Making a gift from your IRA is simple. If you are 70 ½ or older, you can make an outright gift directly to OFRF up to $100,000 annually from an IRA with an IRA charitable rollover gift, also known as a Qualified Charitable Distribution (QCD). Distributions can only be directed from a traditional IRA (not from a retirement plan such as a 401(k), 403(b), etc.) and possibly from a Roth IRA.
There are two potential benefits to this type of gift:
1. If you are over the age of 72, you can satisfy all or part of your annual required minimum distribution (RMD) with a QCD.
2. By making a charitable distribution from your IRA rather than realizing the income and then making a gift, you may avoid the possibility of your RMD bumping you into a higher tax bracket.
Contact your IRA administrator to request a direct distribution to OFRF. They will likely provide a form for you to complete and may request OFRF’s EIN and mailing address (see above). Please ask your IRA administrator to ensure your name and contact information is associated with the transfer.
Do you have a car, farm equipment, or other vehicle that you no longer need? You can now donate that vehicle to OFRF and get a tax write off for your donation. We work with Careasy.org to make the process simple – including picking up the vehicle, handling the sale, and sending you the necessary IRS Form if required.
Does your company have a matching gift program? Many companies do! If they do, you can submit a matching gift request to your employer to double (sometimes triple!) the impact of your gift. Your company will approve the request and then make a match donation to OFRF.
Make sure to pay attention to the deadlines for submitting your matching gift request as some companies don’t allow for gift matching after a certain amount of time after you gave your original gift. We recommend submitting your request right after you donate to OFRF!