Donor Advised Funds Enable Convenient Gifting

If you would like to get a 2014 charitable deduction but are not sure which non-profits you’d like to donate to, you can open a Donor Advised Fund with LACF.  These funds provide an immediate deduction toward your 2014 return and then you can donate from it to any 501(c)(3) now or anytime in the future.  This is especially convenient for appreciated stock because you also save capital gains taxes.  And should you want to contribute locally, LACF provides the additional benefit of knowing local non-profits and offering you suggestions on where the needs are greatest.   Contact Joe Eyre, joe.eyre@losaltoscf.org, to open a DAF today.

 

IRA charitable rollover extended to December 31, 2014

LACommunityFoundationlogoThanks to last minute legislation, the IRA charitable rollover is available through December 31, 2014 (so there is not much time to do this and have it qualify for 2014).  Donors age 70 1/2 and older may transfer up to $100,000 from their IRA to a qualified public charity. The transfer will be made free of federal income tax and the gift qualifies for the donor’s 2014 required minimum distribution (RMD).

The rollover is not permitted to a donor advised fund, a Charitable Remainder Trust or Charitable Gift Annuity.

To find out more, click on the below link and/or contact Joe Eyre at joe.eyre@losaltoscf.org

Each year, IRA owners age 70½ and older must take a required minimum distribution (RMD). The distributions generally commence at age 71 and must be taken by the recipient no later than 12/31 each year. The IRA charitable rollover is limited to $100,000 and qualifies as a RMD.  Normally, the RMD is treated as income to the recipient. When given directly to charity under this law, the rollover is not counted towards the person’s income but does not qualify for a charitable deduction. If the IRA recipient does not need the income, giving it away to charity reduces the person’s overall income tax burden and allows him/ her to benefit charity.

The person wishing to make the rollover contribution must go through the IRA custodian who is administering the IRA. Most IRA custodians have forms on their websites that will permit the distribution to be made to the charity. Again, the extension is only for 2014 so to qualify the IRA rollover amount would need to be gifted by 12/31/14.

Note: This is not intended as legal or tax advice. Please consult your legal or tax advisor before making any gift or recommending any gift to a donor or organization.

WOMEN/SV exits incubation

WOMEN/SV Domestic Violence Program to Join Family Women/SV, a program of the Los Altos Community Foundation (LACF), will be moving to Family & Children Services of Silicon Valley (FCS) in early January. As part of FCS, the Women/SV program will be able to expand its domestic violence prevention, victim support, and training program services throughout Northern Santa Clara County.

The WOMEN/SV program, founded in October, 2011 by local resident Ruth Patrick, has had the dual mission of providing support to domestic violence victims living in affluent communities, such as Los Altos and Los Altos Hills, and delivering training to professionals throughout the county on how to recognize and mitigate domestic violence. Since inception, the program has provided support to over 200 domestic violence victims, many of whose children also have been affected.

“I am excited to move the WOMEN/SV program to Family & Children Services of Silicon Valley,” said Ms. Patrick. “FCS has the resources and reputation in the field of family violence prevention to enhance our program, help more victims find a path to freedom, and continue the conversation on domestic violence in our communities.

LACF has fiscally-sponsored and “incubated” the WOMEN/SV program since its founding.

Joe Eyre, Executive Director of LACF, said, “Ruth Patrick is a great example of a community member who saw an unmet local need and started a service to address it under the support of LACF’s non-profit incubation program. Her move to FCS will enable her to take the WOMEN/SV program to the next level.”

WOMEN/SV will join the FCS portfolio of integrated programs and services that address critical health and human services needs throughout the county. The non-profit organization, founded in 1948, works to build strong, safe, and self-sufficient individuals, families, and communities.

Women/SV will be based out of FCS’s Palo Altos office.

“FCS has worked closely with Ruth Patrick and WOMEN/SV on domestic violence prevention and advocacy, and we are delighted to welcome Women/SV as part of our organization,” said Diana Neiman, President and CEO of FCS. “We appreciate the important role LACF plays as an incubator for innovative approaches to addressing critical community needs.”