The Alaska Community Foundation (ACF) is poised to assist you with your year-end giving. To receive the best possible service and help ensure your charitable gifts qualify for a charitable income tax deduction in the 2021 tax year, please keep this information and important dates in mind:
The CARES Act and extensions give you a few tax incentives available in the 2021 calendar year:
- An above-the-line deduction of up to $600 for couples filing together ($300 for singles) — Taxpayers who do not itemize can claim the deduction for cash contributions in 2021 (excluding gifts to donor advised funds and supporting organizations).*
- An increased adjusted gross income limit – Taxpayers who itemize can claim 100% of their AGI (an increase from the usual 60%) for cash contributions in 2021 (same exclusions as above). For corporations, the limit on deductions for contributions is increased from 10% to 25% of AGI for 2021.*
* Please contact your financial or tax professional for detailed tax advice.
Important dates to keep in mind as you consider making year-end gifts and or grant recommendations:
- Gifts of appreciated stock should be initiated by Friday, December 17, 2021.
- Gifts of mutual funds should be initiated by Friday, December 10, 2021. (Mutual funds take longer to process than conventional stocks.)
- Gifts of complex assets such as real estate, closely-held business interests or stock, and planned giving vehicles may require input from ACF’s Board, CEO, and CFO, and should be discussed with ACF staff immediately for potential closure by the end of the calendar year.
- Checks sent via the U.S. Postal Service to ACF or Affiliates must be postmarked on or before December 31, 2021. Any checks postmarked after December 31, 2021, will be recorded into 2022.
- Checks sent via carriers such as FedEx, UPS and DHL must be physically received at ACF on or before December 31, 2021.
- Wire transfers of cash must be initiated no later than December 27, 2021.
- Credit card gifts made by online contributions may be made through December 31, 2021, at https://alaskacf.org/funds/.
Year-end grant recommendations
Donor advised fund holders may wish to recommend grants as part of year-end campaigns or holiday contributions. In order for nonprofit recipients to receive grant checks in 2021**, recommendations must be made by noon on Friday, December 10. Donor advised grant recommendations should be made online through your portal to ACF Community Donor. A signed Grant Recommendation form may be submitted to the ACF office if you do not have access to your online donor portal.
**Fundholders will receive a letter on or about December 15th that reflects the spendable balance for 2022 for endowed fund(s). This amount will be posted to funds in the first week of January 2022.