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Benefits To Be Aware Of During the “Giving Season” |
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Fidelity Charitable Services offers various philanthropic resources, and is proud to partner with the National Venture Capital Association (NVCA) to provide these to members. As a NVCA member, you have access to a comprehensive suite of giving solutions, including programs of the Fidelity® Charitable Gift Fund.
As we approach year-end and "the giving season", here are some of the benefits of the Fidelity® Charitable Gift Fund and how the Gift Fund can work with you to help support your favorite causes. By giving to the Gift Fund, you can:
- Simplify charitable giving and potentially minimize taxes.
Various online capabilities and consolidated recordkeeping make it easy to simplify philanthropic activities. Because the Gift Fund is an independent public charity, donors are eligible to take an immediate tax deduction for the full fair market value of their contributions and can recommend grants at any time to IRS-qualified public charities.
- Donate special assets.
The Gift Fund accepts certain contributions of non-publicly traded assets, such as private C- and S-corp shares, as well as carried interests and limited partnership interests. Real estate is another example of an asset that donors can contribute.
- Transition a private foundation.
The administrative upkeep of private foundations can be burdensome, and the costs associated with operating one are staggering. As a result, many philanthropists are collapsing their private foundations and looking to donor-advised funds as an easier, more cost-effective way of accomplishing their giving goals.
- Establish a corporate Giving Account®.
Venture capitalists who hold an ownership position in a company should consider the tax benefits and flexibility of the Gift Fund for businesses. Companies can benefit from the ease of a donor-advised fund, reduced internal costs and consolidated reporting, in addition to having the ability to name the Giving Account® for their business and support multiple charities from a single donation.
You can find more information on year-end charitable planning, including the Gift Fund's timeline for making year-end contributions, at the Gift Fund's website: CharitableGift.org/year-end.
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