If you are 70½ or older you can make a gift directly from your IRA to a qualifying public charity like Strathmore. This giving option is also commonly called a qualified charitable distribution (QCD).
Beginning the year you turn 73, your gift can satisfy all or part of your required minimum distribution (RMD).
How does it work?
An IRA owner can make up to $100,000 in charitable gifts to 501(c)(3) nonprofit organizations like Strathmore without having to pay income taxes on the distribution. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. This law no longer has an expiration date, so you are free to make annual gifts this year and in the future.
What do I receive in return?
You will make an immediate impact on the arts in your community and receive a tax benefit, even if you take the standard deduction. This allows you to make a gift from your most highly taxed asset without impacting your current spending.
And, your gift may go towards all or part of your required minimum distribution.
Can I receive member or donor benefits with my gift?
The only permissible benefits that may be accepted with a charitable IRA rollover gift are those that do not have a value for tax purposes.
The IRS has ruled that the costs cannot be separated, meaning the value of benefits cannot be paid for with a personal check. They call this practice bifurcation.
For memberships, Strathmore automatically waives benefits of value (i.e., member event invitations, valet, box tickets, etc.) on your behalf. Learn more about what incidental benefits you can enjoy on our membership page. Benefits with a ^ symbol will be excluded.
How do I get started?
Many donors who give this way start by seeking advice from their financial or legal advisor. Next, you can ask your IRA administrator about making a direct transfer to Strathmore or have the administrator send a check from your account to us.
Legal Name: Strathmore Hall Foundation
EIN/Federal Tax ID: 52-1233092
Address: 5301 Tuckerman Lane, N. Bethesda, MD 20852
Please contact us when you make your gift as some IRA providers do not provide the donor’s name with the gift, and we’d love to say thank you!
Important: This information is intended to provide general gift planning information. Please consult your legal, tax, or financial advisors before making a gift.
“We are pleased to have funds from our IRA
distributed directly to a charity rather than
adding to our taxable income. It’s an easy way
for us to support the charities that we love,
including Strathmore.”
—Richard & Melba Reichard, donors