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Rethink your renewal strategy with IRA donors

Posted By Denise McMahan, CausePlanet, Monday, January 30, 2012

If your charity was the fortunate beneficiary of a large donation in 2011 thanks to the popular IRA provision, allowing 70+ year-olds to make a contribution up to $100,000 dollars, then you'll want to rethink your renewal strategy. "Now this benefit is gone, at least until Congress restores it,” according to the Wall Street Journal article by Laura Saunders last week.

While your typical donor incentives with traditional gifts (like a tax deduction) don't apply here, seniors do appreciate not having to count IRA distributions as income if they give it to charity. This saves them higher taxes on Social Security payments or higher Medicare premiums, says Saunders. This Individual Retirement Account (IRA) rule was one of sixty federal tax provisions that expired in 2011. Similarly in 2006, 2009 and 2010, the law expired but wasn't re-enacted until December, leaving seniors scrambling with their charitable plans and nonprofits in reactionary mode.

"Fortunately, there are ways of working with the current system this year,” says Erica Crenshaw, CEO of Execute Now!, a nonprofit financial services firm. Nonprofits are uniquely positioned to...Read more

Tags:  financial management  fundraising 

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