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This year we have a special opportunity to support Rotary in the most TAX EFFICIENT WAY POSSIBLE: The direct contribution of part of our Required Minimum Distribution from our IRA.
As we know all to well, the RMD is taxed as ordinary income. That is not good.
But, if your IRA Custodian is instructed to make a direct contribution of part of your RMD to a recognized 501(C)(3), such as The Rotary Foundation, the charity gets all the money and you don’t pay any taxes. You don’t get a deduction, but you don’t pay any taxes. This is even better than donating appreciated stock.
Unfortunately, you cannot use this program to fund a Donor Advised Fund.
But, you can for example participate in a Global Grant by donating to a Foundation which then becomes a sponsor on the grant. This is also a great tool for time shifting a donation. Donate this year, fund a project next year.
I know this works because I have done it successfully. Ask your accountant.
If you have any questions, please contact me. In addition to The Rotary Foundation itself, we have a qualified District Foundation and several Clubs have qualified Foundations.
This is a great tax efficient way to support Rotary and its programs.
District Rotary Foundation Committee Chairman
- a. The Rotarian must be a member in good standing of a functioning club in the district.
- b. The Rotarian must have full qualifications for such membership in the strict application of the provisions therefore, and the integrity of the Rotarian’s classification must be without question.
- c. The Rotarian must have served as president of a club for a full term or be a charter president of a club having served the full term from the date of charter to 30 June, provided that this period is at least six months.
- d. The Rotarian must demonstrate willingness, commitment, and ability, physically and otherwise, to fulfill the duties and responsibilities of the office of governor as provided in Duties of a Governor in section 15.090 of the Rotary International By-Laws.
- e. The Rotarian must demonstrate knowledge of the qualification, duties, and responsibilities of a governor as prescribed in the bylaws and submit to RI, through its general secretary, a signed statement that the Rotarian understands clearly such qualifications, duties, and responsibilities. Such statement shall also confirm that the Rotarian is qualified for the office of governor and willing and able to assume the duties and responsibilities of that office and to perform them faithfully.
- f. Unless specifically excused by the board, a governor at the time of taking office must have attended the international assembly for its full duration, been a member of one or more Rotary clubs for at least seven years, and must continue to possess the qualifications in Qualifications of a Governor-Nominee in section 15.070 of the Rotary International By-Laws.
- g. Unless specifically excused by the board, a governor at the time of taking office must have been a member of a functioning club in the district for four years.
One sunny morning at the end of June 1991, a van drove through the busy, rush-hour streets of Colombo, Sri Lanka. Winding through traffic to a northern suburb, the van arrived at the Forward Command Headquarters of the Defense Ministry. Security guards stopped it for inspection. When they did, the two suicide bombers driving the van detonated their cargo: thousands of kilograms of plastic explosives.
The roof of the building was blown off completely. Debris was strewn for blocks. In total, 21 people were killed and 175 people injured, among them many pupils of the girls' school next door. More than a kilometer away, the blast shattered every window in my home. My wife raced toward the sound of the explosion – toward our daughter's school.
Our daughter was then nine years old. That morning, she...
Are you looking for ways to show your Rotary pride!? Take a look at our District Resources page and download high res graphics to include in your emails or your social media pages such as Facebook or Twitter. Visit District Resources HERE.