Seven Critical Things to Keep in Mind When You Give

Once you decide to give to an organization you believe in, the best thing you can do is make a plan. Remembering these important giving tips can ensure that you and the causes close to your heart benefit the most from your generosity.

1. Keep the receipt.
   Make sure you get your tax break! To deduct a charitable donation of $250 or more, the law requires a written acknowledgment from the recipient organization. A canceled check is not sufficient. As soon as you receive the written acknowledgment, file it with your other tax documents.
2. Remember appreciated assets.
   Giving cash is simple and always aids an organization, but you could miss additional tax savings. If you donate appreciated stock, mutual funds, or another appreciated asset that you’ve held for more than one year, you may qualify for two tax benefits: 1) a charitable tax deduction for the asset’s fair market value and 2) no tax on capital gain.
3. Concentrate on a few causes.
   Dividing your charitable contributions among many organizations can minimize the impact of your giving. Instead, consider focusing your giving on a small number of causes you truly care about, such as Loyola Marymount University.
4. Meet those giving deadlines.
   Being on time is essential to claiming your charitable deduction for a certain tax year. Avoid scrambling at the last minute, which may put an organization in a tough spot. Some may be closed in the last few weeks of the year, and even if they aren’t, holiday closings at financial institutions could reduce the number of available days to process your transaction. Whenever possible, complete your gift by early December.
5. Plan ahead.
   Thoughtful planning ensures your donations go to causes you truly care about. You can name an organization, like Loyola Marymount University, as a beneficiary in your will or for your retirement account, life insurance policy, or other assets. This lets you make a difference in the future without sacrificing your assets today.
6. Share your plans.
   Alerting trusted friends or family about your plans allows you to pass on your philanthropic values and create your legacy. If you plan to leave a portion of your estate to charity, sharing your story will eliminate any surprises and help ensure your wishes are fulfilled.
7. Give!
   The best thing you can do — according to scientific research and millions of testimonials — is simply to give. Research shows that people who give feel happier and healthier and often live longer than those who don’t. Find an organization whose mission resonates with you, such as Loyola Marymount University, and experience the joy of legacy giving today.

We Can Help

When you give to Loyola Marymount University, we can help you reap the most benefits from your gift while making a meaningful difference. Contact LMU Gift Planning at 310.338.7526 or giftplanning@lmu.edu to learn more.