It’s hard to believe that we are already entering the final month of 2023. It seems like yesterday that we welcomed our students, StreetLeaders, and after school program participants back for a new year of discovery, growth, and experiential learning.
As with each holiday season, December is the most common time for donors to make contributions to sustain our mission for a new year.
I’m writing to you to share a way to make an impact at UrbanPromise that benefits both you and our ministry: the IRA Rollover.
This special means of giving allows you to receive two benefits on your taxes, by reducing your year-end income and providing you with charitable gift credit. It’s a real win-win.
Some of you are familiar with this method of donating. If that’s you, thank you for your support! Please consider this a friendly reminder. For others who may be unfamiliar, please take a look at the information below about eligibility and how to give through an IRA Rollover.
Thank you for making a difference for our children and youth in Camden, and thank you for thinking of supporting our youth this year.
Grateful for your continued support–
Bruce Main
Founder & President
P.S. If you’re interested in giving through an IRA rollover, please contact your financial advisor soon to ensure your contribution is dated by December 31. Use our EIN# to ensure the gift comes directly to UrbanPromise Ministries (UrbanPromise Tax ID # 22-3229121).
P.P.S. If you have any questions about setting up an IRA Rollover, please contact Brent Schroeder, Director of Individual Giving, at (856) 382-1886 or bschroeder@urbanpromiseusa.org.
IRA Rollover Gift FAQ
Beginning at age 73 the Internal Revenue Service requires you to take a “required minimum distribution” (RMD) from your traditional individual retirement account (IRA) as a portion of taxable income. However, you may direct your required minimum distribution to a qualified charity, which allows you to avoid paying income tax on this distribution. This is also known as an IRA rollover gift.
The guidelines for an IRA rollover gift are:
- Donors aged 73 or older can transfer up to $100,000 from their IRA to charity each tax year.
- The gift is tax-free and so is not included in the donor’s adjusted gross income (AGI).
- The amount of the gift can be used to meet the donor’s required minimum distribution.
- The IRA rollover gift must go directly to the non-profit organization and cannot be channeled through a donor advised fund.
- Donors must request a qualified charitable distribution from their IRA provider to give this way.
- Note: distributions from a 401(k) or 403(b) plan do not qualify.If you wish to initiate an IRA rollover gift, we recommend you contact your financial advisor or IRA custodian to direct the gift to UrbanPromise Ministries (UrbanPromise Tax ID # 22-3229121).
UrbanPromise can provide support and connect you to financial experts to answer questions about different options for giving.