Giving From Your IRA

If you are age 70 1/2 or older, you may transfer up to $100,000 from your IRA to The Community Foundation of Western North Carolina. Couples with separate IRAs may each transfer up to $100,000. While there is no charitable deduction for the transfer, it is free of federal income tax, counts toward your annual Required Minimum Distribution (RMD) and is excluded from your gross income.

You'll benefit most from giving from your IRA if you:

  • Take only the minimum required IRA distributions and would prefer to exclude this income from taxes.
  • Are a non-itemizer. Gifting IRA assets gives you the equivalent of a tax deduction for charitable gifts transferred from your IRA.
  • Are eager to make charitable gifts or build a legacy.

At CFWNC, your gift can establish or add to a charitable fund: a Designated Fund for specific organizations, a Scholarship Fund, a Field of Interest Fund, an Affiliate Fund or the Fund for Western North Carolina. While gifts to donor advised funds, supporting organizations or private foundations don't qualify, CFWNC can work with you to address your charitable interests in other ways.

A gift from your IRA transfers is just one way CFWNC can help you achieve your personal, financial and charitable goals. With confidential, personalized service, we can help you craft a gift to address the issues you care about most.

Please call us at 828-254-4960. Sheryl Aikman, Vice President of Development and Becky Davis, Development Officer are eager to help.