Make a Gift Tax-Free With an IRA
A Tax-Saving Way to Help Camp Daggett!
Make a difference today and save on taxes. It’s possible when you support Camp Daggett through your IRA.
A Special Opportunity for Those 70½ Years and Older
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Camp Daggett without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at Camp Daggett. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Your gift will help insure children have the opportunity to enjoy and learn from Camp Daggett programs and have quality and memorable experiences! For more on the advantages and benefits of QCDs, talk to the agent that holds your IRA.
Planning for the Future
Would you be interested in helping to support Camp Daggett and receive income for life? Too good to be true? It may seem so, but it is true nonetheless. It is called a Charitable Gift Annuity.
What is Charitable Gift Annuity?
A Charitable Gift Annuity is part gift and part investment. You make a gift to the Petoskey-Harbor Springs Area Community Foundation (PHSACF) or the Charlevoix County Community Foundation (CCCF) and they promise to pay you an income for life (the Foundation operates a charitable gift annuity program for the benefit of Camp Daggett and other local non-profit organizations).
How a Charitable Gift Annuity Works
- You make a gift to the Community Foundation.
- A simple one-page contract is written that describes the annuity payments and the deferred charitable gift.
- You receive a payment from the Foundation during your lifetime, usually quarterly, that is fixed and is not affected by changing market conditions.
- Upon your death, the Foundation will add the remainder of your gift to the Camp Daggett Endowment Fund in the PHSACF or CCCF which provides annual income to Camp Daggett (or)
- Upon your death, the Foundation will create a fund in your name with the remainder of the gift, the annual income from which will benefit Camp Daggett forever.
For your personalized confidential gift illustration, download the Planned Giving Response Form and send it to the Community Foundation of your choice.
You can also contact:
- Petoskey Harbor Springs Community Foundation office at 231-348-5820
- Charlevoix County Community Foundation office at 231-536-2440