Making the most of your year-end charitable gifts this December

Your Money Matters

SIOUX FALLS, S.D. (KELO) — Many people are in the giving spirit this holiday season, giving a big boost to nonprofits all over KELOLAND. With just nine days left in 2021, what you should know about making year end donations in tonight’s Your Money Matters.

“Year-end is always a big deal, I think people around the holiday season, just feel generous, they want to give back, we always just see an influx of donations throughout the year end,” Sioux Falls Community Foundation’s Vice President of Philanthropy Mary Kolsrud said. 

It’s the time of year many people reflect on how much they have to be grateful for.

“So, it’s that time to turn around and see how can they help make other people’s lives better in our community,” Children’s Inn Program Director Amy Carter said. 

Donations that help nonprofit organizations like the Children’s Inn continue to serve a growing need.

“Our shelter intakes are up significantly, the number of crisis calls we’re answering are up, so we know the need is there and we of course just depend on the community to help support us and make sure we have everything that we need to support the Children’s Inn,” Carter said. 

That support often comes in the form of checks or cash donations, but these year-end gifts can also be a part of tax strategies for many big givers.

“When you have appreciated assets like stocks and securities, you get to avoid that capital gains tax and still get to deduct that fair market value. Often that’s a really smart way to give,” Kolsrud said. “It’s always smart and strategic when we can give and also get that tax deduction but I think people give because they feel called to. They feel that it’s part of their values and they look at what they’re passionate about.”

Those kinds of donations can take more time, which means those who want to get their gifts in yet this year only have a small window of time left.

“Make sure it gets into our office or is post marked by December 31st,” Sioux Empire United Way Program Director Olivia Essig said. 

And while many people are making donations of their own, this week of giving back can also be a solution to your last-minute holiday shopping.

“For someone who is hard to shop for, giving a donation in their honor is a great way to kind of give back in a way, I have so many people on my list who say, I don’t have a list, I don’t know what I want, you can make a gift for them,” Essig said. 

Sometimes picking a passion or choosing where to give can be tough, its why some decide to give to the United Way who will help distribute your dollars to many different organizations in the community.

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