Below you will find several policies and documents that may help you as you work with your clients. Please contact Mindy Derosia at (518) 446-9638 with any questions.
TAX-FREE IRA CHARITABLE TRANSFERS
The Charitable IRA provision of 2006 (which was made permanent in 2015), makes it easy to give to causes you care about. This provision helps local charities strengthen their communities by allowing individuals to roll over up to $100,000 annually from an Individual Retirement Account (IRA) to charity without being federally taxed.
People aged 70½ and older can transfer up to $100,000 per year from IRAs to charity without incurring federal income taxes today or estate and income taxes in the future. If married, each spouse can transfer up to $100,000 from his or her IRA annually. The opportunity for the $100,000 tax-free transfer occurs annually.
We realize that you help your clients consider many factors as they make significant financial, estate and charitable decisions. To help you consult with your clients, here are some useful resources:
- Charitable IRA Worksheet: Should you transfer IRA assets to the Community Foundation? There are several good reasons to take advantage of this opportunity, but there are no easy answers. Use this worksheet to help identify your charitable options.
- Fund Options: There are many options for creating funds or supporting the existing work of the Community Foundation. This sheet will help explain options for your clients.
- Click Here for Frequently-Asked Questions About the IRA Charitable Rollover Extension and Answers from the Council on Foundations
A fund can be established with a simple fund agreement. Below you will find samples of agreements for donor advised funds – endowed and non-endowed. Each type of fund has a corresponding agreement; we would be happy to send you a sample agreement for a different type of fund (scholarship fund, Community Impact fund, etc.) at your request:
Gift Acceptance Policy: details the Community Foundation’s policies for various types of gifts we can accept
How to Give Securities or Mutual Fund Shares: provides information on how to donate securities or mutual fund shares to the Community Foundation
Total Return Spending Policy: describes the Community Foundation’s policy for making distributions from its endowed funds
Statement of Fees: fees charged on various types of funds