By now, you probably know that once you hit the age of 72, you must take a required minimum distribution from your Individual Retirement Account (IRA). For those who don’t need additional income, the Qualified Charitable Distribution (QCD) is a great way to avoid excess taxable income. If you are 70 1/2, you may direct up to $100,000 per year from your IRA to any nonprofit organization for a scholarship fund, unrestricted support or a permanent endowment. (However, you can’t use the IRA QCD for a donor advised fund.)
May I offer a suggestion? If you value the work of The Community Foundation for Northeast Florida, consider making your IRA QCD to our Community Endowment Fund. You don’t have to be a fundholder at The Community Foundation to contribute to this unrestricted fund, and all Community Endowment Fund gifts support our civic and philanthropic leadership grantmaking, including:
- Our Supporting Neighborhoods initiative, where we work alongside resident leaders in New Town, Northwest Jacksonville, Historic Eastside and Arlington as they pursue their vision for a better community
- Expansion of support for Aging Adults to include our entire five county region (Duval/Clay/St. Johns/Nassau/Baker)
- Our ongoing commitment to help administer Florida’s First Coast Relief Fund, so that all direct donations to the Relief Fund can go to the victims
By contributing to the Community Endowment Fund, you join other visionary donors who support initiatives that improve the communities in which we live and work—like efforts to improve the quality of public education in Duval County, expand affordable housing for working families while restoring depressed neighborhoods and strengthen the not-for-profit sector in Northeast Florida. These are vital to the health of our community, and we are honored to be able to contribute to this work. I hope you’ll join us!
Please contact me if I can answer any questions…nwaters@jaxcf.org or (904) 356-4483.
