What is a qualified charitable distribution?

A qualified charitable distribution (QCD) is a distribution of funds from your IRA (other than a SEP or SIMPLE IRA) directly to a qualified charitable organization. Because the gift goes directly to the charity without passing through your hands, the dollar amount of the gift may be excluded from your taxable income up to a maximum of $108,000 annually, with some exceptions. Please consult your tax advisor for information regarding your specific exceptions.

Click here to learn more at IRS.gov.

 

Why make a QDC?

• Tax Advantage: A QCD is a tax-efficient way for individuals aged 70 ½ or older to make gifts directly from their Individual Retirement Account (IRA), excluding that amount from taxable income and providing a potential tax benefit. QCD’s have no AGI limits because it is not included in your taxable income and thus preserving other tax deductions and credits that you wish to claim. 
• RMD Fulfillment: If you are 73 or older and required to take Required Minimum Distributions (RMDs) from your IRA, a QCD can help satisfy part or all of this obligation while reducing your taxable income and directly supporting our mission.
• Reduce Taxable Income: By utilizing a Qualified Charitable Distribution (QCD), you effectively decrease your taxable income since the amount given to charity through this method is not included in your income calculation for tax purposes. This reduction can lower your tax bracket, potentially decrease the taxable portion of your Social Security benefits and might even reduce your Medicare Part B and D premiums. Additionally, by not adding this income to your AGI, you maintain eligibility for other tax deductions and credits that could otherwise be phased out at higher income levels, offering a strategic advantage in your overall tax planning.

 

How do I make a qualified charitable distribution to Boys & Girls Club?

If you are going to execute a QCD or donate appreciated stock after consulting your financial professional, please refer to the information below.
Where to send the donation:

Brokerage Firm: NFS 
DTC Number: 0226
Account Name: Boys & Girls Clubs of Greater Salt Lake
Account Number: F9C-002971
Intended Project/Need: _______________________________

If you have questions about the process you can reachout to the Development Team at development@gslclubs.org.

 

Where is support needed most right now?

• Teen Programs - Help us inspire great futures for all youth through robust academic support, social emotional skill building, athletic, and leadership programs that prepare youth for success in school and in life.
• Child Care for 3-5 year olds - This pressing need is one we hear about frequently from the working families we serve. At our Sugar House and Miller Family sites, we offer full day (6:30am - 6:30pm) child care for working families at a fraction of the market rate, a vitally important resource for families working hard to better their lives.
• Help build the General Endowment (all contributions are matched by the Dee Family up to $500,000 for a limited time). All funds contributed to our general endowment will provide ongoing returns that support the general operating costs of our organization, providing financial sustainability for generations to come.