What's New?
IVC Comes to New England
We are excited to announce that as of January 2009 IVC is in New England!
Our first actions will be recruiting partner nonprofits; Ignatian Volunteers and Spiritual Reflectors for the metropolitan areas of Boston, Worcester and Providence.
Distributions From an IRA – Another Option for Donors
When President Bush signed the $700 billion economic bailout bill (H.R.1424, The Financial Rescue Package), the bill included a two-year extension of the IRA Rollover provision.
If you recall, the IRA Rollover legislation was originally passed in August 2006.People across the country were able to take advantage of this to support nonprofit organizations of their choice. However, the original legislation was only extended through December 2007.
This recent provision will be made retroactive to January 1, 2008, and will apply to gifts made from that date through December 31, 2009.
The provision exempts from taxable income any funds transferred (“rolled over”)from an Individual Retirement Account (IRA) directly to a charitable organization.
The following limitations apply:
• The donor must be age 70½ or older.
• The cap on annual IRA rollovers is $100,000.
• The contribution must be a direct gift to a charity (no planned gifts).
Should you be in a position to utilize your IRA for charitable giving this year, please contact your financial advisor or fund administrator for more details.
You may also contact the Ignatian Volunteer Corps office at 410.752.4686 for more information.
