Congress has now reinstated the Individual Retirement Account (IRA) Charitable Rollover provision for both 2010 and 2011. The provision enables individuals age 70½ or older to make tax-free cash gifts up to $100,000 directly from a traditional or Roth IRA to certain charitable organizations (including the North Carolina Community Foundation) through Dec. 31, 2011. A retroactive provision enables donors to apply their gifts to the 2010 tax-year if the gift is made by Jan. 31, 2011.
Designated, agency and unrestricted funds held by the NCCF are all qualified to receive contributions under the new law, as are scholarship funds that are in compliance with the Pension Protection Act. Donor-advised funds do not qualify.
For information on how a transfer can be made tax-free from your IRA to benefit a fund at the North Carolina Community Foundation, please contact Beth Boney Jenkins, vice president for development, at 919-256-6932 or Mary Morgan, philanthropy counsel, at 919-256-6909.