Operations Endowment
An Operations Endowment Fund began in 2006 when a generous anonymous donor used new federal
tax provisions to arrange for a $100,000 contribution.
The goal for the fund is to produce enough income eventually to cover the annual budget for day-to-day operating expenses.
Any donor can direct contributions to help grow the Operations Endowment Fund.
The federal tax law changes the prompted the largest single cash donation the Land Trust has ever received allow a donor who is at least 70 1/2 years old to give up to $100,000 per year directly from an individual retirement account (IRA) without paying any taxes on the donation.
Local Land Trust Board member, Dave Hurd, CPA, said professionals who are managing IRAs should be aware of the law and the fairly simple procedures for people to take advantage of it. “This is really a good deal for people who have charitable intentions,” Hurd said.Even though making a donation from an IRA doesn’t qualify as a charitable donation deduction, he said using the IRA as the vehicle to make the donation can provide even greater tax benefits. “It doesn’t have to be a $100,000 donation. Any amount can help,” he said, noting that potential donors should talk with their tax advisors about how the tax benefits might fit with their individual situations.
Donors must arrange for checks to be written to charities by those managing their IRAs, rather than making withdrawals and then using the money to make donations, Hurd emphasized.
To donate a tax-deductible gift to this fund, click here or contact us for more information. North Olympic Land Trust is a 501(c)(3) organization.