On Monday, Dec. 21 President Obama signed the PATH Act, making the tax-free IRA Charitable Rollover permanent law.
How it works:
- People age 70 1/2 or older can make a gift of up to $100,000 by transferring IRA assets to Fremont Area Community Foundation. If married, each spouse can transfer up to $100,000 from their IRA.
- IRA transfer gifts can create or contribute to an unrestricted, field-of-interest, designated, or scholarship fund. Unfortunately, transfers to create or contribute to donor-advised funds are not allowed.
- These gifts become part of a permanent endowment, which means they’ll help every person in Newaygo County have a bright future for years to come.
The bill makes the tax-free IRA rollover retroactive to December 31, 2014, which means gifts transferred directly from a donor’s IRA to us at any point during 2015 will qualify as a rollover gift.
If you have questions or want to take advantage of this opportunity, please don’t hesitate to get in touch with a member of our philanthropic services team.