Did you know that Americans are among the most generous nations, with individual donors making up the largest share of charitable contributions? In fact, 53% of people donate because they want to support a cause they care deeply about, while 47% feel emotionally connected to the causes they contribute to. One meaningful way to participate in this generosity is through memorial donations.
Imagine honoring a loved one by supporting a cause close to their heart. You might be remembering a family member, celebrating a mentor, or marking a special occasion. A memorial donation can turn their memory into something positive. For example, you could donate to a local food bank in memory of someone who loved helping others or contribute to a medical fund in honor of someone who faced health challenges.
This special type of donation not only preserves their memory but also supports important causes, creating a ripple effect of positive change.
Understanding Memorial Donations and Memorial Gifts
When we talk about memorial gifts, we are referring to personal tributes that honor someone’s memory through a thoughtful contribution. These gifts can take many forms, from financial donations to physical items, such as a memorial bench, a tree planting, or a scholarship fund in the name of a loved one. The goal is to create something lasting that reflects the values or passions of the person being remembered.
On the other hand, memorial donations specifically involve giving money to a charity or cause that was important to the deceased. This type of donation is typically made in their name, and it serves as a way to both celebrate their life and support an organization or cause they cared about.
While a memorial gift could be anything from a handcrafted item to a community project, memorial donations focus on monetary contributions that help continue the person’s legacy through charitable support.
How to make a memorial donation?
Memorial donations are unbelievably meaningful. They are intimate, passionate, and deserve special treatment. Here are some steps to guide you:
- Choose a charity: Reflect on your loved one’s life. For example, if they were passionate about education, you could donate to a scholarship fund supporting underprivileged students. In the U.S., individual giving reached $374.40 billion in 2023, with many donors choosing causes that reflect personal values. Donations to medical research, for instance, allow families to honor those who fought health battles.
- Determine your contribution: Donations can vary greatly depending on what feels appropriate to you and your financial situation. If your loved one had strong ties to the community, a monthly recurring donation can symbolize their ongoing influence. Even a monthly donation of $50 can provide significant long-term support for causes such as feeding families or funding educational resources.
- Notify the family: Sending a personalized message to the family, acknowledging how much their loved one meant to you, can be a powerful gesture. Organizations often allow you to attach a message of sympathy and share how their loved one’s memory lives on through your support.
For example, a letter could read, “I’ve donated $100 to the Miami County Community Foundation (MICOCF) in memory of your father, whose strength in battling cancer continues to inspire us all.”
This simple act brings both emotional and financial comfort to the family.
- Set up a memorial fund: For a more lasting tribute, consider establishing a memorial fund. If your loved one was passionate about a specific field, setting up a fund encourages others to contribute. This fund can grow over time, ensuring that their memory lives on through continuous support.
The Shifting Gears: In Memory of Regan Johnson memorial fund, hosted by the Miami County Community Foundation (MICOCF), aims to raise funds to support suicide awareness and prevention throughout the Kansas City area.
The Shifting Gears project includes several initiatives.
One of these, #GiveMe20, encourages teens to create a “LifeBox” filled with positive memories and future goals, helping them focus on reasons to live. Additionally, their partnership with Sources of Strength offers suicide prevention training while they provide scholarships for Paola High School seniors. The Shifting Gears Butterfly Garden offers a peaceful space for reflection and healing.
This is a wonderful example of a memorial gift, transforming loss into positive community impact.
In short, while both memorial gifts and memorial donations aim to honor someone, gifts can be more varied and personal, while donations typically involve financial support directed toward a cause.
Be part of something bigger than a donation—be a force for transformation in Miami County. Your support fuels life-changing initiatives like Shifting Gears, empowering teens with mental health resources, providing scholarships to future leaders, and nurturing a place of peace with the Butterfly Garden.
Taxes and In-Memory Donations
When making in-memory donations, it’s important to understand both the emotional and financial benefits, particularly concerning tax implications. These donations, often made in honor of a loved one, are typically tax-deductible when contributed to a recognized 501(c)(3) charitable organization.
In Miami County, KS, these tax benefits allow donors to reduce their taxable income, provided they itemize deductions on their tax returns. For 2023, the standard deduction is $13,850 for individuals and $27,700 for married couples filing jointly. Itemizing donations can be beneficial when total deductions exceed these thresholds.
Memorial donations, which also qualify for tax deductions, offer a tangible way to commemorate someone while supporting a cause close to their heart. For example, contributions to projects like Shifting Gears for Regan in Miami County, which focuses on mental health initiatives, allow donors to see their financial support create positive community change.
Corporate matching programs are a great way to stretch your donation even further. Many companies will match the donations their employees make to eligible charities, often doubling or even tripling the original amount. This means that if you give $100, your employer could add another $100 or more, making your total contribution even bigger.
Recently, Shifting Gears and MICOCF shared a success story on LinkedIn about a $5,000 matching donation that helped them expand their mental health programs to more schools and families.
It’s always a good idea to talk with a tax professional to ensure you’re taking full advantage of any potential tax breaks based on your specific situation.
Building Legacies with Memorial Gifts in Miami County, KS
In Miami County, memorial giving has evolved with the rise of tribute crowdfunding campaigns. These campaigns allow friends and family to collectively contribute to causes that reflect the values and passions of their loved ones. For instance, memorial gifts can fund local mental health initiatives or scholarships for students, providing a meaningful way to honor someone’s memory. Whether it’s a one-time donation or setting up a recurring fund, these gifts offer flexibility in how you contribute, including options like non-monetary donations such as real estate or assets.
This memorial tribute not only honors your loved one but also offers potential tax benefits if donated to recognized 501(c)(3) organizations like the Miami County Community Foundation. Donors can deduct contributions from their taxable income, making it a practical way to support causes that align with the honoree’s legacy.
Make Impactful Memorial Donations by Partnering With MICOCF
Memorial donations are a brilliant way to celebrate a person’s life and values, either by remembering a loved one or recognizing a special milestone.
Through the Miami County Community Foundation (MICOCF), you can contribute to an existing fund or create a new one that reflects what mattered most to the person. Memorial donations offer a lasting tribute, ensuring that the person’s legacy continues to support charitable causes close to their heart.
Honor gifts offer a unique opportunity to celebrate a person who is still living, allowing them to see the positive impact of their legacy in real time. These gifts are perfect for celebrating birthdays, anniversaries, or other special moments and are a meaningful way to contribute to a cause you care deeply about. Whether it’s a nonprofit, school, or church, these gifts create lasting change and celebrate lives that inspire.
To explore the best options for your situation, contact the Foundation. We can help you make this gesture truly personal and unique.