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Nov 27, 2023
Giving Tuesday, occurring every Tuesday after Thanksgiving (this year falls on November 28th), is a global movement that brings awareness to donating to charitable organizations. Founded in 2012, this day serves as a counterpoint to the consumer-driven events of Black Friday and Cyber Monday, emphasizing the spirit of giving, compassion, and philanthropy. On Giving Tuesday, individuals, organizations, and communities come together to support and contribute to charitable causes and initiatives. People are encouraged to donate their time, skills, or financial resources to various nonprofit organizations, charities, and community projects. It’s a day to celebrate the power of collective giving and to inspire a culture of generosity, fostering positive change and making a meaningful impact in the lives of others. Whether it’s supporting local charities, global initiatives, or grassroots movements, Giving Tuesday provides a platform for individuals and communities to express their generosity and make a difference in the world. You can find out more about how your company supports Giving Tuesday by contacting your benefits team.
Summitry Cares, the philanthropic committee of Summitry, actively engages in philanthropic efforts to make a positive impact on the community, both locally and globally. As part of this movement, we encourage the act of giving by planning firm-wide volunteering events, and participate in a grant giving process to organizations that make an impact. More importantly, we match any donations up to $500/year for each teammate so that we can amplify their efforts in a meaningful way. Whether through financial contributions, in-kind donations, or volunteer hours, Summitry demonstrates its commitment to social responsibility and community welfare on Giving Tuesday. By participating in this annual day of generosity, Summitry aligns its values with the spirit of giving, contributing to a collective effort that aims to create a more compassionate and supportive world.
Beyond our own efforts, we also aim to support our clients who want to make an impact. Here is an example of how we helped one of our clients maximize their charitable giving using one of many charitably focused strategies.
Our client Brad is a high income earning Nvidia employee. Brad is charitably inclined, devoting time and money to local charitable organizations. While discussing his goals and financial future with his advisory team at Summitry, Brad was surprised to learn that a charitable gifting tax strategy could make his dollars reach much further.
Brad’s Summitry advisory team established a Donor Advised Fund (“DAF”) on his behalf and transferred his lowest cost basis NVDA shares, helping Brad fund the causes he is passionate about, while doing so in a tax-efficient manner. Not only does Brad forgo paying capital gains at 23.8% federal and 13.3% CA state levels, he also received a 2023 tax deduction in the amount of the market value at the time of transfer to the DAF. He was then able to use the tax deduction to meaningfully diversify out of other highly appreciated NVDA shares, further satisfying an objective to reduce concentration risk across his balance sheet.
Comprehensive financial planning allowed us to understand what mattered to Brad, personally and financially. By utilizing a DAF, we satisfied Brad’s goal of making a meaningful financial impact on the organizations he cared for and worked with, allowing him to create a diversified investment strategy. This focus supports his long-term financial goals and helped his reach peace of mind with his retirement.
Are you in a similar situation to Brad or are you looking for financial advising? Contact us today!
The client success story shared above is unique to that client’s circumstances; it should not be construed as representative of every client’s experience with Summitry.
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Chief Growth Officer