Things to Remember About End of the Year Giving
The Foundation appreciates your gifts year-round! Below are a few things to consider as 2020 comes to a close.
The 2020 tax year ends on Thursday, December 31. For your gift to be considered a 2020 tax-deductible charitable donation, it must be made, received and/or postmarked before December 31. Our office will be closed beginning Thursday, December 24 and will re-open Monday, January 4, 2021.
For most gifts, we recommend using the Foundation's online transaction form for gifts made by credit card or PayPal. (Click on the Give Now button to the right.)
According to IRS guidelines, gifts made by credit card are made on the day the card is charged against the donor’s credit card account.
Gifts made online by credit card or PayPal are processed immediately. You will promptly receive a confirmation email from the Foundation informing you that your gift transaction was submitted successfully. Receipts, however, will take longer to receive, especially if a mailed receipt is your preference.
Credit card gifts made by phone will be accepted by our gift administration staff until 5:00 p.m. CST Wednesday, December 23, 2020. Please call (405) 321-1174. Our office will be closed beginning Thursday, December 24 and will re-open Monday, January 4, 2021.
If you have trouble using your credit card during the holiday break, leave a voicemail at (405) 321-1174. We will do our best to assist you.
Gifts Sent by Mail
The IRS considers a charitable gift made by check complete at the time the check is delivered or mailed; the postmark is the evidence of the gift date.
Please mail contributions to the Foundation’s lockbox address: PO Box 258856, Oklahoma City, OK, 73125-8856. Enclose a note or indicate on the memo line of your check how you’d like for your gift to be used.
Gifts brought to us by overnight courier, e.g., Federal Express, UPS and others, are considered to have been made when they are delivered. Our physical mailing address is 100 W Timberdell Rd., Norman, OK 73019. Physical deliveries must be received by 5:00 p.m. CST on Wednesday, December 23, 2020.
Gifts Sent by Wire Transfer or Gifts of Securities/Stock
Gifts by wire transfer are considered complete by the IRS when the wire is credited to the recipient’s bank account. Gifts of securities are credited on the day they are received at the Foundation. If stock certificates and stock powers are mailed separately, the date of the gift is considered last postmarked date of those items.
Stock gifts transferred to a brokerage house are credited the day received. As transfers of securities often take several days to accomplish, please begin the transfer as early as possible before the end of the year in order to ensure your gift is considered deductible for the 2020 tax-year.
The Foundation is happy to assist you in any way possible as you make your year-end giving plans, including wire transfer instructions or visiting with our assistant controller, Debbie Lea, at (405) 321-1174 or email@example.com.
Wire transfers and stock gifts must be completed by 3:00 p.m. CST on
December 31, 2020.
In 2015, the IRA Charitable Rollover was passed by Congress and signed into permanent law, allowing taxpayers age 70 ½ or older to transfer up to $100,000 annually from their IRA accounts directly to charity without first having to recognize the distribution as income.
More information about gifts through IRA accounts and the impact of the CARES Act may be found here.
The Oklahoma Biomedical Research Tax Credit is a program authorized by the Oklahoma Legislature that encourages charitable contributions to qualified research institutions. The tax credit reduces your total state income tax liability by the amount of the credit and is offered in addition to state and federal charitable tax deductions.
More information may be found here.