Three ways you can support what matters most to you at the YMCA and save on taxes
As a donor, you open doors for the YMCA to increase its impact in our communities so everyone has the opportunity to reach their full potential and build community.
If you are considering making a gift to the YMCA by the end of the year, you may do so in a way that also provides tax savings. Your gift may support a YMCA endowment fund or day-to-day programs and resources for our locations. Here are some giving options:
1. Give appreciated assets
For giving securities, such as stocks, bonds, or mutual funds (held longer than one year), you may deduct the full fair-market value, subject to applicable limitations. If you do not itemize deductions, you may still benefit by avoiding capital gains tax that would be due upon the sale of the asset.
2. Gift from an IRA
IRA owners who are age 70 ½ or older can give up to $100,000 directly to charity from their IRA, tax-free. The amount of the charitable distribution can be excluded from your federal income, lowering your overall tax liability. This option provides tax savings even if you do not itemize deductions.
If you use an IRA checkbook to make gifts, the gift date is established when the IRA administrator transfers the funds after the charity deposits the check, not when the check is postmarked or delivered. The time it takes the IRA administrator to transfer the funds varies. Please contact your administrator as soon as possible to ensure your gift is completed by December 31.
3. Donate from a donor-advised fund
Giving to the YMCA from your donor-advised fund (DAF) is easy and a great way to support the Y's legacy.
If you would like to designate your gift for a specific program, location, or camp, please provide that information to your DAF administrator when you request the grant.
Naming the YMCA as a beneficiary of all or a percentage of your IRA, DAF, or other tax-deferred retirement account is another meaningful and tax-wise way to support the Y. These assets are subject to tax when given to individuals. However, they will pass tax-free if given to a charitable organization, meaning the full value of your gift will support the parts of our mission that matter most to you.
Looking for more information?
If you are unsure which gift option may be best for you or how your gift will provide community impact, please contact our team at plannedgiving@ymcanorth.org or by calling 612-330-3074.
For ways to support the long-term financial health of the YMCA of the North, please visit our Planned Giving page.