Charitable Checking Accounts
Giving through a Charitable Checking Account simplifies the giving process for you. The Foundation makes charitable distributions, based on your instructions, ascertaining that the charities are IRS-approved and providing the gift acknowledgement required by the IRS. Quarterly and year-end statements simplify your bookkeeping and tax-reporting tasks.
You may direct distributions from these fund to any IRS-approved charity in U.S. Gifts of appreciated assets can be deducted at full market value. Deposits (gifts) made into your account are tax-deductible on the date the deposits are made. Withdrawals (gifts to your chosen charities) may be made at any time.
The Charitable Checking Account is an option for donors who wish to make a contribution at one time, and then decide later on the specific beneficiaries of their gifts. Often, although not always, such gifts include appreciated securities. The advantage is that donors may be able to maximize their tax deduction in a single year, without having to make immediate decisions about where the individual gifts should go.
The gifts are placed in the checking account, and are tax deductible in the year they are given. Then the donor can write checks from this account to any 501 (c) 3 organization at a later date (including later years), based on the donor’s wishes and the needs of specific organizations.
Yellow Springs Community Foundation offers this service through a cooperative agreement with The Dayton Foundation. For more information, contact us at 937-767-2655 or email us here.