As 2023 winds down and we look to what 2024 may bring, there are some certainties (along with a few more uncertainties) in the areas of tax and financial planning and, most importantly, in the gift planning community. Now is the time to think about what these will mean for your donors, their gift plans and your fundraising program.
Let’s start with a few certainties we’ll see:
- New federal income tax brackets.
- Other IRS adjustments that have been indexed for inflation (e.g., estate tax exemption amount, annual gift tax exemption, retirement plan contribution amounts, QCD maximums).
- New, higher charitable gift annuity rates approved by the American Council on Gift Annuities effective Jan. 1.
As always, it’s important to review and update your gift planning website as well as any materials (printed or electronic) sent to donors when changes occur. Our technical editors at Sharpe Group are hard at work reviewing and updating all our content to reflect these changes.
Along with those listed above, there are other things to consider as you begin devising your fundraising strategies and making marketing plans, such as:
- Are there increases or decreases in the values of noncash assets such as stocks or real estate?
- Are interest rates stable, continuing to rise or (as predicted) lowering?
- Which direction are mortgage rates or the discount rate headed?
- Is your data current (deaths, moves, financial changes, etc.)?
- Was your bequest revenue up, down or flat in 2023?
Spending a little time during the first few weeks in January to refine and update your plans for the year is well worth it.
To learn more about how Sharpe Group’s tools and services, such as printed publications for donors and advisors, donor websites, seminar training for planned and major gift officers and comprehensive data services, can enhance your program, reach out to us. Our experienced consultants are available to answer any questions and help you make the most of 2024.
Barlow T. Mann, JD, is general counsel for Sharpe Group.