Giving Through Your IRA
For many of us, being generous with our money is one of the great joys in life. And it turns out that being generous with your IRA can be both personally satisfying and provide tax benefits. If you are fortunate enough that you do not need all of the funds from your IRA, it is good to have a plan that benefits you and your community.
Making “Qualified Charitable Distribution” from Your IRA
When you reach the age where annual withdrawals are mandatory - referring to your required minimum distribution (RMD) - you can reduce your taxes and make an impact on your community with a qualified charitable distribution (QCD) to the Huron County Community Foundation.
A QCD can be made that meets your required minimum distribution. Further, with the current standard deduction limits, if you no longer itemize, your checkbook donations to charity may not reduce your tax bill. Using a QCD for your charitable giving may allow you to take the higher standard deduction while also reducing your taxable income.
The following types of funds are eligible to receive QCDs from IRAs:
HCCF Operating Support - Support the work of HCCF by supporting our operations. By providing financial support for our work, you help us continue to bring people together to make Huron County an even better place to live, work, and play.
Community Impact Fund- The Community Impact Fund helps us address today’s needs and tomorrow’s opportunities. Today’s priorities may not be tomorrow’s, but this fund will always address our county’s most pressing needs and promising opportunities as guided by our strategic priorities.
Designated Funds- Designated Funds support the good work of specific nonprofit organizations. Check out our designated funds page for a full list of nonprofits that currently have endowments. Don’t see your favorite on the list? Contact us about establishing an endowment to provide permanent support for the organizations you care about.
Field of Interest Funds support broad areas of need and award grants to the community organizations and programs addressing this such as:
Arts and Culture
Education
Recreation Resources
Natural Areas Preservation
Health and Wellness
And more!
Scholarships help students continue their education and obtain valuable credentials after high school. HCCF has numerous scholarship funds to which you can contribute.
Your generosity over the last thirty years allows HCCF to continue to serve our community and we are honored to be your trusted philanthropic partner. Your IRA gift can help us continue to improve the quality of life in Huron County.
This information is not a substitute for expert legal, tax, or other professional advice, and we strongly encourage donors to work with your professional advisor to determine the impact of making a QCD on your particular situations.
For more information or a confidential appointment, contact Mackenzie Price, Executive Director, mackenzie@huroncounty.com, 989-269-2850.
