On September 16, 2021, Sand Hill CIO Brenda Vingiello, CFA joined the CNBC Halftime Report panel once again and discussed what positive catalysts investors canread more
What You Can Do Now
As the COVID-19 pandemic spreads across the globe the poorest and most vulnerable members of society are being hardest hit and most likely will be the slowest to recover. They are in need of generosity now. And, while you may already be charitably inclined, the CARES Act provides enhanced tax savings advantages to making contributions this year.
Donors can consider giving to collaborative relief efforts at global, national, regional and local levels. They all need your support.If you are overwhelmed with choices about where to start, the following are some organizations and resources to consider.
Globally the World Health Organization (WHO) is one impactful choice. WHO’s primary role is to direct international health within the United Nations’ system and to lead in global health responses.
Silicon Valley Community Foundation (SVCF) is leading a regional effort with other Bay Area philanthropic partners through their COVID-19 Coronavirus Regional Response Fund. SVCF is supporting lead organizations representing each of the ten Bay Area counties through this regional fund. If you want to make direct gifts within your local community, you can find information at their website: www.siliconvalleycf.org.
San Francisco Foundation (TSFF) is one of the lead organizations partnering with the Silicon Valley Community Foundation. Additionally, TSFF has established the COVID-19 Emergency Response Fund to which you can contribute and, again, TSFF is another resource to find specific organizations including by county that need help. Go to www.sanfranciscofoundation.org.
Other Bay Area community foundations include The East Bay Community Foundation (EBCF), which serves both Alameda and Contra Costa Counties. Rounding out the ten Bay Area counties, Marin, Napa, Santa Cruz, Solano and Sonoma also have community foundations that are recommended as part of COVID-19 Regional Response Fund. And, for those who live outside the Bay Area, please search for community foundations in your community.
For those with Donor Advised Fund accounts at Fidelity Charitable and Schwab Charitable, making gifts from your existing account may be the easiest path for you to give globally and locally. Both organizations provide lists of recommended charities to help you identify effective ways to make a difference with your giving.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides some strong tax incentives to give directly to charity in 2020. For this tax year only, there has been a temporary lifting of the Adjusted Gross Income (AGI) limitation for cash gifts made directly to a qualified charity. Under this new provision, taxpayers who itemize their deductions can deduct cash donations equal to 100% of their 2020 AGI (up from 60%). It is important to note that this does not apply to gifts of appreciated stock, contributions to a Donor Advised Fund or a supporting organization. Finally, although RMDs have been waived for 2020, donors can still make a qualified charitable distribution (QCD) up to $100,000. QCDs allow direct gifts to charity where the gifted amount avoids recognition as taxable income to the retirement account owner.
Don’t hesitate to contact your Sand Hill Wealth Manager for additional guidance on ways to optimize your giving in the current environment. Above all, consider giving now, not later, or maybe later, again!
Sand Hill Global Advisors, LLC “SHGA” is a registered investment advisor with the Securities and Exchange Commission (SEC). Such registration does not imply a certain level of skill or training. The charitable organizations referenced in the above article are separate entities and not affiliated with SHGA and as such, SHGA neither represents nor endorses any charitable organization named in this article. Any third-party website you visit by a link from this article is solely the responsibility of the other party providing the site and are provided for only for convenience. The content of, including materials and information contained on, any site to which you visit from this article is solely the responsibility of the provider of that website. Any transactions that you enter into with other parties listed in this article or linked from this article are solely between you and the other party. SHGA is not responsible for any such third-party content that may be accessed from third-party links. SHGA does not endorse the content contained in these sites, nor the organizations publishing those sites, and hereby disclaims any responsibility for such content.
Articles and Commentary
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All video presentations discuss certain investment products and/or securities and are being provided for informational purposes only, and should not be considered, and is not, investment, financial planning, tax or legal advice; nor is it a recommendation to buy or sell any securities. Investing in securities involves varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular client’s financial situation or risk tolerance. Past performance is not a guarantee of future returns. Individual performance results will vary. The opinions expressed in the video reflect Sand Hill Global Advisor’s (“SHGA”) or Brenda Vingiello’s (as applicable) views as of the date of the video. Such views are subject to change at any point without notice. Any comments, opinions, or recommendations made by any host or other guest not affiliated with SHGA in this video do not necessarily reflect the views of SHGA, and non-SHGA persons appearing in this video do not fall under the supervisory purview of SHGA. You should not treat any opinion expressed by SHGA or Ms. Vingiello as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of general opinion. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based solely on any information provided on this video. There is a risk of loss from an investment in securities, including the risk of loss of principal. Neither SHGA nor Ms. Vingiello guarantees any specific outcome or profit. Any forward-looking statements or forecasts contained in the video are based on assumptions and actual results may vary from any such statements or forecasts. SHGA or one of its employees may have a position in the securities discussed and may purchase or sell such securities from time to time. Some of the information in this video has been obtained from third party sources. While SHGA believes such third-party information is reliable, SHGA does not guarantee its accuracy, timeliness or completeness. SHGA encourages you to consult with a professional financial advisor prior to making any investment decision.