With Giving Tuesday kicking off the season of giving, the Community Foundation of the Ozarks has updated its Holiday Charitable Giving Guide for 2021, available at cfozarks.org/giving-guide.
In the online guide, donors can find immediate needs and links to year-end campaigns from dozens of the CFO’s nonprofit agency partners, as well as tips for maximizing charitable giving. Many of last year’s tax law changes are still in place, giving donors added incentive to donate to nonprofits still recovering from the COVID-19 pandemic.
A few notable items in the guide:
- Unrestricted gifts for operations are still the most effective way to give to a nonprofit agency. These flexible gifts allow agencies to use funds where they need them most.
- Instead of exchanging gifts, make a donation to someone’s favorite charitable cause or agency. Many nonprofits, including the CFO, have the option to make a tribute gift in someone’s honor, offering a thoughtful alternative to traditional gifts.
- If you plan to take the standard deduction on your 2021 tax returns, you can deduct up to $300 (or $600 for couples filing jointly) for cash gifts to nonprofit agencies. This “above the line” deduction, one of last year’s tax law changes, means you can reduce your gross income by $300 or $600 and still take the standard deduction on your 2021 tax return.
- If you plan to itemize deductions on your 2021 tax return, you can deduct more in cash donations to nonprofit agencies. Also carried over from last year’s tax law changes, the AGI (adjusted gross income) limitation for cash donations to nonprofits is increased from the usual 60% to 100%.
The CFO does not provide tax or legal advice and recommends speaking with a professional advisor. If a donor needs to speak with one, members of the CFO’s Professional Advisors Council can be found at cfozarks.org/professional-advisors.
To give donors ideas for charitable gifts, the Holiday Charitable Giving Guide includes a growing list of links to year-end fundraising campaigns for the CFO’s nonprofit agency partners. Through the Agency Partner Program, the CFO holds funds for about 650 nonprofit agencies, schools, cities and places of worship across central and southern Missouri, providing these organizations with a range of services to help them grow and better serve our communities.
“As we head into another holiday season, our nonprofits are still faced with tremendous need and demand for services as they continue working to address the impact of the pandemic on so many areas of our lives,” CFO President Brian Fogle said. “Now matter how you give or how much you give, we hope you make charitable giving part of your holiday season.”
View the Giving Guide