A reminder of giving regs

It’s time for the Foundation’s annual reminder of year-end giving regulations! NCCF Philanthropy Counsel Mary Morgan has pulled some relevant rules from the IRS. Please don’t hesitate to contact us if we can offer assistance or answer any questions: 919-828-6901 or 1-800-201-9533.

The rules:      

  1. The deadline for charitable contributions for tax year 2013 is Dec. 31, 2013. 
  2. You can deduct your contributions only in the year you actually make them in cash or other property. Note that certain carryover rules allow deductions for later years, but see your tax advisor for information on this exception.
  3. A contribution is considered “made” at the time of the contribution’s unconditional delivery.

How these rules apply to the most common types of contributions:

  • Checks:  A check you mail to a charity is considered delivered on the date you mail it as evidenced by the postmark on the envelope. 
  • Credit cards: Contributions charged on your bank credit card are deductible in the year you make the charge.  (It doesn’t matter if you pay your credit card bill in the next year.)
  • Text message:  Contributions made by text message are deductible in the year you send the text message if the contribution is charged to your telephone or wireless account.
  • Stock certificate:  A properly endorsed stock certificate is considered delivered on the date of mailing or other delivery to the charity or the charity’s agent.  However, if you give a stock certificate to your agent or to the issuing corporation for transfer to NCCF, your contribution is not “delivered” until the date the stock is transferred on the books of the corporation. 
  • Hand delivery of cash, check or stock certificate:  A hand-delivered gift is considered “delivered” and thereby deductible on the date of receipt by the charity or the charity’s agent.  An NCCF agent is an employee of the NCCF.  Please note that the NCCF office in Raleigh will close at noon on Dec. 31, 2013.

Again, we’re here to help! Call 919-828-6901 or 1-800-201-9533.