Welcome!

Release Management Authors: Jnan Dash, Liz McMillan, Lori MacVittie, Gilad Parann-Nissany, Carmen Gonzalez

News Feed Item

End-of-Year Charitable Giving, Tax Deduction Deadline Nears

Tips For Charitable Giving: Research Nonprofit Organizations; Understand Current Laws To Maximize Tax Deductions

Seattle #1 in online giving  

SEATTLE, Dec. 28, 2012 /PRNewswire-USNewswire/ -- End-of-the-year charitable giving to favorite nonprofit organizations is on the to-do list for many King County residents this week, inspired by a spirit of generosity as well as a feeling of uncertainty as Congress debates the future of the charitable tax deduction.

The average person makes 24 percent of his or her annual donations between Thanksgiving and New Year's Eve, according to research from the Center on Philanthropy.  There is speculation that that may increase this year, as people step up their giving in preparation for a potential change in the charitable tax deduction.  Congress is debating whether to eliminate or limit the tax benefit for charitable donations as part of the broader "fiscal cliff" negotiations.

"Generosity, the holiday spirit and year-end tax planning are a powerful combination in philanthropy," says Norman B. Rice, president and chief executive officer of The Seattle Foundation.  "The uncertainty around the charitable tax deduction may prove to be a catalyst that spikes year-end giving even more than usual."

The Seattle Foundation, which manages more than 700 charitable giving funds for families and businesses in King County, is seeing a steady flow of gifts as we approach year-end, including many in the form of appreciated stock. Under current tax law, donations of long-term capital gain assets, such as appreciated stock, generally qualify for a deduction at the fair market value, enabling donors to avoid capital gains tax on the appreciation. This strategy is appealing for two reasons. Stocks, in many cases, have regained value lost in the recession and given the potential of charitable deduction limits in 2013, it may be a tax-wise and generous gift.

Strategies for End-of-Year Giving

The Seattle Foundation advises people making end-of-the-year gifts to consider the following:

Open a donor advised fund  If you are concerned about the future of the charitable tax deduction, this may address your fears.  A donor advised fund is a charitable giving account that allows you to donate now and secure a deduction for 2012, and make decisions in the future about specific gifts to nonprofits.  The money in your donor advised fund is invested and can grow tax-free, as you recommend when and where gifts are made.  Donor advised funds are available from community foundations, such as The Seattle Foundation, and some national financial services firms. 

"A donor advised fund is the perfect tool for people who want to make a gift by year-end but are uncertain as to how they specifically want their charitable dollars distributed," said Rice.  "It also makes giving much easier, allowing people to focus on their philanthropy free of checkwriting and reporting as we handle all of that."

Research the nonprofits  Seek out organizations that match your specific interests and demonstrate financial health, accountability and transparency, and meaningful impact.  People interested in finding organizations and causes to support have a very useful resource in The Seattle Foundation's website, which offers a directory of more than 1,500 nonprofits serving King County. The site makes available for the first time The Seattle Foundation's internal evaluations of nonprofit organizations, helping you make the wisest decisions possible with your giving dollars.  At the website's "Giving Center," you can search nonprofits to find groups that best match your interests by mission, geography, clients served and other criteria. A search of nonprofits for the topic "housing," for example, can be refined to organizations specifically supporting homeless individuals with special needs on the Eastside.  

Make Unrestricted Gifts  If you are confident in the health and management of the nonprofit organization, then make an unrestricted gift that will allow it to use the funds where they are most needed.  Nonprofits face substantial reductions in government funding and unrestricted gifts to support basic operations, rather than earmarked for individual programs, are critical. 

Focus Your Giving:  Consider making fewer, larger gifts and focusing your giving in one area.  Larger gifts have larger impact, which is important to you as the donor.  More targeted giving also enables you to become more focused, passionate and knowledgeable about the causes you care about.  And from the recipient's perspective, keep in mind that nonprofits have transaction and cultivation costs associated with every gift, regardless of size.

Seattle Ranks #1 in Online Giving

Given our region's standing as a leading technology hub, it's no surprise that Seattle was #1 in Convio's annual ranking of the top ten most generous large cities in online donations during 2011, based on per capita giving.  The 2011 rankings are based on the almost $1.355 billion in total online donations generated through the Convio online services used by nonprofit organizations across the nation.   Seattle held the fourth ranking in 2010.  (Note:  The Seattle Foundation does not use Convio services.)

This is good news for King County nonprofits, who can expect to see a spike in online gifts in the coming days.  Twenty-two percent of all online gifts to charities are made in the last two days of the year, according to Network for Good. 

The Seattle Foundation's web site facilitates online giving to hundreds of nonprofit organizations.  It is also the centerpiece of GiveBIG, the day-long online giving campaign held on May 2, 2012 that asked people to visit www.seattlefoundation.org and donate to their favorite nonprofit organizations.  People made a total of more than 37,000 online gifts totaling $7.4 million for GiveBIG, and those donations were matched by $800,000 from The Seattle Foundation, local companies and philanthropists. The success of GiveBIG boosted online gifts made through www.seattlefoundation.org to $7.7 million up from $3.6 million in 2011. 

"Online giving is growing dramatically here and across the nation," said Rice.  "Donors favor the ease and convenience and it enables people to respond very quickly in times of crisis and national disasters."

Established in 1946, The Seattle Foundation fosters powerful and rewarding philanthropy to make King County a stronger, more vibrant community for all.  It is the oldest and largest community foundation in the region, with more than 1,200 family, business and nonprofit funds and assets of more than $600 million. The Seattle Foundation awards more than $60 million in grants each year. Learn more about the Foundation and visit the Giving Center at www.seattlefoundation.org.

SOURCE The Seattle Foundation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...