Since first being introduced in 2006 as part of the Pension Protection Act, the
IRA Charitable Rollover
has been a great tool for charitable-minded individuals over age 70 ½ who are required to take a minimum distribution from their traditional or Roth IRA.
While we have had several donors capitalize on this opportunity, many individuals are still unfamiliar with the advantages of this charitable vehicle and what type of
Community Foundation funds
are eligible to receive an IRA Rollover contribution.
An IRA Charitable Rollover gift can be used to support many of our permanent endowment funds including charitable organization endowment, field of interest and scholarship funds.
While donor advised funds are not eligible, donors can use the IRA Rollover to establish a donor-designated fund, which is an irrevocable fund allowing the donor to designate the amount and frequency of distributions to their selected charity(s). With
IRA Rollover transfer to their donor-designated fund, the donor can support
charities over a period of years.