Supporting environmental protection work does not need to affect your day-to-day cash flow or personal checking account.
You can make a huge difference in our planet-saving work by making one of these gifts of non-cash assets to our 501(c)(3) charitable organization, the Michigan League of Conservation Voters Education Fund:
- Gifts from your Individual Retirement Account (IRA)
- Gifts from your Donor-Advised Fund
- Gifts of Appreciated Stock
Scroll down for more information on these money-saving contribution options and visit the Michigan LCV Education Fund website at michiganlcvedfund.org to learn more about our charitable work. The Federal Tax ID number for Michigan LCV Education Fund is 37-1430158.
Make tax-free charitable gifts directly from your Retirement Account
If you are age 70½ or older, you can make tax-free charitable gifts of up to $100,000 per year directly from your IRA to eligible charities, such as the Michigan LCV Education Fund. These contributions are known as Qualified Charitable Distributions (QCD). If you took this money yourself, you would have to pay state and federal tax on the income. If you give it to a family member, they would have to pay the tax. If you donate it, no taxes are due. The entire amount can be used to support the Michigan LCV Education Fund.
If you are age 73 or older, you are required to make withdrawals from your IRA each year. Charitable gifts to the Michigan LCV Education Fund satisfy your required minimum distribution (RMD) while avoiding the potential negative tax consequences that regular IRA withdrawals in retirement can create. The contribution must be made directly from a traditional IRA account by your IRA administrator. Donating IRA assets can be a financially rewarding strategy for both you and the Michigan LCV Education Fund. As always, you should talk with your financial representative or tax adviser before making a decision that alters your tax situation.
Please contact Lee Berry at [email protected] if you would like your gift to be used for a specific purpose.
Benefits:
- Satisfy your Required Minimum Distribution (RMD) for the year.
- Avoid taxes on transfers of up to $100,000 annually.
- Reduce your taxable income, even if you don’t itemize deductions.
- Make a gift that is not subject to deduction limits on charitable donations.
- Further the work and mission of the Michigan League of Conservation Voters Education Fund
To qualify:
- You must be age 70½ or older at the time of the gift.
- Contributions must be made directly from a traditional IRA account by your IRA administrator to the Michigan LCV Education Fund.
To qualify (continued):
- Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
- Gifts from 401k, 403b, SEP, and other plans do not qualify. Ask your financial advisor if it would be right for you to create a traditional IRA account so you can benefit from the IRA Charitable Transfer.
How an IRA charitable rollover gift works:
- Contact your IRA plan administrator to make a gift from your IRA to the Michigan LCV Education Fund.
- Your IRA funds will be directly transferred to our organization to help continue our important work.
- Please note that because IRA charitable rollover gifts reduce your taxable income, they do not qualify for a charitable deduction.
Gifts from your Donor Advised Fund
Michigan League of Conservation Voters Education Fund is eligible to receive gifts directly from your Donor Advised Fund. These gifts from personal funds at local community foundations and financial services companies are the fastest growing way to make charitable gifts across the United States. Some of the most popular companies are Fidelity, Schwab and Vanguard, although there are many others.
Your financial advisor can issue a gift on your behalf. Please forward our name and mailing address to your fund:
Michigan LCV Education Fund, 340 Beakes St. Suite 110, Ann Arbor, MI 48104.
For wire transfer information, please contact Lee Berry at [email protected].
Gifts of Stock
Many Michigan LCV supporters find that making gifts of stock is an excellent way to make a big gift with little sacrifice. When a stock has grown in value over time, you are taxed on the amount the stock increased – the capital gain. That tax can be 30% or more. If you make a gift of that stock to Michigan LCV Education Fund the organization receives the full value of the shares and no one has to pay capital gains tax.
For example, if you paid $500 for 100 shares of stock at $5 a share ten years ago, and that stock is now worth $5,000 ($50 per share), that’s a capital gain of $4,500. The tax on that increase can be $1,500 or more. By donating the shares, you can avoid that tax liability.
If you owned the stock for longer, the capital gains tax can be even higher.
For details about how you can make the stock transfer from your broker to Michigan LCV, please contact Lee Berry at [email protected].