IMPORTANT 2023 YEAR-END PROCESSING DEADLINES
Friends, we love to serve donors and December is the busiest month of the year for charitable giving. We want to make sure we have enough time to receive your gift and process your recommended grants in a timely manner. This information is important for existing donors, especially those who want to make complex gifts, as well as church leaders.
Accordingly, we have established certain deadlines for delivery of contributions to be credited and grant recommendations to be fulfilled in 2023. Thank you for your understanding and the opportunity to work together in this ministry of Christ’s church.
We encourage you to mark your calendars accordingly…
- DEC 6 – GRANT DISTRIBUTIONS TO CHURCHES AND MINISTRIES
If you would like grant distributions processed before year end to charities not already approved by the Foundation, please submit your recommendations by this date.
For grants to previously-approved charities, please submit your recommendations by December 13. A recommendation made after this date might not be processed until early 2024.
- DEC 14 – COMPLEX GIFTS
You must contact us to propose a gift of real estate or privately-held business interests (in limited partnerships, limited liability companies, etc.), and provide documentation of your ownership and of the property to be given (copies of deeds, share certificates, basic company governance documents, shareholder or operating agreements, etc.), no later than this date in order for us to be able to complete necessary due diligence and for you and us to be able to execute and deliver transfer documents before year end. You can propose a gift and provide the necessary documentation through our website by clicking here: https://pcafoundation.com/resources/gifting-instructions/, and then clicking on Real Estate & Business Equity.
Due to necessary tasks outside the control of either of us – such as completion of a Phase I environmental survey for real estate gifts – we urge you to contact us as far in advance of this date as possible.
- DEC 12 – PROPRIETARY MUTUAL FUNDS
Transfers of any mutual fund held directly with the mutual fund company should be initiated by this date.
- DEC 15 – QUALIFIED CHARITABLE DISTRIBUTIONS (QCDS)
Single charity fund enrollments with the PCAF (we suggest you enroll online) specifically identifying the charitable beneficiary of each fund must be in place by this date for the PCAF to accept QCDs before year-end.
- DEC 22 – PUBLICLY TRADED SECURITY TRANSFERS TO PCAF (INITIATE TRANSFER TO PCAF AGENT BY DATE)
This is not our deadline, but a suggestion for avoiding tax deductions pushed to next year.
Brokerage houses are typically very busy with year-end transfers and other transactions; therefore, initiating your transfer by this date will help ensure that your gift is made in 2023. Please initiate transfers of stock and mutual fund shares held in your brokerage account, or held by a transfer agent, as well as cryptocurrency held in an electronic wallet, as early in the month as possible. Note that for purposes of income tax deduction, a gift of stock is deemed made when the stock irretrievably leaves the control of you or your agent directed to PCAF or its agent (one of its clearing accounts).
- DEC 31 – CHECK, ACH, AND CREDIT CARD CONTRIBUTIONS
Checks must be dated, sent and irretrievably deposited with the postal service, addressed to PCAF, or if sent by private carrier or hand delivered to PCAF, must actually be received by PCAF, by the end of the last day of this year in order to be eligible for an income tax deduction in 2023. ACH and credit card contributions must be irrevocably ordered by this date.
Important Note: Only you can control the date of your contribution, and assure compliance with all conditions for tax deductibility. Likewise, you must maintain documentary evidence of the date of your gift. The receipt PCAF issues to you, while necessary for deductibility, does not directly establish the date of your gift under the various rules established by the IRS, but only the date of PCAF’s receipt. We cannot provide legal advice, and urge you to engage professional tax counsel to help you ensure deductibility.