Not a day goes by at the Winona Community Foundation without our team talking about philanthropy in our community and all the ways charitable giving can make life better for everyone who lives here. Recently, we’ve noticed an uptick in interest on a few important topics.
Tax perks on the horizon?
It appears that there may be renewed hope for non-itemizers to be able to deduct at least a portion of their charitable gifts. As you and other charitable-minded taxpayers are undoubtedly aware, because of the higher standard deduction passed as part of the Tax Cuts and Jobs Act of 2017, tens of millions fewer households itemized their deductions, leaving many nonprofits with shortfalls in projected donations. In addition, a “universal charitable deduction” may be back in play.
Generational factors can impact charitable behavior
Many fund holders at the community foundation regularly involve their children and grandchildren in philanthropic activities, including attending community foundation events together and meeting with our team to explore giving opportunities and assessing impact. It may interest you (but it may not surprise you) to learn that studies continue to point out generational differences in approaches to charitable giving. Recently, for example, research has shown that volunteerism and related behaviors are shifting, making it difficult for some charities to build and maintain volunteer programs.
We look forward to working with you and your family this spring to set in motion your charitable goals for 2023! Please reach out anytime.