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GJCF Offering Way To Provide Charitable Gift

If you are 70 ½ years of age or older, this article is for you.  If you are a holder of an Individual Retirement Account (IRA) or 401 (k) plan you have the opportunity to provide a charitable gift to the non-profit organizations of your choosing and get a double benefit to boot.

People who own retirement accounts and are age 70 1/2 and older need to know that their retirement accounts are subject to special minimum distribution requirements.  The Internal Revenue Code prescribes the requirements individuals must follow in regards to taking payments from their accounts in retirement plans and traditional, deductible individual retirement accounts. Amounts owned in Roth type IRAs are not subject to these rules.

You are allowed to make charitable distributions directly from your qualified retirement account to the non-profit organizations and since the distribution does not come directly to you, the income tax that you would normally have to pay on that distribution does not come into play.   You still get the charitable contribution deduction for your gift, but do not have to pay the income tax. This is a Win Win situation for you if you do not need the Required Minimum Distribution to use for your daily financial needs.

We suggest that you speak directly with your financial advisor for the details, but this is a great way for you to support those causes that are close to your heart and save on your income tax obligation at the same time.  Give consideration to your local non-profits of Fairfield and Jefferson County to give you that extra feeling of making a difference close to home. Your check must be cashed prior to December 31, 2019 by the exempt organization.  The ideal time to send the check, as a personal deadline, would be December 1, 2019

Our Mission

The Greater Jefferson County Foundation receives, accepts and distributes funds for educational, cultural, civic and charitable purposes for the benefit of the greater community of Jefferson County, Iowa.

Our Goals

The Community Foundation achieves its mission by assisting qualified organizations through grant distributions, providing scholarships for post-secondary education and training, encouraging individual and corporate involvement through gifts and bequests and administering and investing funds for the creation of perpetual opportunities and services.

Current Board Members: President Kara Waugh. Vice President Tammy Dunbar, Treasurer Arvin Bogaards, Ex. Secretary Sim Buckley, Angie Atwood, Nelson Anderson, Lori Stever, Frank Redeker, Ashley Manning, Lucas Helling, Jessica Jones, Joan Fulton, Peggy Mottet, Ron Haines, Justin Engwall; Ex-Officio – Dr Wm Baumann/Finance, John Morrissey/Legal, Dave Neff/PR. 

You may contact the Greater Jefferson County Foundation at 641-472-0758; [email protected] or view our website at www.greaterjeffersoncountyfoundation.org.

 

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