Nonprofit organizations receive most of the funding to fuel their missions at the end of each year. This increase of contributions allows their vital work to continue, benefitting those they serve. As a donor, ensuring your donation is received and processed in the calendar year is essential for maximizing impact and tax-deductibility.
The guide below offers advice and timing to process donations appropriately before the end of 2023.
TANGIBLE PERSONAL PROPERTY
Donating physical items should be done in person when possible. The date in which the item is delivered to charity is the date of donation, however we recommend donating these items by early December to account for any possible appraisals.
Delivered by December 31, 2023.
STOCK TRANSFER
Stock Transfers are complete on the date in which the transfer to charity’s name is complete. We recommend processing these transactions with significant advance, at least 1 to 2 weeks, to allow for processing time.
Received by December 31, 2023.
CHECK
Checks can either be placed in the mail or handed to a representative of the organization. If delivered in person, we recommend checking appropriate office hours given the holidays.
Sent via mail with postmark by December 31, 2023 or in-hand to the organization before the 31st.
WIRE TRANSFER OR CASH
Contributions via wire transfer or cash are received on the date they are officially acknowledged by the receiving organization.
Received by December 31, 2023.
CREDIT CARD
Credit Card donations are considered complete on the date the charges occur.
Received by December 31, 2023.
DONOR ADVISED FUND
While deadlines for contributions from a Donor Advised Fund are not applicable for tax purposes, the general dates and guidelines above can be followed to ensure donations are made before the end of the calendar year, meeting any potential non-tax-related requirements or objectives.
Interested in making a contribution before the end of the year?
Should you have any questions, or are looking guidance for on donations, Foundation X is happy to assist.
The tax and foundation planning information offered is general in nature. It is provided for informational purposes only and should not be construed as tax or legal advice. You are encouraged to consult an attorney or tax professional regarding your specific tax and legal situation.