The power of art to inspire, comfort, and stretch the imagination is something all people can benefit from—not just those who can find their way to a museum, pay for a concert ticket, or hire a piano teacher for their children. Philanthropy can help increase access, nourish the artistic spirit, and support Vermont's creative economy at a time when it hasn't fully rebounded from the COVID-19 pandemic.
According to a Federal Reserve study, only 19 percent of transactions were made with cash in 2020, down seven points from the year before. But when it comes to philanthropy, the cash-is-king mindset is still strong.
So strong that some donors are missing out on an opportunity to give non-cash assets like real estate, publicly-traded stock, and retirement accounts such as IRAs. Moreover, this type of donation can result in a bigger gift for the recipient and a better tax deduction for the donor.
IN THIS BRIEF, DISCOVER:
- A detailed description of giving non-cash assets directly to charities, including the Vermont Community Foundation
- Four real-life scenarios to ground your understanding of the concept:
- Giving with stock
- Giving with real estate
- Giving with a family business
- Giving with retirement funds