At DuPage Foundation, our goal is to make sure your giving and gifting experiences work as seamlessly as possible throughout the year. The upcoming holiday season can be filled with many distractions at a time when you may also want to be thoughtful with your year-end charitable planning.
Below are some gift options to consider as we approach year end and some key deadlines of which to be mindful to help you avoid a last-minute rush. Acting early will ensure your giving achieves its maximum impact and yields the benefits you are seeking in our current tax year.
Consulting your tax and financial advisors should also be part of your year-end planning, and we hope that you can use these reminders as a helpful tool. As always, we are here to help and advise you on this journey, so feel free to contact the office at 630.665.5556 or reach out directly to any of our team members listed below.
KEY YEAR-END DEADLINES
- Recommended deadline to initiate electronic mutual fund transfers.
- Recommended deadline for checkbook IRA/QCD contributions.
- Deadline for making grant recommendations from a DuPage Foundation donor-advised fund and suggested deadline for recommending non-DuPage Foundation donor-advised fund grants.
- Recommended deadline to initiate ACH and electronic stock transfers.
- Recommended deadline for IRA contributions to leave the custodial account.
- Last day to personally deliver a contribution to DuPage Foundation offices.
- Last day to get a USPS postmark for mailed gifts.
- Deadline for credit card, web, and ACH donations to be completed.
GRANT RECOMMENDATIONS FROM YOUR DUPAGE FOUNDATION DONOR-ADVISED FUND
Donor-advised fund grant recommendations are made through our Donor Portal at dcfdn.fcsuite.com/erp/fundmanager. To ensure grants reach your desired charities by year end, grant recommendations must be submitted by Friday, December 15. This will allow sufficient time for mail delivery during the busy holiday season. You may also call us at 630.665.5556 for assistance making a grant recommendation from your fund.
CONTRIBUTIONS OF CASH
When sending charitable donations through the mail, the IRS considers the date of postmark to be the delivery date of the contribution. To ensure a contribution through the USPS qualifies for 2023, you must have your envelope postmarked by Saturday, December 30. This rule does not apply to private carriers like UPS and FedEx, so please check with them on their schedules for delivery during the holidays. Check contributions may be sent to:
3000 Woodcreek Drive, Ste. 310
Downers Grove, IL 60515
(List fund name or donation purpose in the memo line)
By Credit Card
To make a contribution by credit card, you can claim the deduction as of the date the card was actually charged. Completed online transactions at dupagefoundation.org/donate qualify through Sunday, December 31.
Drop Off at Office
To personally drop off cash or check gifts, our last date for an in-person receipt of a gift is 3:00 p.m. on Friday, December 29.
Donation transfers from your bank or money market account can often be same or next day, but may take a few days to clear. Contact us for transfer instructions or visit dupagefoundation.org/donate. These should be initiated by Wednesday, December 27.
IRA QUALIFIED CHARITABLE DISTRIBUTIONS (QCDS)
For those looking to take advantage of the amazing benefits of using an IRA to make Qualified Charitable Distributions (QCDs), such gifts are considered to be made when the distribution from the IRA leaves the account, not on the day it is initiated. Therefore, please initiate your requests by Friday, December 1, to ensure checks are received by the charity and cashed before year end.
If you have check-writing privileges on your IRA, the normal postmark date rule does not apply, because the funds must actually leave the custodial account by your IRA administrator’s last business day of the year for the distribution to count against your RMD for 2023.
CONTRIBUTIONS OF STOCK AND MUTUAL FUNDS
Electronic transfers of stock, mutual funds, and other securities are eligible for deduction upon the occurrence of their actual transfer from the donor to the charity’s custody, not upon the time of a transfer’s request. Please be aware of stock market schedules, and recognize that some mutual funds may take up to two to three weeks for transfer. To ensure a transfer is initiated well in advance to work within the rules of your account administrator, plan to initiate mutual fund transfers by Friday, December 1, and stock transfers by Wednesday, December 27, to ensure your gifts arrive as desired. Contact us at 630.665.5556 to request transfer instructions.
NON-DUPAGE FOUNDATION DONOR-ADVISED FUND GRANT RECOMMENDATIONS
Please check with your Fund Sponsor to determine their timeline for processing year-end grants if you want to ensure arrival by end of the calendar year.