Gifts from IRAs
Donors 70 1/2 years of age or older are eligible to direct up to $105,000 each year to Brooklyn Jesuit Prep via a Qualified Charitable Distribution (QCD).
For donors 72 years of age or older, IRA gifts can also count toward your Required Minimum Distribution (RMD) for this tax year.
For a QCD to count towards the current tax year, the funds must come out of your IRA by December 31st.
Donor Advised Funds
Donor Advised Funds are becoming more popular giving vehicles, and many brokerages offer them, even with no minimum deposit. DAFs are especially beneficial for those:
- Seeking to counterbalance a year with unexpectedly high earnings.
- Addressing the tax implications of year-end bonuses or stock options.
- Seeking to offset taxable income from rebalancing your financial portfolio.
Opening a DAF gives donors the opportunity to make a donation and instantly qualify for a charitable deduction without having to decide on the specific charities to support right away. DAFs also allow donors to combine charitable gifts made in the same tax year to optimize your deduction.
After assets are contributed to your DAF, assets can be invested and will earn returns without being taxed. A donation to your DAF can make a larger impact on Brooklyn Jesuit Prep than if you were to liquidate assets prior to donating.
We encourage you to consult with your financial advisors regarding these giving strategies. Please reach out to our development team at development@brooklynjesuit.org with any questions.
