Each year, the Great Fish Community Challenge provides your clients with a unique opportunity to support the local nonprofits they care about while maximizing tax-efficient giving strategies from August 11 - September 11.
As trusted advisors, you play an important role in helping clients determine the most advantageous assets to give and ensuring gifts are completed before the Challenge concludes on September 11.
While cash gifts are always welcome, many donors can achieve greater tax benefits by contributing appreciated securities or making Qualified Charitable Distributions (QCDs) from an IRA.
A Simple Way to Support Multiple Nonprofits
One of the advantages of the Great Fish Community Challenge is its simplicity. Clients can support up to 89 participating nonprofits through a single contribution while receiving one consolidated tax receipt. Organizations who raise $25,000 also receive a percentage matching grant from Whitefish Community Foundation, increasing the impact of each gift.
Qualified Charitable Distributions (QCDs)
For clients age 70½ or older, a Qualified Charitable Distribution from a traditional IRA can be one of the most tax-efficient ways to participate in the Challenge. If the client is subject to Required Minimum Distributions (RMDs), they could potentially use the QCD to satisfy all or part of their RMD and exclude that amount from their taxable income.
Using a QCD to give to the Great Fish Community Challenge is simple - the client requests one QCD to Whitefish Community Foundation, and can then allocate their gift to as many of the participating nonprofits as they would like. The distribution must be sent directly from the IRA custodian to Whitefish Community Foundation and received by the September 11 deadline. We will provide one consolidated tax receipt for the QCD - even if it supports multiple charities in the Challenge.
Gifts of Appreciated Securities
Clients holding highly appreciated stock or mutual funds may benefit from donating those assets. By contributing long-term appreciated securities, donors may avoid capital gains tax while also receiving a charitable deduction for the asset's fair market value, subject to applicable IRS limitations.
Once the securities are received, Whitefish Community Foundation liquidates the assets and distributes 100% of the donor's gift to the participating nonprofits they select.
Because stock transfers often require several business days—and occasionally longer depending on the brokerage firm—we encourage advisors to begin the transfer process well in advance of September 11.
If you are working with a client who is considering a charitable gift this summer, we encourage you to reach out early. Our team is happy to coordinate directly with you, your client's financial institution, or IRA custodian to ensure gifts are processed smoothly and on time.
PLEASE NOTIFY Whitefish Community Foundation of any incoming stock or IRA donations.
For transfer instructions or questions about charitable giving strategies during the Great Fish Community Challenge, please contact Whitefish Community Foundation at 406-863-1781 or email finance@whitefishcommunityfoundation.org.
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