You may be able to have a greater impact by making your gift with appreciated stock and securities, including stock, bonds, and mutual funds, directly to Cunningham Children’s Home. Compared with donating cash, stock given directly to Cunningham may increase your gift and will have a tax benefit for you. By giving directly to Cunningham, you can take an immediate income tax deduction in the amount of the full fair market value if you itemize your deductions. It’s a win-win!
If you would like your gift to count for the 2024 calendar year for tax purposes, please ensure it reaches Cunningham by December 31, 2024. Thank you for your generous support—it makes a real difference!
What you need
Information you will need when instructing your financial advisor to make a securities gift to Cunningham:
- Cunningham Children’s Home is a 501c3 not-for-profit organization
- Cunningham Children’s Home FEIN # is 37 066 2521
Depository Eligible Items:
- DTC# 0725
- Cunningham Children’s Home Account Number: 20892231
- Clearing Firm Name: Osterbur Patel Wealth Management of Raymond James
- Clearing Firm Contact: Niralee D. Patel, Vice President, (217) 866-9166
Offer a hopeful future with an Ira Qualified Charitable Distribution:
Even in retirement, there’s still important work to be done to support the youth and families at Cunningham Children’s Home. Take Marla, a longtime dedicated donor and volunteer, as an example. Deeply committed to Cunningham’s mission, she draws inspiration from the transformative stories she reads and witnesses. For 30 years, Marla has contributed $75 a month—$900 annually—to help the youth at Cunningham. When she retired, she worried a reduced income would limit her giving. But her financial planner introduced her to a Qualified Charitable Distribution (QCD) from her IRA, enabling her to increase her support while also enjoying significant tax benefits.
Here’s how you can donate from your IRA to Cunningham tax-free if you’re over 70½:
- Donate up to $105,000 annually: If you’re over 70½, you can give up to this amount from your IRA to a charity like Cunningham, tax-free.
- Satisfy RMD requirements: If you’re 73 or older, a Qualified Charitable Distribution (QCD) can count toward your Required Minimum Distribution (RMD), helping to reduce your taxable income.
- Ensure direct transfer: For the donation to be tax-free, the QCD must go directly from your IRA to the charity. If you receive the funds first, they won’t be tax-exempt.
- Lower your taxes while helping: Using a QCD to donate part or all of your RMD can lower your tax burden and make a difference for Cunningham youth and families.
Advocate for Cunningham kids with your Donor Advised Fund
If you’re considering a year-end gift, your Donor Advised Fund (DAF) may be the easiest way to contribute. Since you’ve already received a tax deduction for contributing to the fund, this is a great time to use it to support Cunningham Children’s Home.
A DAF is an investment fund managed by a sponsoring organization. You contribute, receive an immediate tax deduction, and later, when you decide to donate using the fund, you recommend a gift to Cunningham Children’s Home and the DAF will then disburse the gift as a grant. Sponsoring organizations include community foundations and financial providers like Fidelity or Schwab.
Donors can contribute cash, stocks, mutual funds and private assets. Opening a DAF usually requires $5,000 to $25,000. The sponsoring organization manages and invests the funds for tax-free growth. If you already have a DAF, you know the process. If not, speak to your financial advisor to explore if a DAF fits your charitable strategy.
Contact at Cunningham
Tim Manard, Development Officer
Thank you for helping the more than 977 youth and families we serve at Cunningham!