Things to Remember About End of the Year Giving
The Foundation appreciates your gifts year-round! Below are a few things to consider as 2019 comes to a close.
The 2019 Tax year ends at midnight on Tuesday, December 31st. In order for your gift to be considered a 2019 tax-deductible charitable donation, it must be made, received, and/or postmarked before midnight on December 31st, 2019. Our office will be closed beginning Tuesday, December 24th, 2019 and will re-open Thursday, January 2nd, 2020.
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 3:00 p.m. CST Monday, December 23rd. Please call (405) 321-1174. Our office will be closed beginning Tuesday, December 24th, 2019 and will re-open Thursday, January 2nd, 2020.
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, and 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 3:00 p.m. CST on Monday, December 23rd.
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 2019 tax-year.
Wire transfers and stock gifts must be completed by 3:00 p.m. CST on December 31st, 2019.
As of December 18, 2015, the IRA Charitable Rollover was passed by Congress and signed into permanent law by the President, 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 can 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 can be found here.