Financial Resolutions for the New Year
Many of us usher in the new year with resolutions, often revolving around health and wellness. (Will we ever drop those pesky 10 pounds?)
This year, why not consider a different kind of wellness resolution—making charitable giving to MCG a priority? Americans give generously to non-profit organizations, but most donations come in December, when tax season is just around the corner.
Of course, tax benefits aren’t limited to year-end gifts. The timing of a gift is often critical in helping MCG advance its goal of improving health and reducing the burden of illness in society.
Most MCG gifts come in the form of an endowment—cash, property, stocks, etc., that provides income for a specified fund, department or initiative. These gifts are not always immediately transferable; they require adequate investment time. Therefore, income from an endowed gift provided to MCG in December may not be distributed for 12 to 18 months. In addition, university policies require strict processing guidelines for donations—another potentially time consuming delay.
A well thought-out approach to charitable giving can optimize your generosity by factoring in considerations such as budget, timing and long-term goals. Which MCG initiatives are closest to your heart? Do you have a loved one with Parkinson’s disease? Have you lost a family member to cancer? Do you yourself struggle with diabetes or high blood pressure? MCG is breaking new ground daily in better treating—and ideally curing—these and many other diseases. The more deliberate your approach to giving to MCG, the better you can target your generosity and ensure that your gift is promptly put to good use.
Professionals in the MCG Division of University Advancement are available to help faculty, alumni and friends of the institution plan their charitable giving. For more information on how to maximize your financial gift and minimize your tax liability, call me or drop me an e-mail.
Sincerely,
Tony Duva
Associate Vice President
for Gift Giving
800-860-1113
aduva@mcg.edu
Options for Remembering MCG in Your Will
For more information, please contact Tony Duva at 800-869-1113 or aduva@mcg.edu. |
Information in this article is not intended as legal advice. For legal advice,
please consult an attorney.
Tax laws are subject to change.