A Higher Degree of Giving
After living and studying abroad during his own college years, Steve Kamm understands the unique challenges faced by international students. During his 39 years teaching at Oklahoma City Community College (OCCC), Steve's experiences traveling the world helped him connect with students from other countries and they naturally gravitated toward his classes. Although Steve retired in 2011, he continues to help international students through an endowment fund he established at the Oklahoma City Community Foundation.

Steve's financial advisor connected him with the Oklahoma City Community Foundation to establish a charitable gift annuity. The annuity provides him with an annual income stream and he has directed the remaining value to establish the Kamm International Student Fund to support awards for international students attending OCCC.

Steve liked the idea of receiving an annual income from his gift, but he still longed for the opportunity to financially help students during his lifetime. Once Steve turned 70 ½, his tax situation changed. He was able to perfect his charitable plan by utilizing the IRA charitable rollover provision to create the Kamm International Student Fund now, instead of after his death.

"Everyone my age realizes when you turn 70 ½, you are required to take a minimum distribution from your retirement account," Steve said. "By making an IRA charitable rollover gift with those funds, I didn't have to pay taxes on the distribution and I could begin helping international students now through the endowment fund."

Read more about Steve and learn how your clients can support existing endowment funds at the Oklahoma City Community Foundation using a variety of gifts in our newly released 2017 Charitable Organization Endowment Program Review.

Learn how the Oklahoma City Community Foundation can help you provide your clients with tax-wise giving options like an IRA Charitable Rollover gift by contacting Joe Carter at 405/606-2914 today.

Karl Hendricks was known for having a golden touch with real estate investments. His most recent investment property, a "fixer-upper" commercial building, was selling for half the cost of nearby buildings. Karl bought the property for $1 million and spent $250,000 refurbishing it before receiving a $2 million purchase inquiry. Karl knew that, before selling, he wanted to transfer the property to a FLIP CRUT. The trust is tax-exempt and the proceeds from the sale of the building would be invested for income. Karl, however, incurred a $100,000 debt on the property at the time of purchase. What effect would this debt have on his FLIP CRUT plan? Learn about Karl's options with the debt-encumbered property here.

Did you know? Tax-exempt organizations, or nonprofits, must operate primarily for exempt purposes, but occasionally may engage in some nonexempt activity. Nonprofits do not pay taxes on income earned from exempt activities, but income generated from nonexempt activities may result in unrelated business income tax (UBIT). Learn the basics, exceptions and exclusions of the UBIT rules in the first of this two-part series covering UBIT rules and their application to tax-exempt organizations.

Gayle Farley, the Oklahoma City Community Foundation's director of the Charitable Organization Endowment Program, joined the Oklahoma City Community Foundation in 2000. In her role, she oversees more than 360 charitable organizations who have established endowment funds at the Community Foundation. Gayle's extensive knowledge of local charities helps Joe and his team advise donors on where their charitable dollars can make the most impact on the causes they care about most.

"I am thankful I have the opportunity to work closely with 360 area nonprofits everyday who are enhancing the quality of life for residents in Oklahoma City," said Gayle.

Contact Joe Carter today at 405/606-2914 and let him and the Oklahoma City Community Foundation help you and your clients learn how and where their charitable dollars can best serve our community!

Upcoming Events
Do you want to increase your knowledge and skills in your profession and better serve your clients? Do you want insight that will benefit your clients immediately? This free luncheon through the Oklahoma City Community Foundation and the Cannon Financial Institute helps you make it happen!

Join us for the next Cannon Estate Planning Lunch & Learn on April 25, 2017 .
April 25
Designing and Administering Estate Plans to Minimize Income Tax
Registration now open.

May 23
The Junction of Excellent Estate Planning and Terrible Trust Administration

June 27
Malpractice in Estate Planning: Some Guidance on How to Avoid It

Registration for each event will open online following the prior month's teleconference.

( Note: At the beginning of May, we will begin construction on a building addition that, once complete, will allow us to offer more public meeting space. Unfortunately, during the construction, some of our parking space will be unavailable. If you arrive to the Cannon Estate Planning Lunch & Learn and cannot find parking, the closest available garage is 123 Garage and is located directly to our west at 123 NW 10th St. The cost to use the parking garage is $5 and the public entrance is the farthest west entrance off 10th St. Thank you for understanding.) 

Joe Carter
Director, Development