year-end giving

December is a time of reflection, anticipation and gathering. It’s also a time to think about year-end charitable tax strategies and important deadlines.

Year-End Charitable Giving Tips

We hope the following tips and important dates are helpful as you plan to give for good before year-end. For easy reference, below are our EIN numbers.

Sioux Falls: 36-3297853
Fargo: 45-0398104
Bismarck: 45-0397196
Bemidji: 41-1389317

Giving for Good With an IRA Distribution

Those age 59½ or older can take a distribution from an IRA and then make a gift to the Sanford Health Foundation without penalty. If you itemize your deductions, you can take a charitable deduction for the amount.

Those age 70½ or older can give any amount up to $100,000 from an IRA directly to the Sanford Health Foundation. You will not pay income taxes on the transfer. If you are 72 or older, you can use this transfer to satisfy your required minimum distribution.

Note: We must receive your gift by Tuesday, December 31 for your donation to qualify for the 2024 tax year. If you have check-writing privileges on your IRA, please account for time in the mail stream as your charitable gift date is considered to be the date the dollars leave the account (date on the check).

Giving for Good With Stock and Mutual Funds

Donations of stock and mutual funds are tax-smart philanthropic strategies that many donors utilize at year-end. In addition, when you donate appreciated stock you may be able to avoid paying taxes on the appreciated value and, when you itemize, you may qualify for an income tax charitable deduction based on today’s market value.

Note: Because of their complexity, these gifts should be initiated early. To quality as a 2024 charitable tax deduction, follow these dates:

Mutual Funds should be initiated by Friday, December 20*. Please let FoundationGifts@sanfordheatlh.org or your gift officer know about your plan by Wednesday, December 18, so we have time to set up a transfer account.
Stock should be initiated by Tuesday, December 24* to ensure we receive it by Tuesday, December 31.

* If the stock or mutual fund gift is not initiated properly by the donor or their advisor, delays may be experienced. Also, please keep in mind that transfers can only take place on business days.

Giving for Good Through Your Donor Advised Fund

When you recommend grants to the Sanford Health Foundation through your donor advised fund, you’ll help us advance our mission to bring health, hope and healing to patients and families who need care close to home. Check with your donor advised fund provider for information about how to direct a grant to the Sanford Health Foundation before year-end.

Giving for Good by Check or Credit Card

Many donors support the work of Sanford Health by donating via check or credit card to the Sanford Health Foundation.

Note: To quality as a 2024 charitable tax deduction

- Checks must be received or postmarked by Monday, December 30.
- Online credit card donations must be made by Tuesday, December 31.
- Credit card donations made by phone or by mail must be processed by 5 p.m. CT on Tuesday, December 31.

Giving for Good in North Dakota

North Dakota residents may be eligible for a generous state income tax credit when making a planned gift or supporting an endowment through the Sanford Health Foundation. This tax credit makes it possible for you to give more and leave an even greater impact on the future of health care. Contact us to learn more about the North Dakota Charitable Income Tax Credit.

Planning Ahead for 2025 and Beyond

Check these off your to-do list as you plan ahead for 2025.

- Will Planning: A gift to the Sanford Health Foundation through your will creates a meaningful legacy that keeps on giving. For more information about how to include the Sanford Health Foundation in your will, contact us — we’re here to help!
- Update Your Beneficiaries: Assess your retirement plan beneficiaries to ensure you’ve considered your loved ones and favorite causes.
- Review Policies: If you have a life insurance policy that is no longer a significant piece of your estate plan, consider making the Sanford Health Foundation the beneficiary.

Learn more about how you can give the gift of hope for the holidays.

The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.