3. Does the award get mailed to me or my college?
Your award will be mailed to you at the address you included on your application.
3. Where else can I look for money besides CRCF?
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As a consequence of this unfavorable tax treatment, very few individuals donated IRA funds to charity during their lifetimes.
7. Does a donor also receive a charitable deduction when he or she transfers assets to a charity under this provision? No. The benefit under this provision is that the individual does not realize the amount contributed directly from the IRA to a qualifying charity. Because a donor does not include the amount in his or her gross income, the individual may not take a charitable contribution deduction for the contribution. To do so would allow a donor to receive a double benefit from the contribution. For this reason, charitable contribution deductions are explicitly prohibited.
8. How will charitable distributions affect the minimum required distributions from a taxpayer's IRA? Shortly after an individual reaches age 70½, he or she is generally required to receive distributions from his or her traditional IRA. Distributions from an IRA to a charity will receive the same treatment as distributions to the individual taxpayer for the purposes of minimum required distributions.
9. Are there any IRA transfers to the community foundation that do not qualify for preferred tax treatment? Yes. Transfers to Supporting Organizations and Donor Advised Funds do not qualify. In addition, split interest gifts, such as Charitable Annuities, Charitable Lead Trusts and Charitable Remainder Trusts, do not qualify. Further, an individual may not receive a benefit in return for an IRA distribution. Because such transfers do not count as qualified distributions under these special rules, the donor will have to first recognize those distributions as income. The donor's charitable deduction must then be calculated as a regular itemized deduction.
10. How can an IRA gift be made? IRAs are typically held by a financial service or trust company. These custodians will likely provide a form that could be used to transfer the IRA directly to charity, with no tax incurred.
1. Why have a Legacy Society?
Sometimes such gifts go unrecognized because they come at the end of the donor’s life. The Chautauqua Region Community Foundation Legacy Society provides a way for the Foundation to recognize and thank donors during their lifetimes. You may choose to remain anonymous; however, your participation in the Legacy Society can be an inspirational experience and may encourage others.
3. What types of gifts qualify?
4. What to expect as a member?
As a member you will receive these special benefits:
♦ Scholarship Questions ♦ Grant Questions ♦ ♦ General Questions ♦ IRA Questions ♦ ♦ Legacy Society Questions ♦
1.When is the deadline for scholarship applications?
2. When will I be notified if I receive an award?
4. How much will I receive if I am selected as a recipient?
5. Do I have to apply for each scholarship fund?
6. I am not a straight 'A' student or athlete. Do I still qualify?
1.What is the status of my grant?
2. We have never needed to ask for a grant -- can you tell me what is available?
1. I'm having trouble opening a file...what is wrong?
2. What geographic location do you serve?
3. Whom do I make my check payable to for a memorial gift?
4. If I make a memorial gift, do you automatically notify the family member?
1. Why do donors want to give IRA assets to their community foundation?
2. Which donors stand to benefit most from giving their IRAs to charity?
3. In the past, how did the tax law treat charitable gifts made from IRAs?
4. How has the tax law changed?
5. Who may want an IRA rollover?
6. What if a donor contributes more than $100,000 from an IRA?
7. Does a donor also receive a charitable deduction when he or she transfers assets to a charity under this provision?
8. How will charitable distributions affect the minimum required distributions from a taxpayer's IRA?
9. Are there any IRA transfers to the community foundation that do not qualify for preferred tax treatment?
10. How can an IRA gift be made?
2. How do I become a member?