable behavior
Many fundholders at the community foundation regularly involve their children and grandchildren in philanthropic activities, including attending community foundation events together and utilizing The Center for Family Philanthropy to explore giving opportunities. Through our work with charitable families, we continue to notice generational differences in charitable giving.
Our observations are supported by new research that shows how volunteerism and related behaviors are shifting, making it difficult for some charities to build and maintain volunteer programs. If you're interested in learning more about how to better engage your family on the topic of philanthropy, contact Karen Hrdlicka, director of The Center for Family Philanthropy, at 330-436-5640 or khrdlicka@akroncf.org
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Fund statements for the quarter ending March 31 are now available through our online fundholder portal, DonorCentral. This document includes timely financial information, such as your fund balance, contributions, investment activity, grants and distributions, and more. For questions about your fund statement, please contact us at 330-376-8522. If you haven't registered your DonorCentral account yet, view our instructions to get started.
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We're here to help! We created a series of videos that answer some of your most frequently asked questions.
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Akron Community Foundation
345 West Cedar St., Akron, OH 44307
Office Hours: 9 a.m. to 5 p.m., Monday through Friday
Phone: 330-376-8522
Fax: 330-376-0202
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