Smart Year End Tax Planning Through a Donor Advised Fund

In this month’s Waccamaw Wisdom, Karen Minogue unpacks how starting a Donor Advised Fund by Year-End (or adding to an existing Donor Advised Fund) can be a good tax planning strategy, help your community, and serve as an effective intergenerational giving tool too.

Suggestions for future topics are always welcome at communications@mywcf.org.

A smarter way to give than checkbook giving

It’s that time of year again when you receive all kinds of requests from charities. Most of us spend some time in late December trying to figure out and scramble with our donations.

What if you could support all your favorite charities with just one donation? That’s the power of giving through a donor advised fund at Waccamaw Community Foundation.

What is a donor advised fund?

A simple, flexible and tax-efficient way to give to your favorite charities.

A donor advised fund, or DAF, is a charitable giving vehicle sponsored by a public charity that allows you to make a contribution to that charity and be eligible for an immediate tax deduction, and then recommend grants over time to any IRS-qualified public charity.

When you give, you probably want your charitable contributions to be as effective as possible. When you establish a donor advised fund, or donate to an existing donor advised fund, your donation has the potential to grow, tax-free, while you decide which worthy charities you wish to support.

How a donor advised fund works

 

1. Make a tax-deductible contribution

• Donate cash, stocks or tangible property and get your tax receipt.
• You’ll be eligible for an immediate tax deduction.

2. Support charities you love, now or over time

• You can support any IRS-qualified public charity with money in your donor advised fund.
• Waccamaw Community Foundation will conduct due diligence to ensure the funds granted out will be used for charitable purposes and is an IRS-qualified public charity.
• You and your family can play a role in your giving. Make it an intergenerational affair. This year, or in future years, perhaps even sitting around the Thanksgiving Day table, as a family you can discuss causes that each family member cares about. Through a donor advised fund, you can name successor fund advisors on your named donor advised fund to ensure a culture of giving in your family.

3. Family Philanthropy and Intergenerational Giving made easy

• A donor advised fund an effectively function as a family foundation offering much of the appeal and flexibility of a private foundation – without the regulations, requirements and overhead expenses.
• You and your family can play a role in your giving. Make it an intergenerational affair. This year, or in future years, perhaps even sitting around the Thanksgiving Day table, as a family you can discuss causes that each family member cares about.
Through a donor advised fund, if you wish to appoint successor fund advisors on your named donor advised fund, this can help ensure a culture of giving in your family, generation after generation.

4. Grow your donation, tax-free

• While you decide which charities to support, your donation can potentially grow, making even more money available for your favorite charities.
• Waccamaw Community Foundation will conduct due diligence to ensure the funds granted out will be used for charitable purposes and is an IRS-qualified public charity.

In addition, there are multiple tax benefits of using a donor advised fund for you’re giving:

Income tax deduction. You receive an immediate tax deduction the year in which your contribution to a donor advised fund is received. Depending on a donor’s adjusted gross income, there are IRS limitations, so it’s best to consult with your financial advisor for specifics about your particular situation.
Tax free growth. Your investments in your donor advised fund appreciate free of any tax liability.
No capital gains tax. There are no capital gains tax on gifts of appreciated stocks, bonds, real estate or other types of assets.
No estate tax. A donor advised fund is not subject to estate taxes.
Alternative minimum tax reduction. For donors who are subject to AMT, contributions to a donor advised fund may reduce this tax burden.

One of the most rewarding things one can do is to give back. Including charitable giving as part of a well thought out financial plan is not only emotionally gratifying – it can reduce estate taxes too. Waccamaw Community Foundation is your first resource and partner in all things charitable. Karen Minogue is poised to help you set up a charitable fund in as little as one day to support the causes you care about.

Call Karen at 843-357-4483 or e-mail her at Karenm@mywcf.org to find out more.

The purpose of this blog is to provide general gift, estate, and financial planning information. Always discuss your plans with your attorney, accountant, or financial advisor.

3655 S. Hwy. 17 Business, Murrells Inlet, SC 29576

843-357-GIVE (4483)

Info@mywcf.org

Our business hours are 8:30 a.m.–5:00 p.m. Monday through Thursday and 8:30 a.m.-3:00 p.m. on Friday.

Waccamaw Community Foundation is an affiliate of Coastal Community Foundation.

Copyright © 2022 Waccamaw Community Foundation

WCF Disaster Relief Fund

Through the Disaster Relief Fund, Waccamaw Community Foundation serves as the primary point of financial donations for all disaster relief and recovery efforts in Horry, Georgetown and Williamsburg counties.

Tim Whitten

Tim@mywcf.org

843-357-4483

A native of Alabama, Tim received his bachelor’s degree in business administration from Auburn University and a master’s degree in religion from Lenoir-Rhyne University. He brings to WCF a background in grant writing and in disaster recovery most recently serving the South Carolina Conference of The United Methodist Church.

Tim resides in Galivants Ferry with his wife Julie and their four children.

Phillip Anderson

Director

Phillip Anderson is a Senior Vice President & Senior Lending Officer for Asheville, North Carolina-based HomeTrust Bank, serving the coast of South Carolina. Throughout his 22-year banking career, he has served in commercial banking, trust administration, retail banking, and market leadership roles with mid-size and regional banks in South Carolina and Georgia. He has always embodied the community banking model of building strong local relationships and being active in numerous non-profits and promoting their causes.
 
He is a graduate of Mercer University in Macon, GA, the Cannon Financial Institute’s Trust School, The Stonier Graduate School of Banking and Wharton Leadership program. He is also a graduate of several Chamber of Commerce Leadership programs over his career.
 
Phillip resides in Pawleys Island, South Carolina, with his wife Mary Beth and daughter Carolina. In his free time, he enjoys spending time with his family, reading, and playing golf.

Ellen Barney Sycks

Stewardship & Communications Officer

ellen@mywcf.org
614-893-7998

Ellen serves the Foundation as its Stewardship and Communications Officer, responsible for communicating with fund holders on a regular basis and providing advice when needed, particularly around fund development as well as relevant field of interest information.

A native of Hillsboro, Ohio, Ellen provides more than three decades of non-profit leadership experience, focusing on creating major gift and planned giving opportunities to support organizations’ programs, special projects and capital campaigns. Ellen received her B.A. in National Security Policy from The Ohio State University. She lives in Murrells Inlet with her husband Jay and their two cats, Mabel and Murray.

Chris Hanna

Director

Chris Hanna is a Senior Broker Associate with Coldwell Banker Sea Coast Advantage. Born and raised in Myrtle Beach, he started in the real estate business in 1993. Chris is a member of the Coastal Carolinas, South Carolina and National Associations of REALTORS and is an active local community member as well, having served on various boards such as the Horry County Zoning Board of Appeals, the Coastal Carolina Athletic Foundation, and Horry County school district Carolina Forest Advisory Board. He is a member of the Myrtle Beach Area Chamber of Commerce, Myrtle Beach Area Hospitality and Oceanview Baptist Church. Chris is a graduate of Socastee High School in Myrtle Beach, and he received his Bachelor of Arts from the University of South Carolina at Coastal Carolina in 1992.

Rick Elliott

Director

Rick Elliott is president of his family business, Elliott Realty, one of the most prominent real estate companies in North Myrtle Beach. As a native of Horry County, he has always made giving back to the community a part of his approach to business. Each guest who stays with Elliott Realty is given the option to add an additional $1 per night to their bill to be donated to the Elliott Realty Charitable Community Fund at Waccamaw Community Foundation, which invests in causes throughout the surrounding community. Rick brings this commitment to community philanthropy to his service on the Waccamaw Community Foundation Board of Directors. He has also served as the chairman of the North Myrtle Beach Chamber of Commerce.



Tyler Easterling

Director

Tyler Easterling is a native of Marietta, Georgia and has resided in Georgetown County since moving to the area in 2002. Tyler is the president and COO of The Brandon Agency, an integrated marketing agency headquartered in Myrtle Beach. She is the current board chair for Coastal Montessori Charter School and serves on the boards of Helping Hands of Georgetown and Young Presidents’ Organization Southern 7 Chapter. She is a member of the 2018 Liberty Fellowship class.

Tyler holds an undergraduate degree in Journalism from the University of Mississippi and a Masters of Mass Communication from the University of South Carolina. She is an active member of Duncan Memorial United Methodist Church and enjoys spending time with her husband, Marshall, and two daughters, Julia and Anne Marshall.



Terri DeCenzo

Director

Terri serves as executive director of Women in Philanthropy and Leadership for Coastal Carolina University (WIPL). She is married to Coastal Carolina University President David A. DeCenzo, and when he joined the university in 2002, she became passionately involved with the life of the university, taking an active role in issues relating to student government and NCAA athletics, among others. Previously Terri has served on the boards of the American Red Cross and the Foundation for Georgetown Hospital System and was an adviser to the Safe Families Initiative that established Family Justice Center of Horry and Georgetown Counties. In 2016, Terri was awarded the Order of the Silver Crescent by South Carolina Governor Nikki Haley. A graduate of St. Joseph Hospital School of Nursing and Towson University, she spent most of her career practicing in critical care. The DeCenzo’s have four children: Mark (his wife Jen), Meredith (and her husband Ryan Daley), Gabriella and Natalie; and one beautiful grandson, William Mason Evans.


Executive Director, Women in Philanthropy and Leadership for Coastal Carolina University (WIPL)

Dr. Tracy Bailey

Director

Dr. Tracy Bailey earned a Ph.D. in Education with a specialization in Language and Literacy at the University of South Carolina in May of 2013. She is a Teaching Associate with Coastal Carolina University teaching Intermediate Literacy Development and Instructional Practices for Early Literacy.

Dr. Bailey began her career in education as a high school English instructor and has worked in both rural and urban educational settings. After realizing the impact professional development and community literacy had on her personal and professional growth, she wanted others to experience this. She is the founder and executive director of Freedom Readers, Inc., a nonprofit company dedicated to promoting literacy. Tracy seeks to instill in teachers, students, and the community at large the belief that every student can learn and every learner has the responsibility to pass on new knowledge to another.

Dr. Bailey earned her BA from The College of Charleston- majoring in English Education- and a Masters in Secondary Education from Coastal Carolina University. She is married to award-winning writer, Issac J. Bailey, and is the mother of two wonderful children, Kyle and Lyric.



Brent Groome

Chair

A 1987 graduate of UNC Chapel Hill, Brent came to the Grand Strand area in 1989. After a 31 year career with HTC (Horry Telephone Cooperative), he retired in 2021.  In addition to his current role with WCF, he also serves as a member of the Board of Commissioners for HGTC. He is also active with his church; serving as a Sunday School teacher and congregational song leader.  He and his wife, Dana, live in the Conway area.

Shawna Mosley-Foster

Service and Operations Officer

shawna@mywcf.org
843-357-4483 x200

Shawna, a native of Jamaica, NY, has more than 15 years of experience working in the hospitality and tourism field. Since relocating to South Carolina in 2004, she spent a few more years working with a local hospitality company before joining WCF’s staff.  While a native New Yorker, Shawna has a rich heritage right here in the Waccamaw area. Her mother was born and raised on Sandy Island, and her father is from Bucksport. She enjoys cooking, stargazing with her family, cruising and once retired….RVing! Shawna and her husband are empty nesters and resides in Myrtle Beach. 

Mike Mancuso

Executive Director

mike@mywcf.org
843-357-4483


Mike is a veteran business leader with more than 30 years of experience as an innovative problem solver and change agent for nonprofit, banking and small business organizations. Mike is a skilled economic developer with background in community development, downtown redevelopment, industrial development and strategic planning. His passion is helping Communities and Businesses thrive and grow. Most recently Mike served as the President and CEO of the Triangle East Chamber of Commerce & Economic Development Foundation in Johnston County, NC and as Executive Director for the Sustainable Opportunity Development Center, Inc in Salem, OH. Mike and his wife Christine make their home in Little River, SC. They have 3 children and 5 grandchildren living in Charleston, SC, Atlanta, GA, & Austin TX. Mike enjoys boating on the ICW, tinkering in his workshop/garage and spending time with family and friends.