The San Marino Schools Foundation kicked off its year-end giving campaign by hosting a successful #GivingTuesday on November 27 that raised over $68,000 in one day. #GivingTuesday supports charities, and takes place on the Tuesday after Thanksgiving following the consumer spending days of Black Friday and Cyber Monday.
Over 60 people responded to the Foundation’s call to action and made contributions online, in person, or by phone. These funds will go directly towards helping fund teacher positions at all four school sites and helping fund innovative programs throughout all of SMUSD.
Even though #GivingTuesday is over, the Foundation is still accepting year-end donations, which not only invests in the education of students in San Marino public schools, but could also help to reduce the tax liability of donors.
The Tax Cuts and Job Act, signed into law in December 2017, made a number of changes to our tax laws. It nearly doubles the standard deduction for individuals and families, limits the aggregate amount of state and local income taxes, including property taxes, that can be deducted, and reduces the cap on home mortgage interest deduction for new loans.
An additional change is that tax filers can deduct a larger percentage of their charitable donations, increasing from 50 percent to 60 percent of their adjusted gross income.
Charities, including San Marino Schools Foundation, could potentially receive larger individual donations. To take advantage of charitable giving opportunities in 2018, below are some of the ways that you can maximize your giving in 2018 and beyond. Of course, each person’s tax situation is unique, so please do consult with your tax and/or legal advisors.
Appreciated Securities (Stock)
Receive charitable tax deduction at fair market value of publicly traded securities and bypass tax on the embedded capital gains. Consult with your tax advisor to determine the amount of any deduction you may be able to claim for a gift of appreciated securities. To donate stock/appreciated securities, please visit the San Marino Schools Foundation website and download the stock donation directions. Please call the Foundation office at (626) 299-7014 if you need any further assistance.
Donor Advised Fund
A donor advised fund (DAF) is a charitable giving program that allows you to combine the most favorable tax benefits with the flexibility to support your favorite causes. If you have a donor advised fund, you may recommend grants to SMSF directly.
Did you know that many companies offer their employees a matching gift program to encourage them to be active in their communities? Some companies offer as much as 1:1 or even 2:1 in a matching gift of their own. That means if you give $100 your company might match with a $100 or even $200 gift of their own, doubling your donation! Contact your company’s HR department and discover how you might be able to stretch your generosity.
If you are the owner of an IRA and are at least 70-½ years of age, you may make a charitable gift directly from your IRA to the San Marino Schools Foundation. An IRA Charitable Rollover of up to $100,000 will count toward a Required Minimum Distribution (RMD) effectively minimizing taxes on the transfer. Gifts must be made directly to the Foundation before the end of the tax year (2018).
San Marino Schools Foundation will remain open during the holidays (closed on December 24 and 25) and can accept donations in person by visiting its office at 1665 West Dr., by phone at (626) 299-7014, or online at www.smsf.org/donate.