Make a local impact with IRA rollover gifts

IRA owners aged 70 ½ and over have the unique option of making a tax-free contribution of up to $105,000 each year to registered nonprofit organizations. They can also make a one-time election of up to $53,000 to fund a charitable gift annuity or charitable remainder trust. Called a Qualified Charitable Distribution (QCD), this method of giving can make a huge local impact.  

Photo by Randy von Liski Photography

Mary Ann Hutchison is a founding board member and current chairperson of the Mount Carroll Community Foundation, a Geographic Affiliate of the Quad Cities Community Foundation. “I learned about this giving option a few years ago,” said Hutchison. “It’s a wonderful opportunity for seniors who are interested in tax-advantaged giving and supporting local causes.”

Because QCD gifts can be distributed to any registered 501(c)(3), contributions can stay local.  “My husband owned a small business in Mount Carroll since 1968,” Hutchison said. “Using my IRA to contribute directly to the Mount Carroll Community Impact Fund lets me give back to the community we love so much.”

The Mount Carroll Community Foundation annually distributes funds from its endowment earnings to community nonprofits that enhance the quality of life in and around the Mount Carroll community.

“Our fund started small,” said Hutchison. “In just a few years, it’s grown and has already done a lot of good for the community. We made the Historical Society more accessible, supported the public library, brought in new equipment for summer baseball, rehabbed the park, and much more.”

 “It’s been inspiring to see the growth in Mount Carroll,” said Anne Calder, vice president of development. “Donors in that community are banding together to create lasting change. We’re proud to partner with them and provide giving opportunities that meet their needs.”

“When you give to a local community foundation, you’re giving to family,” said Hutchison. “The community is like an extended family. You see the impact of your gift right outside your front door.”

If you are interested in exploring a QCD gift or wondering what giving vehicle is best for you, please contact Anne Calder (AnneCalder@QCCommunityFoundation.org) at (563) 326-2840.