Wilson College is truly blessed to have the financial support of her alumnae, alumni, friends, Trustees, faculty, and staff. Whether you give to the Wilson Fund annually, support the College on Giving Tuesday, are a member of GEMS, the Conococheague Society, and/or the Pines and Maples Society, every dollar counts and is making a difference, ensuring the Wilson experience continues for current and future students.
Periodically, it’s a sound idea to evaluate your charitable giving strategies with a financial advisor and make sure you are achieving your philanthropic goals and maximizing your tax benefits. This is especially important because tax laws are constantly changing. And donors have options when it comes to making charitable donations, options that go beyond a gift of cash. One of those options is a Qualified Charitable Distribution (QCD). This type of charitable gift allows individuals who are at least 70 ½ years young and have an IRA, including inherited IRAs, to distribute up to $105,000 per year directly from their IRA to a 501(c)3 nonprofit, like Wilson College, with no federal income tax implications.
Leslie Hickland Hanks ’70.
“Over the last four years, I’ve made my contributions to Wilson from my IRA. By planning with my financial advisor and sending the contribution directly to Wilson, no taxes need to be paid. It’s a win/win! And since philanthropy and supporting charitable organizations is something that is part of my financial plan, this is a smart way to maximize my contributions,” shared Leslie Hickland Hanks ’70.
When making a QCD, the IRA distribution is made from before tax dollars and is not included in the taxpayer’s adjusted gross income. Giving the distribution to a nonprofit can provide additional income tax benefits for the donor, such as not increasing their adjusted gross income; providing an option for making a significant gift or fulfilling a pledge when they have already exhausted their limitation on annual charitable deductions; and removing assets from their future taxable estate.
Floyd Robinson is also a fan of giving to nonprofits utilizing a QCD. “Some say I retired late in life and if that is true, I stayed on my job because I loved my work in higher education. I was told a day after my retirement that I should be thinking about qualified charitable distributions. First, of course, I asked why, the benefit, the purpose, the penalty, and the list went on and on. For many, giving provides so much gratification. For me, it is not the amount I give, but the regularity with which I can give. I feel good knowing that the charitable organization to which I give can come to expect that I will be giving on a consistent basis.”
Floyd Robinson
“As a Wilson College Trustee, I assure you that I give and will continue to do so. Knowing what I know about the goals and mission of the College, I can think of no better QCD. I believe in the institution and know that my contribution, no matter the amount, is going to be used for the betterment of students.”
With all things tax and income related, there are requirements and conditions that must be met for a donation from an IRA to qualify as a QCD. Our Office of Institutional Advancement team is here to help and ready to walk you through how you might give to Wilson College utilizing a QCD. Of course, it’s always best to meet with your financial advisor to discuss your charitable giving options. Next time, be sure to ask about Qualified Charitable Distributions.
You can reach the Wilson College Office of Institutional Advancement by calling 717-262-2010 or via email at advancement@wilson.edu.
