Matching Grant Opportunity for Local Charities
Community Foundation offers matching grant opportunity for local charities
Local charities looking to develop their own sustainable source of funding can take advantage of the Community Foundation for Kingston & Area’s (CFKA) new matching grant opportunity.
The Community Foundation is offering matching funding of up to $10,000 for local charities wishing to establish a new endowment fund with them.
“We know the pandemic has hit charities hard, and that it is getting harder to fundraise for critical unrestricted or operating funds,” says CKFA Executive Director Tina Bailey. “This is one way the Foundation is investing in our community’s long-term recovery – by using our model and doing what we do best to help charities develop their own reliable source of annual funding.”
The Foundation’s Board of Directors has set aside sufficient funds to offer a dollar-for-dollar match for up to ten charities to establish a new Agency Fund at the Foundation. Participants must be a registered charity in the geographic area served by the Foundation, and funds are to be used to establish new funds. A smaller match of up to $1,000 is available to the twenty-five charities that have existing funds held at the Foundation.
“While growing an endowment fund to a size where it contributes a meaningful annual amount on an annual basis will take time, the only way to get there is to start, and this a great way for charities to double their investment in the first year,” says Bailey.
For more information on establishing an endowment fund with the Foundation, visit their website at cfka.org/give/charities.
Charities interested in taking advantage of this matching opportunity should send their expression of interest to the Foundation’s Executive Director Tina Bailey at tina@cfka.org by June 30.
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275 Ontario Street Suite #100
Kingston, ON K7K 2X5
Phone: 613.546.9696
Fax: 613.531.9238
Email: info@cfka.org
Donate
When you give to the Community Foundation you can have confidence that your community will continue to benefit from your gift for many years to come.
2023 Year End Tax Tips
Both the federal and provincial governments offer donations tax credits that, in combination, can result in tax savings of up to 55% of the value of your gift in 2023, depending on your province or territory of residence. With total cash donations up to $200 in a year, the federal donation credit is 15% of the donation amount. For total donations exceeding $200 in a year, the federal donation credit jumps to 29% (33% to the extent taxable income exceeds $235,675) of the donation amount. Provincial donation credits are also available and the total credit may be up to 55% once total annual donations exceed the $200 in a calendar year.
December 31 is the last day to make a donation and get a tax receipt for 2023. You can help a wide range of charities with a single gift to our endowed Community Fund, support your favourite charity or cause by giving to one of our over 225 funds, or establish your own fund.
Credit Card or VISA Debit Card
If you’re ready to make your gift now, then use our secure online giving page. You have the option of choosing any one of our funds, giving ‘in memory of/in honour of’ instructions, and more. Or, if you prefer, you can simply call 613-546-9696 to make your donation over the phone using your Visa, MasterCard, or AMEX, or VISA Debit card. You can make a one-time gift, or sign up to make a regular monthly donation.
Cheque
Please make your cheque payable to Community Foundation for Kingston & Area (or “CFKA”), and write your intended fund in the memo line. Drop it off or mail to: 275 Ontario Street, Suite #100, Kingston, ON, K7K 2X5.
Publicly-Traded Securities
Gifting publicly-traded securities, including mutual funds and segregated funds, with accrued capital gains “in-kind” to a registered charity or a foundation not only entitles you to a tax receipt for the fair market value of the security being donated, it eliminates capital gains tax too. You should plan gifts in-kind well before year end, to allow for sufficient time to make arrangements. A gift of publicly-traded securities is the transfer of ownership of stocks or bonds to the Community Foundation for Kingston & Area. If you own shares that have increased in value, 50 per cent of the capital gains are taxable. However, if you donate these shares in-kind to CFKA, the gain is tax-exempt. Learn more.
Form 1: Direction to Transfer Securities or Mutual Funds Electronically as a Charitable Donation Complete Form 1 to give your financial advisor/broker the instructions to make the gift to CFKA. The form contains all the information your advisor will need to make the transfer. They will then submit this form to our broker at CIBC Wood Gundy to advise that the transfer is pending.
Form 2: Notice of Transfer of Securities
Complete Form 2 and send it to CFKA to advise us of your gift, and instruct as to what you would like your donation to support.
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Your AMT may be higher in 2024 (compared to 2023) if your taxable income is over about $173,000, and you have income taxed at lower rates than ordinary income, or deductions or credits that reduce taxes payable, including: Capital gains, Stock options, Canadian dividends, Unused non-capital losses, net capital losses, or limited partnership losses from prior years, and Non-refundable tax credits, including the donation tax credit. Speak to your tax profession to see how AMT could affect your situation in 2024, and, if appropriate, to consider triggering a gain or exercising employee stock options.
Contact us at 613.546.9696 or giving@cfka.org if you need any further assistance.
