WAYS TO GIVE
Giving from an Individual Retirement Account (IRA)
Normally, distributions from a traditional IRA are taxable when received. However, these distributions become tax-free as long as they're paid directly from the IRA to an eligible charitable organization, like Glen Echo Park. These are called Qualified Charitable Distributions.
The IRA Qualified Charitable Distribution provision allows individuals who are 70 1/2 years of age or older to donate to charitable organizations directly from their IRA, without that donation being counted as taxable income when it is withdrawn. Please note that there is a difference between the required beginning date for mandatory IRA distributions and the date at which one can make Qualified Charitable Distributions.
If you are retired and age 73 or older, you will need to withdraw money from your employer-sponsored retirement plan(s) annually. This withdrawal is known as a Required Minimum Distribution (RMD).
One way to satisfy your RMD is to donate the funds to a nonprofit organization of your choice, such as Glen Echo Park Partnership for Arts and Culture. This is known as a Qualified Charitable Distribution (QCD), and is a great opportunity to support your favorite nonprofit organization’s missions and programs.
To qualify, contributions must come from a traditional IRA or Roth IRA, and they must be made directly to a public charity like Glen Echo Park Partnership for Arts and Culture. Additionally, the donor may not receive goods or services in exchange for the donation, and they must retain a receipt from each charity to which a donation is made.
Please consult with your tax advisor on whether this is right for you!
Note: Roth IRAs do not have RMDs.
HOW DO I DONATE MY RMD?
Calculate your RMD. You can use worksheets provided by your financial institution or advisor to find out what your minimum is this year.
Plan your withdrawal. Decide which account(s) to make withdrawals from, and how much of that withdrawal you plan to give.
Arrange your donation. Choose a qualified 501(c)3 organization, such as Glen Echo Park Partnership for Arts and Culture, to support.
Give your gift. Up to $100,000 of your distribution from an employer-sponsored retirement account (including but not limited to your RMD) is a QCD. Make your donation by December 31 to qualify for that year.
Collect your benefits. When you file your taxes for the year, include your donation on the relevant tax document (Form 1099-R, Form 1040, or Form 8606).
Donor Advised Funds
A donor-advised fund, or DAF, is a giving vehicle that allows donors to make a donation and receive an immediate tax deduction. Over time, donors can designate those funds to be gifted to a charity of their choice, such as Glen Echo Park Partnership for Arts and Culture.
Donating appreciated stock and mutual fund shares is a highly effective way to not only reduce your taxes, but to give more to nonprofits you support, such as Glen Echo Park Partnership for Arts and Culture. The donor of the stock can deduct the full fair market value of their gift from their taxable income, and charities can get more value from a stock gift than the donation amount.
To donate a gift of stock, please contact Director of Development Jilna Kothary at firstname.lastname@example.org; 301-634-2230.
Employee Matching Gifts
Employee matching gift programs are corporate giving programs in which the company matches donations made by employees to eligible nonprofit organizations. Typically, all you have to do is provide proof of your donation and request a matching gift from your company.
Taking advantage of your company’s corporate giving is an easy way to double the impact of your gift for Glen Echo Park Partnership for Arts and Culture. If you don’t know how your company’s corporate giving program works, contact your human resources department.
Planned gifts ensure that future generations of your family and community continue to enrich their lives at Glen Echo Park. Planned giving opportunities include: pledges, bequests, retirement plans, banks accounts and securities (stocks, bonds, mutual funds), life insurance policies, and charitable trusts.
Gifts through wills and living trusts are arranged with your financial advisor, and may be changed at any time. You can also list GEPPAC as a beneficiary in your retirement plans or life insurance policies.
Specific Bequest Language:
GEPPAC can be named as a beneficiary of a specific amount from your estate.
"I give, devise, and bequeath to the Glen Echo Park Partnership for Arts and Culture, Inc., a nonprofit organization incorporated in the State of Maryland, also known as GEPPAC, EIN: 38-3650339, the sum of $_________ to be used by GEPPAC in its discretion for its general purposes."
Residual Bequest Language:
A residual bequest comes to GEPPAC after your estate expenses and specific bequests are paid.
"I give, devise, and bequeath all (or state a percentage) of the residue of my estate to the Glen Echo Park Partnership for Arts and Culture, Inc., a nonprofit organization incorporated in the State of Maryland, also known as GEPPAC, EIN: 38-3650339, to be used by GEPPAC in its discretion for its general purposes."
For more information on leaving a legacy gift to GEPPAC, please contact Jilna Kothary, Director of Development (301) 634-2230 | email@example.com.
Planned giving support enables Glen Echo Park to continue its mission and programs into the future.
Memorial & Honor Gifts
Your contribution in memory of a loved one or in honor of a special occasion (wedding, birthday, anniversary, etc.) will help the Partnership fulfill our mission while providing a wonderful tribute to the individual(s) that you choose to recognize.
NOTE: After selecting the amount you wish to give, please check the "I would like to dedicate this gift" box, and enter the name of the person.
Disclaimer: This information is not intended to substitute financial or legal advice from an accountant, financial advisor, or an attorney. Please consult a professional for any specific financial or legal advice.