When Clermont Park resident Diane Stanbro wanted to help her community by making a charitable gift, she also had in mind how such a gift could lessen her tax burden. So, she made her gift with a Qualified Charitable Distribution (QCD), a direct donation from her IRA to Clermont Park that helped to offset the required minimum distribution she had to take by law.
More importantly, she was able to do good for Clermont Park in a very meaningful way. Diane shared the inspiration for her gift came last year when a good friend and neighbor had her purse taken by a stranger while she waited outside the front entrance of the community. Diane wanted her donation to Clermont Park to help make the community safer.
After the incident, Denver Police reviewed the Clermont Park campus and suggested more security cameras and lights could increase safety.
The day Diane said she wanted to make her gift, Executive Director Don Backstrom received a quote to upgrade the cameras, and serendipitously, the cost was very close to the amount of the gift Diane planned to make.
Because of Diane’s gift, Don was immediately able to order the cameras and upgrade the system, providing peace of mind not only to residents, but associates as well. The nighttime concierge, Susie, sent Diane a thoughtful thank you note expressing her gratitude and appreciation for the cameras. In the note, she shared: “I feel a thousand percent better knowing they are there.”
Says Diane: “I am happy to be a member of the Clermont Park family. We care about each other, and we do what we can to help each other out.”
If you have an IRA and your annual required minimum distribution is more than you need, consider making a gift with a qualified charitable distribution. Not only can you support something important to you, but you may avoid being pushing into higher income tax brackets and prevent phaseouts of other tax deductions.
Please note, the gift must be made directly to the eligible charity, and cannot pass though the hands of the IRA holder. Such a gift cannot be used for an event, as you cannot receive something of value in return. As always, it is best to consult with your financial advisor or CPA first to find out if a qualified charitable distribution (QCD) is right for you.