Would you like to finish this year with a gift that makes a difference for Bates while also reducing your taxes? Here are some opportunities you may want to consider.

Make a gift to the Bates Fund

By making a gift to the Bates Fund by writing a check or giving through our website, you help students with every aspect of their Bates education and may receive a federal income tax charitable deduction. If you itemize, you can write off the amount you’re donating, resulting in lower taxable income. Unsure of whether your gift is tax-deductible? Contact your financial advisor or tax consultant.

Timing tip: Your envelope must be postmarked by the U.S. Postal Service on or before Dec. 31 for your donation to qualify this year.

Use Appreciated Securities

For securities held longer than one year, you may be able to deduct the full fair market value and avoid capital gains tax. LEARN MORE.

Timing tip: If the securities are electronically transferred to us, the gift date is the day the securities enter our account—not the date you ask your broker to make the transfer.

Contribute to Your Donor Advised Fund (DAF)

Allocate funds to your DAF and receive a charitable deduction immediately. You can then set up a recurring grant to Bates. You can also consider making Bates the designated beneficiary of your DAF.

Timing tip: You qualify for a tax deduction when you contribute to your DAF, not when you recommend a grant—though with the latter, you get to see your gift help a cause you care about. 

Make a Gift From Your IRA

At 70 1⁄2 or older, you can make a Qualified Charitable Distribution of up to $105,000 from your IRA. The direct distribution to charity would not be included in taxable income, lowering your tax liability even if you do not itemize. If you are required to take minimum distributions, you can use your gift to satisfy that requirement. 

Timing tip: Your IRA administrator must remove the funds from your account by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.

Lock in High Gift Annuity Rates

Payout rates for charitable gift annuities are currently the highest they have been in more than 10 years. That could change sometime in 2025. When you arrange a gift annuity with Bates you receive fixed payments for life in exchange for a gift of cash or securities. In many cases you also receive a significant tax deduction in the year of your gift. Contact Bates if you would like to take advantage of the higher rates by creating a gift annuity before 2024 ends. 

Timing tip: Please contact the Office of Gift Planning today so we can show you an illustration of how this kind of gift can be tailored to your goals and arrange for the annuity before year-end.

Visit the Bates Ways to Give website and talk to your financial advisor about how these tax provisions may affect your giving. Thank you for your support and friendship and for being such an important part of our Bates community.

If you have questions or would like to speak with a member of our staff, please contact the Bates Office of Gift Planning at 800-762-3145 or giftplanning@bates.edu.

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