Create a Legacy of Giving
Donor Advised Fund (DAF)
Donor Advised Funds (DAF) are fast becoming a top choice for individuals and families looking to better manage their charitable giving and support the causes they feel strongly about
DAF provides the opportunity to pass on a legacy of generosity to future generations
What is a Donor-Advised Fund (DAF)?
A Donor Advised Fund (DAF) can help reduce tax liability and allow an individual or family to give more to Cure CMD than they ever thought possible.A DAF is a charitable investment account for the sole purpose of supporting qualified nonprofit organizations like Cure CMD. When you contribute cash, securities or other assets, those contributions are generally eligible to claim as an immediate tax deduction. Funds can then be invested for tax-free growth, and allow a means to support causes on your timetable. Your financial institution or community foundation manages the account, and you recommend how to invest assets and where to direct donations. In addition to providing financial support to Cure CMD, a DAF can provide tax deductions on your schedule, as well as the potential to reduce capital gains and estate taxes.
A Legacy of Giving
Assets remaining in your DAF after you pass can be donated according to your will to the nonprofits of your choice. Alternatively, assets may be passed to heirs so that they can continue your legacy of philanthropy.
Some individuals and families gravitate toward DAF because they wish their contributions to remain anonymous to the nonprofits they support, and to the general public.
IRA Qualified Charitable Distribution (QCD)
In the United States, upon reaching age 70 ½, you MUST begin taking retirement account distributions, even if you don’t need the income
Qualified Charitable Distributions (QCD) are a simple, tax savvy method to champion Cure CMD’s important work
What Is an IRA Retirement Account Charitable Rollover?
Most retirement savings vehicles require you to make a Required Minimum Distribution (RMD) upon reaching the age of 70 ½ years. While exempt from federal income tax when you contributed money to your retirement account, taxes are be assessed when a distribution is made. However, taxes can be avoided by donating directly from your retirement account to qualified nonprofit organizations. This is called a charitable rollover, or Qualified Charitable Distribution (QCD).
How Qualified Charitable Distributions Work
In order to make a QCD and avoid tax assessment, donations must be made directly from your retirement account to a qualified foundation. Because Cure CMD is an IRS-designated 501(c)(3) nonprofit organization, this is an excellent opportunity to champion our important work of funding research and supporting the affected community.
You must be at least 70 ½ years of age to make a QCD, and there are statutes governing the maximum annual taxable exclusion. You may deduct a QCD from your taxes even if you take the standard deduction rather than itemizing. As state tax laws vary, consult with your tax expert to ensure compliance.
While giving through a DAF or QCD can bring measurable tax & financial benefits, it can also help carry forward Cure CMD's mission, ensuring that you’re making a lasting impact on the lives of those living with congenital muscular dystrophy. Cure CMD's Director of Individual & Corporate Giving, Andrew Mantione, would be happy to work with you and your financial advisor to identify the method of support that best suits your unique situation. Get in touch.