Support The Center – Give to The Annual Fund
For every ticket we sell each season, we must raise another $50 in annual fund donations to ensure the future of The Center.
Help us reach this goal by clicking here to donate today!
To learn more, view the Annual Fund brochure.
IRA charitable rollover reinstated for 2014; distributions can be made through Dec. 31
Congress has passed the Tax Increase Prevention Act of 2014, which reinstates the IRA charitable rollover for 2014. Expected to be signed into law by the president shortly, this provision allows individuals at least 70 years and six months old to transfer up to $100,000, tax-free, from their Individual Retirement Account to a qualified charity by December 31, 2014.
As we are quickly nearing the end of the year, The Performing Arts Center at Purchase College recommends determining if this provision will benefit you. The legislation is retroactive to the beginning of the calendar year. Any qualified charitable distribution (directly from the IRA trustee payable to the charity from IRAs of those at least 70 years and six months) that has already taken place this calendar year will qualify for IRA Charitable Rollover treatment.
Requirements are as follows:
- Distributions can only be made to a qualified charitable organization such as The Performing Arts Center Foundation;
- Distributions must be made directly to the charitable organization through the plan administrator; and
- Distributions may not be made to a philanthropic fund, supporting foundation, split interest trust or charitable gift annuity.
Qualified distributions can be used to make a gift to The Performing Arts Center Foundation’s Annual Campaign and receive the following benefits:
- The distribution will not be treated as a taxable distribution to you (but you would not receive a charitable deduction for the distribution amount)
- Taxable assets will be removed from your estate
- Gifts qualify for IRA required minimum distributions
To learn more about how distributions from your IRA may fit into your charitable giving, contact Sarah Recca at 914-251-6189 or email@example.com.