IRA Distributions & Donor Advised Fund Donations
Your generosity brings the arts to all in Durham!
IRA DISTRIBUTION– QUALIFIED CHARITABLE DISTRIBUTION (QCD)
A QCD is a direct transfer of funds from your IRA custodian, payable to DAC (a qualified charity). QCDs can be counted toward satisfying your required minimum distributions (RMDs) that begin when you are 70 1/2 or older, for the year, as long as certain rules are met.
The upside to donating to DAC directly from an IRA is you get to count that money toward your RMD, but because it’s not actually distributed to you, it won’t increase your adjusted gross income. When you keep your taxable income lower, this may reduce the impact to certain tax credits and deductions, including Social Security and Medicare.
DONOR ADVISED FUNDS
Donor-Advised Funds (DAFs) are flexible, tax-efficient accounts for charitable giving, allowing donors to make a contribution, receive an immediate tax deduction, and recommend grants to charities over time. DAFs can be funded through cash, stocks, or other assets and can grow tax-free, allowing for potentially larger future donations. The Tax Cuts and Jobs Act has further popularized DAFs by enhancing their tax benefits. Click here to lean more about donor advised funds.
A Donor Advised Fund sounds like an easy way to support DAC. Now What?
- Set up your Donor Advised Fund
- Receive a charitable tax deduction for your contributions to the fund
- Recommend DAC to receive your generous gift direct from your DAF and make an impact on the arts in Durham
You can use this DAF Direct form if your donor advised fund is held through one of the following: Fidelity Charitable, Schwab Charitable or BNY Mellon.
Below is some basic information to make your gift to DAC:
The Durham Arts Council
120 Morris St.
Durham, NC 27701
The Durham Arts Council is a 501(c)3 organization and the Tax ID: 56-0599829
Please contact Laura Montgomery at lmontgomery@durhamarts.org or 919-560-2707 for questions or assistance.