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Public Policy  Tax Issues IRA Charitable Rollover Helps People Give and Improve Their Communities
The IRA Charitable Rollover has already encouraged millions of dollars in new contributions to help improve lives in communities across America. Independent Sector is collecting and sharing stories of these donors and how they are making a difference. Goodwill Industries International
Goodwill Industries of Northern New England received a gift at the end of the year for $2,000 as a result of the IRA rollover provision. The donor is a local business leader in his late 70s who is well known in the community for his generous support of Goodwill and other nonprofit organizations. The IRA rollover provision gave him a way to contribute above and beyond his typical donations. The $2,000 donation to Goodwill Industries of Northern New England will help with the agency’s new initiatives fund. Specifically, the money will be used as seed money for research into how the organization can best help people with disabilities as they age. Lutheran Social Services of North Dakota
The IRA rollover provision encouraged a donor to Lutheran Social Services of North Dakota to contribute $15,000, an amount higher than the donor’s typical gift. This donation enabled the organization to continue its diverse programs in such areas as adoption services, counseling for at-risk youth, economic self-sufficiency for refugees, and services for farmers and ranchers. Lutheran Social Services believes that the IRA rollover provision encourages people to give more and to continue giving. Franciscan Foundation – Tacoma, Washington
Because of the uniquely efficient process of food banking – which enhances and streamlines the food donation process in the nonprofit sector – for every $1.00 donated to the Southwestern Virginia Second Harvest Food Bank, it can distribute 4 pounds of food to needy families, equaling a wholesale value of $6.00. Donors know that their contributions translate into a 600 percent return on their investment in the community, reaching people in need through a network of 350 other charities in southwest Virginia. When Southwestern Virginia Second Harvest Food Bank received a contribution of $3,275 from a donor giving through the IRA rollover provision, it was able to distribute an additional 13,100 pounds of food with a wholesale value of $19,650. Grand Haven Area Community Foundation – Grand Haven, MI
Last updated: March 15, 2007 |
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Goodwill Industries of Southeastern Wisconsin has received a $20,000 IRA rollover donation that will support enrichment programs at its adult day centers. The donor is the mother of an adult child with Down’s syndrome who is a participant at the Wisconsin adult day center that will be the primary beneficiary of the donation. The generous donation will be used to provide enrichment programs such as art therapy for people with developmental disabilities.
A Washington state resident recently decided to take advantage of a new tax law, the Pension Protection Act of 2006, to make a tax-free IRA donation to the Franciscan Foundation. The donor's $10,000 gift will help build a cancer center at Franciscan's new St. Anthony Hospital in Gig Harbor. The hospital will be an 80-bed, state-of-the-art community hospital that will bring high-quality, compassionate health care to Gig Harbor, the Peninsula and south Kitsap County.
After discussions with members of the Saint Louis Zoo staff about how best to make a major gift, Bob Addis realized that using his IRA would be unwise due to the fact that such withdrawals would have been heavily taxed prior to this legislation. However, once he read about the provisions in the Pension Protection Act, he immediately thought of the zoo and one other charity he supports. Through his IRA, Bob has given $50,000 to the Saint Louis Zoo to use where zoo staffs see the greatest need. The zoo has received 12 additional IRA gifts ranging in size from $200 to $100,000, which have been used for the construction of a new Animal Nutrition Center and for an endowed fund for zoological medicine. 
The new IRA rollover funds are helping the Grand Haven Area Community Foundation with several projects, according to the foundation’s Development Director Kellie R. Oom. “We have seen an instant benefit to the community,” says Oom. “IRA gifts have been made to support housing for homeless families, the preservation of Lake Michigan Dune Lands, our Senior Center and the creation of a new unrestricted fund at the foundation. Donors are excited about the opportunity. It has generated new donors and given existing donors new ways to contribute to their favorite causes.”