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

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.

Los Altos Community Foundation Supporters Enjoy Annual Brunch

LACF members hit the buffetOn October 16th, Board members, staff, Founders and other supporters of LACF gathered for a Harvest-themed brunch at the beautifully decorated Los Altos Golf and Country Club.

The Annual Brunch serves as both an informational and social event, providing guests the opportunity to hear Executive Director Roy Lave give an update on the highlights of the current fiscal year, which included some staffing additions and an acknowledgment of the success of the fundraising Gala held in August.

Keynote speaker, Carol Larson, President and CEO of the David and Lucile Packard Foundation, discussed the partnership between their foundation and LACF, siting the important role we play in the vetting of grant requests and distribution of funds to local organizations.

Skye Delano, Program Director for LACF’s E-3 youth philanthropy program shared her group’s enthusiasm for discovering youth-led opportunities that the E-3 group engages with.  Through E-3 (Engage, Educate, Empower), middle school and high school students learn about the importance of philanthropy at any age.  Four members of the E-3 program presented their work and how empowering it felt to be able to give to members of our community in need.