Dec. 14, 2017
FOR IMMEDIATE RELEASE
For more information contact:
Milford Jenkins, Angus Foundation president
Give the Gift of Education, Youth and Research
IRA charitable rollover and year-end charitable gifts due by Dec. 31.
In this gift-giving time of year, give a gift that keeps on giving throughout the year through the Angus Foundation. Charitable gifts to the Angus Foundation always are appreciated, regardless of the time of year; however, often, charitable giving decisions are made at year-end once an individual or couple knows their income tax situation for that respective calendar (tax) year. The charitable gifts fund educational opportunities for cattle producers, undergraduate and graduate scholarships and significant research projects to benefit the Angus breed for generations.
Pay special attention to timing when it comes to year-end gifts as 501(c)(3) charities such as the Angus Foundation, in accordance with Internal Revenue Service guidelines, will recognize the U.S. Postal Service’s postmark denoted on the outside of the carrier envelope used by the donor in transmitting the gift to the charity. In order to qualify for tax savings on your 2017 tax return, your gift must be completed by Dec. 31. For cash gifts, this means your gift must be personally delivered or mailed to the Angus Foundation in an envelope post-marked no later than Dec. 31.
Also, if you’re planning to make a gift of securities (appreciated stock) electronically, please call the Angus Foundation well in advance of the Dec. 31 deadline, so necessary arrangements can be made for the transfer of your securities and gift.
For Angus breeders and supporters at least 70½ years of age, the opportunity exists to capitalize on the Individual Retirement Account (IRA) Charitable Rollover to support the Angus Foundation or other qualified 501(c)(3) not-for-profit the individual is passionate about supporting.
The IRA Charitable Rollover, or qualified charitable distribution, is a special provision allowing certain donors to exclude from taxable income — and count toward their required minimum distribution — certain transfers of IRA assets made directly to public charities, including the Angus Foundation.
Since it was first made available in tax year 2006, Angus Foundation supporters meeting this age requirement have used this popular option to fund Angus education, youth and research programs of their choice with restricted or unrestricted gifts for general support.
IRA Charitable Rollover gifts of $10,000 or more, for example, can be designated by the Angus supporter to establish a permanent endowment fund in their name, Angus farm/ranch name or in memory of a family member through an Angus youth scholarship carrying their legacy in perpetuity.
Additionally, charitable IRA rollovers make it easy to use IRA assets to make charitable gifts during an individual’s lifetime. Under current law, withdrawals from traditional IRAs and certain Roth IRAs are taxed as income, even if they are immediately directed to a charity. The donor receives a tax deduction for his or her donation, but various other federal, and sometimes state, tax rules can prevent the deduction from fully offsetting this taxable income. As a result, many donors have chosen not to use IRA assets for lifetime gifts. The charitable IRA rollover eliminates this problem.
An individual taxpayer’s total charitable IRA rollover gifts cannot exceed $100,000 per spouse ($200,000 per couple) in a calendar year.
“One very appealing feature is if you have not already taken your required minimum distribution in a given year, a qualifying IRA rollover gift also can count toward satisfying this requirement,” said Milford Jenkins, Angus Foundation president. “You will want to act quickly if you wish to support the Angus Foundation or other qualifying charity of your choice with a charitable IRA rollover gift by Dec. 31, 2017.”
To learn more about this charitable giving option, please consult with your income tax advisor and financial planner. Feel free to also contact Jenkins at 816-383-5163 (office) or 816-390-4357 (mobile), or email firstname.lastname@example.org to learn how your support through a charitable IRA rollover provision or other charitable giving to the Angus Foundation can make a difference in education, youth and research for the advancement of the Angus breed.
— Compiled by Rachel Robinson, Association Communications
About Angus Foundation
Established as a 501(c)(3) organization in 1980, the Angus Foundation remains focused on its mission to support Angus education, youth and research. The organization has presented more than $2.4 million in youth scholarships since 1998, and has also invested more than $1 million in beef cattle research throughout the past decade.
To learn more about the Angus Foundation and the programs it supports, call the Angus Foundation at 816-383-5100 or go to www.angusfoundation.org.
ANGUS MEANS BUSINESS. The American Angus Association® is the nation’s largest beef breed organization, serving more than 25,000 members across the United States and Canada. It provides programs and services to farmers, ranchers and others who rely on the power of Angus to produce quality genetics for the beef industry and quality beef for consumers.
For more information about Angus cattle and the American Angus Association’s programs and services, visit www.ANGUS.org.