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Professional Advisors

Charitable IRA Rollover

Charitable IRA Rollover

Donors who are 70 1/2 or older may make a gift directly from their IRAs to Cumberland Community Foundation, Inc. if certain conditions are met. 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 72 or older may wish to make a QCD to satisfy their required minimum distribution (RMD), avoid taxes on transfers of up to $100,000, and reduce taxable income. (Note: The SECURE Act passed on December 20, 2019 raised the age for RMDs from 70 1/2 to 72.)

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. as an addition to the fund or project of their choice.

Our staff is available to help donors create a charitable legacy with a Qualified Charitable Distribution from an IRA.  Call (910)483-4449 x103 Mary Holmes or x107 Cameron Sims.

CCF does not provide tax advice. Please consult your own tax advisor and IRA plan administrator with any questions about your particular situation.