Charitable IRA Rollover (aka Qualified Charitable Distributions)
Donors who are 70 1/2 or older may donation from their IRAs to Cumberland Community Foundation, Inc. This is called a "QCD" (Qualified Charitable Distribution) and the gift must be made directly from the IRA to Cumberland Community Foundation, Inc.
Donors who are 73 or older may wish to make a QCD to satisfy their required minimum distribution (RMD), avoid taxes on transfers of up to $105,000/year, and reduce taxable income.
Donors may support their favorite charitable causes with a transfer to any endowment fund or project at Cumberland Community Foundation except a donor advised fund.
Donors should contact their IRA plan administrator to request gifts to be made directly from the IRA to: Cumberland Community Foundation, Inc. , Tax ID 58-1406831, PO Box 2345, Fayetteville, NC 28302-2345.
Contact us for more information: (910)483-4449 x107 for Maddie Kellogg, Donor Services Manager, or x103 for Mary Holmes, President/CEO.
CCF does not provide tax advice. Please consult your own tax advisor and IRA plan administrator with any questions about your particular situation.
