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 Federal Law Permits Charitable Donations from an IRA Applies to transfers in 2006 and 2007. For charities, donations may be used as a source of premium to pay for a life insurance policy. For 2006 and 2007, IRA owners may make charitable donations to public charities directly from their IRA accounts. Although subject to certain restrictions, this direct gift option presents an opportunity for several types of clients.
After the donation from an IRA is made, the charity may be able to use the cash as a source of premium to pay for a life insurance policy, the death benefit of which may greatly leverage the initial gift amount. In order for a transfer to be a qualified charitable contribution, the following requirements must be met: 1. Only transfers made in 2006 and 2007 qualify. 2. A donor must be at least 70 years, 6 months of age or older on the date of the transfer. 3. Transfers must go directly to charity (i.e. not to charity via the donor). . 4. The total amount of all gifts may not exceed $100,000 in either year. 5. The donee must be a public charity! (i.e. not a charitable remainder trust, private foundation, or donor-advised fund). |
Legacy Fund Form
Blessed Sacrament School has been awarded a $10,000 matching grant for Tuition Assistance from the Catholic Education Support Initiative. The match rate is $1.00 per $1.00 raised. In order to receive the grant, we must raise $10,000 and donor gifts must be received by December 13, 2007. Our plan is to sell engraved bricks and pavers for the walkway by the school once again. Your donation of $250 will entitle you to an engraved brick or a $500 donation to an engraved paver. If you missed the opportunities in the past to purchase one and would like to help us reach our goal, please stop in the school office or call 391- 4060 for more information. If you cannot donate $250 or $500 at this time, any donations will be greatly appreciated and can be used towards the grant. Checks may be dropped off at the school office or in the collection basket in an envelope marked “Catholic Foundation Match Grant”. We thank you again for your most generous support! 