Greetings from the MLS Foundation! I just want to give a quick update on the dormitory project and a reminder that IRA charitable rollovers are scheduled to sunset on December 31, 2013.
The dormitory project includes new furniture, flooring, paint, and window treatments. I am excited to report that we are almost half way to goal! Currently we have enough funds to renovate 51 rooms with 67 to go. That is over $280,000 in gifts! What a tremendous blessing. (Check out our progress here)
The students are really excited about the project and anxiously await the new look!
EXTENSION ON 2010 TAX RELIEF ACT
In conversations with donors this past week, the topic of individual retirement accounts (IRA) and required minimum distributions (RMD) came up frequently. A required minimum distribution is a minimum amount that a retirement plan account owner must withdraw annually starting in the year they reach 70½ years of age. Many donors in this demographic will consider gifting their RMD or a greater amount if they don’t need it for living expenses. This may allow them to avoid paying federal taxes on the distribution and help a charity they care about.
There is a law (2010 Tax Relief Act) that passed and was extended that allows an IRA account holder over 70½ years old a $100,000 lifetime gift exclusion limit from their IRA account to a charity or charities of their choice. Unless congress acts, the IRA account holder has until the end of December 2013 to take advantage of this giving strategy.
This could be a great opportunity for you or someone you know to make a gift this way and support the MLS Foundation in making the dorm project a reality!
Here are two links that provide additional information about this topic:
As always, please seek professional advice from your attorney, tax consultant, and investment adviser before making a gift.
Thanks for your support!