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The December edition of GoFisch is live! This month’s edition features:

  • Personal and professional resolutions you can actually keep
  • New Year’s-inspired Spotify playlist
  • YouTube video on how to maximize charitable giving
  • Nonprofit & philanthropy news worth knowing
  • Must-read blog post highlights

Like what you read? Don’t forget to subscribe to GoFisch and tell your friends. I like to think of it as the least boring law firm newsletter you could hope to read! Also, if you ever have any suggestions for content you would like to see, do not hesitate to contact me.

red ornaments Endow Iowa Tax Credit

 Thank you for reading the 25 Days of Giving series! In the spirit of the holiday season, I’m covering different aspects of charitable giving…perfect to get you thinking about your end-of-year giving.

There are many, many reasons Iowa is a great place to live and work. One reason is the Endow Iowa Tax Credit Program—a smart way to stretch your charitable dollars. Iowa community foundations provide exclusive access to the Endow Iowa Tax Credit program. Giving through the Endow Iowa program allows Iowa taxpayers to receive a 25% Iowa tax credit, in addition to the federal charitable income tax deduction, for qualifying charitable gifts.

The Endow Iowa Tax Credit Program provides unique opportunities to meet philanthropic goals while receiving maximum tax benefits. Highlights of this program include:

  • A variety of gifts qualify for Endow Iowa Tax Credits including cash, real estate, grain, appreciated securities, and outright gifts of retirement assets. In fact, appreciated assets, like stocks or real estate, can provide even better value because the donor may avoid capital gains taxes.
  • To be eligible, Endowed Tax Iowa Credit gifts must be placed in a permanent endowment fund of a qualifying organization. The endowment funds are intended to exist in perpetuity (continual), and the spend rate from the fund may not exceed 5% annually.
  • Tax credits of 25% of the gifted amount are limited to $300,000 in tax credits per individual for a gift of $1.2 million, or $600,000 in tax credits per couple for a gift of $2.4 million, assuming both are Iowa taxpayers.
  • Eligible gifts will qualify for credits on a first-come/first-serve basis until the yearly appropriated limit is reached. If the current available Endow Iowa Tax Credits have been awarded, qualified donors will be eligible for the next year’s Endow Iowa Tax Credits. Donors should be encouraged to act as early in the year as possible to ensure receipt of credits as soon as possible.
  • All qualified donors can carry forward the tax credit for up to five years after the year the donation was made.

It should also be noted that the Endow Iowa Tax Credits are capped. The Iowa Legislature sets aside a pool of money for Endow Iowa, and it’s available on a first-come, first-serve basis. Submitting an application at the beginning of the tax year is advised, as tax credits often run out toward year’s end. In fact, this year approximately $6 million in tax credits were awarded and there are no more available credits to be granted. However, you can submit your application to be placed on the waitlist for 2020 tax credits.

In exchange for 25% Iowa tax credit and the opportunity to have an even greater impact on their philanthropic interests in the state of Iowa, now and into the future, the Endow Iowa Tax Credit Program should be seriously considered by all. The impact is immense: in 2018, donors received tax credits for more than 3,434 separate donations to 76 different community foundations and affiliate organizations through Endow Iowa. And, since 2003, more than $263 million has been invested through the program to improve residents’ lives.

Any questions or thoughts on how the Endow Iowa Tax Credit Program could mean big benefits for your finances and your state? Don’t hesitate to contact me.

woman tossing leaves in air

With its feast of turkey, stuffing, and mashed potatoes, Thanksgiving is the obvious holiday to look forward to in November. But the overall focus of Thanksgiving—the concepts of giving, sharing, practicing gratitude—is something you can cultivate for the entire month of November, especially on the lesser-known “holidays” of National Philanthropy Day and Giving Tuesday(technically in December this year).

National Philanthropy Day

National Philanthropy Day

On November 15 plan to celebrate National Philanthropy Day (NPD) with a donation of time or funding to a cause that’s near and dear to your heart. No matter how much you’re able to give, the point of this day to recognize that charitable donors and volunteers make a significant difference and impact. As the Association of Fundraising Professionals puts it:

“NPD is a celebration of philanthropy—giving, volunteering and charitable engagement—that highlights the accomplishments, large and small, that philanthropy—and all those involved in the philanthropic process—makes to our society and our world.”

A man by the name of Douglas Freeman conceptualized and organized the initial (unofficial) National Philanthropy Day in the early 1980s. Then in 1986, President Ronald Reagan designated NPD as an official day. NPD is also a key event a part of a grassroots movement that intends to raise awareness and interest for the importance of effective philanthropy.

Giving Tuesday

Giving Tuesday

Popular on and spurred forward through social media, Giving Tuesday is often found with an accompanying hashtag (#GivingTuesday). Billed as a “global giving movement” Giving Tuesday is the Tuesday after Thanksgiving and after the shopping sprees of Black Friday and Cyber Monday. Held on December 3 this year, it’s seen as the sort of kickoff to end-of-year giving and it’s encouraged you donate your time, monetary donation, or even just your voice and ideas to a charity/cause that you care for.


With giving top of mind in November, maybe you have an idea for how you would like to support the important charities you care about but are unsure of how to go about making certain donations. For instance, did you know you can give to charity through your estate plan? How about the immense benefits of the retained life estate? How does giving fit in with your retirement benefit plan? I’m happy to help. Email me at gordon@gordonfischerlawfirm.com or drop me a line at 515-371-6077.

woman reading on phone

The September edition of GoFisch is live! This month’s edition features:

Like what you read? Don’t forget to subscribe to GoFisch and tell your friends. I like to think of it as the least boring law firm newsletter you could hope to read!

pen on desk

You’ve probably heard it before on your favorite law show or movie court case, but do you know what “quid pro quo” actually means?

Quid pro quo (“something for something” in Latin) means an exchange of goods or services, where one transfer is contingent upon the other.

Quid pro quo can have different meanings in different areas of the law. For instance, we typically hear this phrase in relation to employment law. So, in the arena of philanthropy and nonprofits, what does quid pro quo mean?

A charitable donation is deductible to the extent the donation exceeds the value of any goods or services received in exchange. So what happens when you donate to your favorite charity and receive something tangible in return? This is the issue of “quid pro quo” in charitable gift law.

giving gift

Quid Pro Quo Example

If a donor gives a charity $100 and receives an opera ticket valued at $40, the donor has made a quid pro quo contribution. In this example, the charitable contribution part of the payment is $60. The donor is entitled to a charitable deduction for $60, but not the entire $100.

Both the donor and donee have a responsibility here. The donor, of course, can only deduct the cost of the donation less the value of the goods/services received. The charitable organization must provide their donors clear, written documentation of the value of donations.

In fact, in these quid pro quo situations, under IRS rules, the nonprofit must provide a written disclosure statement. This required written disclosure statement must both:

• Inform the donor that the amount of the contribution that is deductible for federal income tax purposes is limited to the excess of any money (and the value of any property other than money) contributed by the donor over the value of goods or services provided by the charity.

• Provide the donor with a good faith estimate of the value of the goods or services that the donor received.

Free Consultation

Thinking about making a donation or looking for guidance regarding gift acceptance at your nonprofit, no quid pro quo is required! I offer a free one-hour consultation, with absolutely no obligation. I can always be reached by email at Gordon@gordonfischerlawfirm.com, and by phone at 515-371-6077.

man reading on tablet

The January edition of GoFisch is live! This month’s edition features:

Like what you read? Don’t forget to subscribe to GoFisch and tell your friends. I like to think of it as the least boring law firm newsletter you could hope to read! Also, if you ever have any suggestions for content you would like to see, do not hesitate to contact me.

reading on phone in office

The November edition of GoFisch is live! This month’s edition features:

Like what you read? You could think of it as a free holiday gift to yourself to subscribe! Here at GFLF we like to think of it as the least boring law firm newsletter you could hope to read.

woman reading on phone

The September edition of GoFisch is live! This month’s edition features:

Like what you read? Don’t forget to subscribe to GoFisch and tell your friends. Here at GFLF we like to think of it as the least boring law firm newsletter you could hope to read.

Laptop computer with blue desktop

I love getting to collaborate with wonderful professional advisors (like financial advisors and insurance agents, among many others) to promote and maximize charitable giving in Iowa. Together we get to help their clients best incorporate strategic charitable giving in to their financial and estate planning goals and plans.

People come to philanthropy from many different places and for many different reasons. Beyond the obvious tax benefits of donating to a charitable organization, there’s always that admirable intention of wanting to make a difference, of aspiring to help the organizations and causes they care about progress.

As a starting point for discussing smart charitable giving solutions, I’ve created this handy one-pager. It gives an overview of strategies like the popular donor advised fund and different types of charitable trusts, and reminds of other options like an IRA charitable rollover and retained life estate. The pdf also hits on aspects of the Tax Cuts and Jobs Act that prospective donors and professional advisors should be aware of.

Smart charitable giving guide

Click here to view the free guide to smart charitable giving solutions and then let’s continue the conversation. Additionally, you can learn more about how Gordon Fischer Law Firm works with the professional advisors here. Together I’m certain we can craft the best, legal giving solutions that align with your clients’ giving goals.

woman reading on phone with red nails

The July edition of GoFisch is live! This month’s edition features:

Spotify playlist cover art

 

  • A rundown on the website’s new features and fresh look
  • A curated Spotify playlist for when you’re working hard, but want to feel like you’re on summer vacation
  • Iowa-based nonprofit & philanthropy news
  • Must-read blog post highlights
  • Facebook Live video featuring me and the subject of estate planning

Like what you read? Don’t forget to subscribe to GoFisch and tell your friends. Here at GFLF we like to think of it as the least boring law firm newsletter you could hope to read.