The month of December typically brings a surge in charitable donations. For many, this is the season of giving to organizations they support, which simultaneously helps them personally with their taxes.
 
While many give gifts of cash, some donors have more complicated types of contributions that come from non-cash financial assets. Those individuals need to be mindful of the extra time it may take to process their donation before Saturday, December 31 in order to earn a tax deduction for this year.
 
Christy Eckoff, director of gift planning for the Community Foundation for Greater Atlanta, offers guidance to donors who are considering charitable gifts other than cash. “Donors may need to plan ahead to be sure they reap the maximum tax benefit for their charitable giving,” she said. “While a large majority of people will simply write a check or give cash, some will make a gift that requires a longer time to process the transaction.”
 
The transfer of certain assets to charity, such as a mutual fund, can take up to four weeks to process. Donors choosing that method need to consult their charities of choice, and possibly their financial advisors, now to allow the proper time needed to make the transaction. For donors who wish to give a gift by way of a publicly-traded stock, several days may be necessary to complete the transfer to the nonprofit organization.
 
Eckoff adds, “anyone wishing to make a donation, especially through complex asset transfers, should contact charitable organizations directly to see if they have specific deadlines and guidelines for receiving year-end gifts, especially because December 31 falls on a Saturday this year.” Furthermore, she counsels, “some organizations, especially smaller nonprofits, may not be equipped to receive a complex asset as a gift and donors may need to consider other options for making their donation.”
 
For Eckoff, the year end sometimes brings surprises to the Community Foundation in terms of how people give. “We have received contributions to donor-advised funds by way of real estate, works of art and once, even a racehorse. While we are equipped to handle such transactions, most nonprofits need assistance when their generous supporters’ giving gets complicated.”