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John's Annual Date of Gift Summary

  • 1.  John's Annual Date of Gift Summary

    Posted 11-27-2019 01:55 PM
    As this came up earlier this week, I thought a follow-up note was needed.

    For years (decades, actually), I have sent an annual email to the list regarding the oft-discussed topic of date-of-gift.  However, as the rules/laws haven't changed significantly, last year, I published a paper on this issue and placed it at the FundSvcs download site.  Now called the Downloads Library.

    So, rather than repeating the same story year after year, you can find this article here:


    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987


  • 2.  RE: John's Annual Date of Gift Summary

    Posted 12-16-2019 12:05 PM
    This is very helpful information - especially for my small one-person shop! 

    Can you please help me with clarification of the date of gift for mutual funds. I know they take longer than other transactions and I have a donor who is interested in a transfer of mutual funds for their 2019 charitable donation. Since it is highly unlikely that the transfer of these funds would be completed and deposited in our account before Dec 31, am I correct in thinking that the gift date is when the funds are actually received into our account at our financial institution? Or can we use the date the transaction is initiated as the gift date so that the donor receives 2019 gift recognition?

    Thanks so much!
    Jennifer Morgan

    Sharon Towers Retirement Community
    Charlotte, NC

    ------------------------------
    Jennifer Morgan
    jennifer.morgan304@GMAIL.COM
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  • 3.  RE: John's Annual Date of Gift Summary

    Posted 12-16-2019 12:09 PM
    The gift of mutual funds is much the same as other securities.  The gift isn't a gift until it is irrevocably given and in these cases, that means they must be in your name.  Until then, the donor can stop or reverse the transfer.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987







  • 4.  RE: John's Annual Date of Gift Summary

    Posted 12-17-2019 09:22 AM
    What about the scenario of a qualified charitable distribution satisfying a donor's required minimum distribution from an IRA? If we receive a check with a December 31 or earlier postmark date but don't deposit the check until January, will that be considered contributed by the December 31 deadline even if the funds haven't technically been withdrawn?

    Thanks!
    Leah

    ------------------------------
    Leah Richards
    Director of Advancement Services
    Ithaca College
    lrichards@ithaca.edu
    ------------------------------



  • 5.  RE: John's Annual Date of Gift Summary

    Posted 12-17-2019 09:33 AM
    I would ask the IRA provider.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987