Two Girls Camping.jpg

“501(c) what?”: Sorting through jargon to determine deductibility

When tax season rolls around each spring, a new crop of questions may arise concerning clients’ gifts to various organizations and whether those donations qualify as tax-deductible charitable contributions. Keep in mind that Section 501(c) of the Internal Revenue Code lays out the requirements for organizations to be considered tax-exempt--a status for which an organization must seek IRS approval…

Read More
Volunteers.jpg

IRAs, Field-of-Interest Funds, and Designated Funds: Don't Overlook These Powerful Tools

Designated funds and field-of-interest funds may not always be top of mind when you are developing philanthropy plans for your clients and their families, but they are extremely valuable tools in certain circumstances and it’s important to be aware of what the terms mean. A field-of-interest fund at the FM Area Foundation is established by your client for a charitable purpose described by your cl…

Read More
Crowd.jpg

“If not 501(c), then what?”: Cautioning Clients About Crowdfunding

What if your clients make donations to entities that don’t fall under a specific section of the Internal Revenue Code, but feel “charitable” nonetheless because the dollars are helping people in need? Perhaps a client has helped set up a dedicated account at a bank to provide scholarships to the children of an accident victim, or even participated in a GoFundMe fundraiser to help a specific family…

Read More
pexels-adrianna-calvo-17679.jpg

Back to Basics: Retirement Plans and Life Insurance Can Fuel Meaningful Bequests

Your client’s fund at the FM Area Foundation can be an ideal recipient of estate gifts through a will or trust, or through a beneficiary designation on a qualified retirement plan or life insurance policy.  Bequests of qualified retirement plans can be extremely tax-efficient. This is because charitable organizations, such as the FM Area Foundation are tax-exempt. This means, the funds flowing di…

Read More
pexels-andrea-piacquadio-3823488.jpg

Keeping Our Community Strong: Your Role is Critical

COVID-19 has significantly impacted nonprofit operations across the country and hampered nonprofits’ ability to help their communities during a crisis in which millions of people are in need. The National Council of Nonprofits reports widespread damage to nonprofits’ programs, services, supplies, staffs, and budgets due to the pandemic and current economic challenges. This means, nonprofits need p…

Read More
pexels-august-de-richelieu-4259140.jpg

Beyond the Tax Deductions: Selecting a Vehicle to Celebrate and Support a Family's Culture of Philanthropy

For many donors, the importance of a multi-generational family philanthropy plan is high on the radar, especially in the wake of 2020’s eye-opening events highlighting the importance of rallying around important social and community priorities. How do you know when a client’s family is a strong candidate for more formal philanthropic planning, beyond simply budgeting for annual gifts to charity? …

Read More
Hands.jpg

Donor Advised Funds: Working hard for our community

Donor-advised funds are a popular charitable giving tool. And right now is a perfect time to evaluate this planning strategy for your clients. In recent years, donor-advised funds have been one of the fastest-growing philanthropic planning tools in the marketplace. Donor-advised funds are popular because they allow an individual or family to make a tax-deductible transfer that qualifies as a char…

Read More
adult-business-commerce-computer-530024.jpg

Important Reminders: QCDs and CLATs

In today’s market conditions, we want to highlight the unique importance of Qualified Charitable Distributions (QCDs) and Charitable Lead Annuity Trusts (CLATs). Given the critical needs facing our community right now, the team at the FM Area Foundation wants to reiterate the value of these two planning tools. Please contact us if you have any questions about how these charitable giving techniqu…

Read More
embolden stock image.jpg

Creative Solutions

As your clients gear up for another year of giving, how can you help them make the most of their good intentions? Consider helping clients plan their charitable giving budgets around three points—amount, timing, and category. How much? That’s the $64 question. Likely more, depending on the client's budget. Something for clients to keep in mind when setting a budget for supporting favorite cause…

Read More
Corporate Stock Image_Embolden.jpg

Corporate Philanthropists Get Relief from SALT Cap on Charitable Donations

Businesses frequently make cash donations to charitable organizations. But what happens to the deductibility of those donations under the state and local tax limitations imposed by the 2017 tax law? This issue continues to be the subject of discussion, but your business clients should be encouraged by the IRS’s commentary. The IRS has taken the position that a business taxpayer can usually deduct …

Read More