Category Archives: Donors

Lower Your Taxes and Grow Your Giving Next Year When You Consider Using the IRA Charitable Rollover at the Oklahoma City Community Foundation Today!

Roy and Darlene Thornton with two scholarship recipients

So you’ve just filed your taxes and are regretting not doing more to help reduce the amount you owe to the government. What steps can you take now to ensure you don’t face this problem next tax season?

If you are age 70½ and older, consider making a tax-free gift of up to $100,000 from your Individual Retirement Account (IRA) to the charity of your choice without incurring a federal income tax.

The IRA Charitable Rollover is a simple and effective solution for those who want to make a difference in their community, alleviate a tax burden and satisfy their annual required minimum distribution. Plus, it might be the most effective charitable gift for someone who may not have the cash assets available to support their favorite charitable causes. This tool is especially effective for those who do not need to take an annual distribution from your IRA and prefer not to pay taxes on that income.

Roy and Darlene Thornton used the IRA Charitable Rollover to establish the Roy Edward and Darlene Young Thornton Scholarship fund at the Oklahoma City Community Foundation to support students graduating from Mid-Del Pubic Schools. The Thorntons were active in their community and looking for a way to give back. By working with Roy’s attorney, the Oklahoma City Community Foundation helped Roy make tax-free gifts from his retirement assets to support his scholarship fund.

“At my age, I’m required to take an annual distribution from my IRA,” said Roy. “Instead of paying taxes on that money, I was able to make a gift to benefit kids that really need it.”

Learn more how the Oklahoma City Community Foundation can help you make a greater impact in your community by using your IRA fund to give back for less at occf.org/ira.

Seven Reasons Today’s Philanthropists Choose a Donor Advised Fund at the Oklahoma City Community Foundation as a Quick and Easy Solution for their Charitable Giving

Former Oklahoma County District Judge Nancy Coats Ashley established a donor advised fund at the OCCF to help her support causes important to her, like Legal Aid Services of Oklahoma. Read her story here.

Donor advised funds are the fastest growing giving vehicle in the nation. Why? Besides being one of the smartest ways to manage your charitable giving, donor advised funds, or DAFs, are easy, flexible and an alternative to a private foundation.

Here are seven other reasons a DAF might be right for you:

Easy to Establish and Use
The start-up time and cost are minimal for DAFs. Once established, donors have online access to contribute to their fund AND recommend grants from their fund – all with just the click of a button. The Oklahoma City Community Foundation even handles all the administrative aspects.

Give Cash and Noncash Assets
Donors can use a variety of assets to establish and contribute to their DAF, including cash, stock and real estate.

Invest and Grow Money Over Time
Your minimum gift of $20,000 to establish a DAF at the Community Foundation is invested, and the Community Foundation provides investment managers to help grow the fund.

Tax Benefits
You’ll receive a charitable tax deduction for the fair market value of your gift in the same year you make your donation. Plus, DAFs aren’t subject to excise taxes unlike private foundations.

You Don’t Have to Select a Charity Right Away
Sure, you’ll receive the charitable tax deduction immediately for your gift, but you aren’t forced to select a charity at the time your gift is made.

Simplify Your Record Keeping
When you do decide which charity(s) to support, your DAF will keep track of each contribution throughout the year and provide you only one tax document when it comes time to file your taxes.

It Can be a Family Affair
Engage your children and grandchildren in philanthropy by naming them as advisors of your fund, allowing your family the ability to give together while teaching them the importance of giving back.

Establishing a DAF at the Oklahoma City Community Foundation not only simplifies your giving, it amplifies it. As OCCF fund holders, you will have access to our staff’s local expertise and knowledge of legitimate charities in central Oklahoma working to make our community a better place.

Questions? Don’t hesitate to contact our DAF expert, Joe Carter, today at 405/606-2914.