donate to ECF with a contribution from your IRA

If you’ve reached age 70-1/2, one way to support charitable organizations like ECF is to transfer up to $100,000 each tax year directly from your taxable IRA.

transfering IRA funds to ECF

Please consider if a qualified charitable distribution from your IRA may be an opportunity to fund ECF’s community investments and support our ongoing work toward the best possible outcomes for all of Evanston. The transfer gift can be directed to the Now! Fund or to any other fund at ECF, as long as it isn't a donor advised fund. You might consider establishing an endowed fund to benefit Evanston for years to come.

guidelines

Depending on your age, this qualified charitable distribution (QCD) may also be used to satisfy all or part of your required minimum distribution (RMD).

Due to changes to federal law that took effect on January 1, 2023, the age at which you must begin taking RMDs differs depending on when you were born. If you reached age 72 on or before December 31, 2022, you were already required to take your RMD and must continue satisfying that requirement.

However, if you had not yet reached age 72 by December 31, 2022, you must take your first RMD from your traditional IRA by April 1 of the year after you reached age 73.

A QCD from your RMD is especially advantageous as it does not generate taxable income nor a tax deduction, all while making a difference in your community.

process

The process of implementing a charitable rollover contribution begins with your IRA provider. But first, please consult your financial advisor to determine if a QCD is the right option for you. If you have questions about how to direct your gift to ECF, or if you’d like to use an IRA QCD to establish an endowed fund at ECF, please email or call (847-492-0990) Cynthia Dominguez, Vice President of Finance and Operations, or Rebecca Parmet, Vice President of Development.