Planned Giving
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Notify us of your IRA charitable rollover
If you check the box in this area, a module will open where you can enter your name and email to notify us of your IRA Rollover gift.
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Thank you for considering an IRA charitable rollover gift to us. The website link will take you to your IRA custodian's website, where you may be able to log in and make a gift to Foundation for Appalachian Ohio. Another option is to use the phone number to call your IRA custodian. They will assist you in making an IRA charitable rollover gift. If you would like to notify us of your generous IRA charitable rollover, please complete the Notify us of your IRA charitable rollover section. Please note this is a time sensitive transaction. If the IRA charitable rollover is intended to satisfy your required minimum distribution for the current year, verify with your custodian that this transaction will be completed prior to December 31. If the transaction is not completed prior to December 31, you may be subject to penalties if you have not satisfied your required minimum distribution. |
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| Thank you for considering a IRA gift to us. A sample letter is available to send to your DAF provider. You may save and print the PDF of your letter. If you have email contact information for your DAF provider, you may send a PDF copy of your DAF letter or you may copy and paste the text into an email. You will need to enter the amount of your recommended grant and your DAF account number on the letter before mailing. If you would like to notify us of your generous gift, please complete the Notify us of your DAF Gift section. | ||||||
IRA Charitable Rollover
You may be looking for a way to make a big difference to What's Closest to Your Heart. If you are 70½ or older you may also be interested in a way to help continue our work and benefit this year.
If you are 73 or older starting in 2023, you know you must withdraw minimum funds each year from your IRA. Rather than take the distribution yourself, you have another option: the IRA charitable rollover. You can transfer funds from your IRA to our mission, one or more of our funds, or to an FAO fund you establish. You can begin making a qualified charitable distribution (QCD) up to $105,000 each year from your IRA. If your spouse has an IRA, he or she can do the same. The best part is you can start using your IRA for charitable giving as soon as you reach age 70½.
Gifts to Donor Advised Funds Do Not Qualify as IRA Qualified Charitable Contributions (QCD)
Transfers by IRA owners over the age of 70½ up to $105,000 to public charities – other than supporting organizations – are regarded as qualified charitable contributions. However, transfers from IRA's to donor advised funds of public charities are not regarded as qualified charitable distributions within the charitable rollover requirements.
IRA assets may be donated to Donor Advised Funds. However, since such transfers do not count as qualified distributions from IRAs under current rules, donors must claim these distributions as income and calculate their charitable deduction.
What are other options besides donor advised funds? Transfers to FAO's mission or one of FAO's Field of Interest or Designated Funds are great options. You can also establish a Field of Interest or Designated Fund. Contact us to learn more.
An IRA Charitable Distribution Does Not Have to be Made in One Transfer Per Year
Donors aged 70 ½ or older have a maximum limit of $105,000 per year to make as an IRA charitable distribution; however, there is no provision stating the entire amount of $105,000 has to be made in a single transfer nor does the entire amount have to be made to one qualified charitable organization. Donors may request several direct, IRA transfers to qualified charities each year, but only $105,000 will be excluded as income and regarded as an IRA qualified charitable distribution.
When More than $105,000 is Transferred from IRA to Charity
The law sets the IRA amount limit donors may exclude from their taxable income to $105,000. If donors wish to transfer more than $105,000 from their IRA to charity, the additional amount over $105,000 will not be excluded from their gross income.
We strongly recommend you seek advisement from your financial advisor and accountant to determine the best situation for you.
IRA Charitable Rollover Benefits
- Avoid taxes on transfers of up to $105,000 from your IRA to FAO.
- The RMD is required if you are 73 or older starting in 2023. Your charitable contributions through the IRA charitable rollover may satisfy your RMD and lower your taxable income for the year.
- Make a gift that is not subject to the deduction limits on charitable gifts.
- Help further the work and mission of FAO.
How it Works
- Contact your IRA plan administrator to make a gift from your IRA to FAO.
- Your IRA funds will be directly transferred to FAO to help continue our important work or grow a specific fund — it is helpful to FAO if you or your advisor share the gift is coming from your IRA so we can appropriately acknowledge your contribution.
- Please note, IRA charitable rollover gifts do not qualify for a charitable deduction.
- Please contact us if your gift is for a specific fund, so we are sure to credit it appropriately.
Contact Us
If you have any questions about an IRA charitable rollover gift, please contact us. We would be happy to assist you and answer any questions you might have.
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