The IRA rollover became permanent on December 18, 2015
The IRA charitable rollover allows tax-free distributions of up to $100,000 per taxpayer, per taxable year to an eligible charitable organization such as the Community of the Gunnison Valley from an IRA held by individuals age 70 1/2 or older. Because the distribution goes directly to a qualified charity, the amount will not be counted as income and will not be subject to income tax.
Transfers must go directly from your IRA to a qualified charity, including the Community Foundation of the Gunnison Valley
At this time, distributions to Donor Advised Funds and Supporting Organizations are prohibited.
Giving Options: Gift of a Lifetime
Having more retirement money than you need is a great problem to have, and one that’s now easier to solve. Generous IRA donors have multiple options for their gifts: Support the entire community? Underwrite a special cause? Shore up a favorite charity? Here are our top charitable fund picks at the Community Foundation of the Gunnison Valley.
- Support the Community Foundation of the Gunnison Valley’s Community Endowment – and live in the valley forever!
Funding for this Fund is vital to our growth. Funding for our operating is what all our other funds and programs rely on. It is the engine that makes the Foundation run, the driving force behind all our efforts. Endowment gifts support our infrastructure, secure our future, and make new programs possible. Gifts given today help sustain the Community Foundation, giving us the power to make a difference tomorrow, and beyond. A robust endowment lets CFGV serve the community far into the future — meeting existing and new needs
- Support Community Foundation of the Gunnison Valley’s Grants Fund for the current year or the Grant Endowment for years to come!
Meeting ever-changing community needs — IRA transfers to the Community Grant Fund (the endowed Fund or the current year fund) address a broad range of current and future needs. The Community Foundation evaluates all aspects of community well-being—arts and culture, education and scholarships, environment, general community improvements, health and wellness and youth initiatives—and awards strategic grants to select projects and programs. For people who care deeply about this community and its people, either grant fund is an excellent way to address our most pressing needs, today and tomorrow.
- Designated Fund – Helping local organizations sustain and grow
IRA transfers to existing (or use your gift to begin a fund) Designated Funds allow donors to support the good work of a specific nonprofit organization—Gunnison Arts Center, 4-H, – whatever you are passionate about – or any qualifying nonprofit charitable organization. For people who want to help secure the future of their favorite charities, our endowed Designated Funds give nonprofits a steady stream of income, plus planned giving and investment management services.
What Does NOT Qualify for an IRA Charitable Rollover
- Donor Advised Funds
- Private Foundations
- Charitable Gift Annuities, Charitable Remainder Trusts, etc.
How To Begin the Rollover Process
We recommend that your contact your IRA administrator and ask about that particular provider’s procedure to execute an IRA Charitable Rollover. Call us at 970-641-8837 if your advisor needs information from us.
Click here for more information from the Council on Foundations