FundSvcs Community

 View Only

  • 1.  Year end and self managed IRAs

    Posted 10-03-2023 06:41 AM

    Good morning! 

    Given that December 31 is on a Sunday this year, how are advancement offices addressing year end?  Are many of you coming in on Saturday December 30?  Or are you completing the year on December 29? 

    Truly wondering how many of you instead work to educate your donors and take most/all of the week between Christmas/New Years if it is granted by your institution.

    Trying to set expectations for the team now so everyone has time to plan...

    Tracy



    ------------------------------
    Tracy Rush
    Executive Director, Advancement Services
    Otterbein University
    trush@otterbein.edu
    ------------------------------


  • 2.  RE: Year end and self managed IRAs

    Posted 10-03-2023 06:53 AM
    Someone needs to process credit card donations that are in-house on the 31st. If those are not run through the donor's bank by midnight that night, they cannot claim a 2023 deduction.

    Your subject line also mentions IRAs. Those must clear the donor's custodian's account by the 31st unless the custodian issues the check. So unless those are deposited in your bank by CON on the 29th, you might be out of luck.

    While it's not fun for some, I had had a skeleton crew (at Duke and NC State over those twenty years) working on 12/31 since 1988 when I went to work at Duke - regardless of the day of the week, 12/31 fell. And we've always arranged with the Post Office to make a pickup on that day, provided they had staff available.

    Educating donors is key, and we worked closely with the MGOs and Annual Giving to get the word out about end-of-year stuff before Thanksgiving. But we still worked the holidays.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987




    Original Message


  • 3.  RE: Year end and self managed IRAs

    Posted 10-03-2023 07:45 AM

    Thanks, John!  We have too! ��  I have several new team members who are asking questions and want to make sure I am not missing anything. 

     

    Tracy Rush

    Executive Director, Advancement Services

    Otterbein University

    1 South Grove

    Westerville, OH 43081

    614-823-1290

     

    Please consider a gift to support our students.

    Visit Otterbein.edu/give to show your support. Thank you!

     

     




    Original Message


  • 4.  RE: Year end and self managed IRAs

    Posted 11-14-2023 05:00 PM

    Thanks, John.  Will you share any reminder language about the IRA deadline that you have used in year end appeals ?

    Thanks so much!



    ------------------------------
    Shea Sadler
    University of South Alabama
    ssadler@southalabama.edu
    ------------------------------

    Original Message


  • 5.  RE: Year end and self managed IRAs

    Posted 11-14-2023 05:10 PM
    I do not have any stock language. I urge clients to send end-of-year appeals by about now. The appeal should mention both IRA checks needing to clear the bank by 12/31, and credit cards to be processed by the same day!

    John H. Taylor 
    919.816.5903 (Cell/Text)

    Big Ideas; Small Keyboard



    Original Message


Related Content