February 2024
Professional Advisor Newsletter
Greeting from Whidbey Community Foundation!

As is usually the case early in the year, the first quarter of 2024 is full of opportunities to revisit tax rules and planning techniques related to charitable giving. The team at WCF appreciates the opportunity to work with you and your philanthropic clients to structure giving vehicles to meet your clients’ goals for making a difference in the community.

In this issue, we’re covering three topics that are particularly relevant during the first quarter, and especially in February.

An important additional note: We’re still closely tracking the IRS’s proposed regulations concerning donor-advised funds. The public comment period was extended, and you’ll hear from us when (and if) the proposed regulations, or some version thereof, go into effect and what to do about it. 

Thank you for your partnership! 

– Whidbey Community Foundation
FAQs: A Snapshot of Clients’ Tax-Time Charitable Giving Questions
Attorneys, accountants, and financial advisors are starting to hear questions that clients often ask about charitable giving as they are gathering information for their income tax returns. At the community foundation, we’re here to help answer questions on any charitable giving topic, ranging from tax deductibility to the advantages of non-cash gifts. 
Use Caution When Advising Clients About Donating Works of Art
Your clients who own highly-appreciated works of art certainly can consider making gifts of this property to a charity. Use caution, though, when helping clients structure gifts of artwork. To be eligible for a charitable deduction at fair market value, the nonprofit recipient’s use of the donated artwork must meet certain qualifications, in that the artwork has to be used for its charitable purpose (think art museums). On top of that, be wary of techniques that recently have come under severe IRS scrutiny and have been determined to circumvent the rules for tax deductions. 
Tips For Serving Clients Who Love Local
Local giving is frequently on your clients’ radar. The community foundation is happy to talk with you and your clients anytime about the ways our team can help your clients maximize their gifts to local organizations to improve the quality of life right here at home, whether that’s by addressing the most pressing needs right now or in the future as they emerge.
Thank you to our Corporate Sponsors!
Leader Level
Partner Level
Whidbey Community Foundation Board & Staff
Board of Directors

Nancy Conard, President
Jason Joiner, Vice President
Steve Shapiro, Treasurer/Secretary
Ansel Santosa, Assistant Treasurer/Secretary
Robin Hertlein
Sara Kelly
Aisha Mayfield
Jerry Millhon
Jeff Natter
Helen Price Johnson
George Saul

Jessie Gunn, Executive Director
Maureen Rice, Program Associate
Whidbey Community Foundation is a resource and sounding board as you serve your philanthropic clients. We understand the charitable side of the equation and are happy to serve as a secondary source as you manage the primary relationship with your clients. This newsletter is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.  
Thank you for letting Whidbey Community Foundation assist in your charitable efforts!