Are you at least 70 ½ years old?
If the answer is yes, you have the opportunity to make a gift of up to $100,000 each year from your IRA to a public charity by using a qualifying Designated Fund through The Idlewild Foundation in association with the National Christian Foundation (NCF). Please note, however, that since the pandemic, the age ranges for taking distributions (RMD’s has changed. Please check with your financial advisor or give us a call to determine if you must take a Required Minimum Distribution. This type of fund allows you to:
- rollover funds from your IRA,
- designate which charity or charities you wish to receive the funds, and
- advise us about the timing of grant checks to the charity or charities, while also providing for the investment of the funds prior to distribution.
Gifts to Donor Advised Funds (such as your NCF Giving Fund) are not allowed.
Owners of traditional or Roth IRA’s who are at least 70 ½ (on the date of distribution may distribute directly up to $100,000 from their IRA and exclude the contributed amount from their gross income for tax purposes. This amount can be counted towards the IRA’s annual required minimum distribution.
Who can receive IRA distributions at the National Christian Foundation?
IRA distributions at NCF can only be made to Designated Funds. IRA distributions cannot go to a donor advised fund, a supporting organization, or a private foundation, nor can distributions be made in connection with a Charitable Gift Annuity or a Charitable Remainder Trust.
So, now that I qualify and my IRA qualifies, how do I do this?
- First, contact your local NCF Affiliate or the NCF national office at 800.681.6223 to establish your Designated Fund(s), indicating the recipient charity(s). NCF will distribute the funds in accordance with your Designated Fund Agreement.
- Second, contact your IRA custodian. The custodian will make the check payable directly to NCF. You will receive a written receipt from NCF for tax purposes.
- Third, work with your accountant to determine the exclusion on your tax return and any net taxable income amount which will need to be included on your IRS Form 1040.
To learn more, contact The Idlewild Foundation office at 813-264-8713.