Foundation offers new gift opportunity with IRA Charitable Transfer Bill
Aurora, IL - On Dec. 18, Congress passed the PATH ACT making the IRA Charitable Rollover and two other charitable giving incentives permanent law.
A few days later, President Obama signed the legislation, marking a historic victory for charities and their donors.
The legislation allows donors age 70½ and older to transfer up to $100,000 per year to charities using funds from their Individual Retirement Account with significant tax savings.
No longer do individuals have to take their annual Required Minimum Distribution, claim it as income, then make a gift to charity; now the gift can go directly from their IRA to the specific charity.
"This legislation allows donors to plan ahead if they are interested in making charitable gifts from their IRA," said Jeff Hartman, president and CEO of the Community Foundation of the Fox River Valley. "Historically donors have had to wait until late in the year to know if the legislation would be past retroactively. We are now able to provide this unique giving opportunity in conversations with our donors going forward."
To read an article from the Council on Foundations regarding this historic news, visit www.cof.org/news/president-signs-ira-rollover-law.
About the Community Foundation of the Fox River Valley
The Community Foundation of the Fox River Valley is a nonprofit, tax-exempt, philanthropic organization that administers individual charitable funds from which grants and scholarships are distributed to benefit the citizens of the greater Aurora area, the Tri-Cities and Kendall County.
Founded in 1948, the foundation provides a simple and powerful approach to charitable giving. Individuals, families, businesses and organizations have the opportunity to custom design their own named funds that reflect their charitable goals and interests. Since its inception, the Community Foundation has grown to more than $74 million in assets and has awarded nearly $55 million in grants and scholarships. For more information, visit www.CommunityFoundationFRV.org.