Cfneia goodnews summer17 final

IRA Rollover Helps Keep Nonprofit Singing into Future

August 31, 2017

Bob Richardson loves to sing and has been a chamber choir member of Bel Canto Cedar Valley since its inception in 2012. So, when Bob and his wife, JoDee, heard the Bel Canto Board of Directors was interested in establishing an endowment fund with the Community Foundation of Northeast Iowa to sustain its mission, they wanted to help.

Bob and JoDee reviewed their finances and decided to utilize an IRA Charitable Rollover to lead the way in the establishment of the Bel Canto Cedar Valley Endowment Fund. The couple transferred a portion of their IRA required minimum distribution (RMD) directly to the Community Foundation. They filled out a simple form to make the transfer, and their IRA account sent the check to CFNEIA. By giving in this way, Bob and JoDee benefit in federal income taxes because they did not take the full RMD as income, and will receive the Endow Iowa 25% state tax credit.