The Catholic High School Foundation's mission is to provide need-based tuition assistance to boys and to supplement teachers' salaries.
Take Flight with Us, Ties that Bind Benefit Dinner & Auction
Saturday October 26th, 2013
6pm - Cocktails, Silent Auction, and Dinner Buffet
9pm - Live Auction
The proceeds from this event help the Booster Club provide funds and other necessities for all of the extracurricular activities. It also eliminates the needs for activity fees which benefits all of our students.
FOR MORE INFORMATION ON HOW TO SPONSOR THE EVENT OR DONATE AN ITEM TO THE AUCTION, PLEASE VISIT THE NEWS SECTION UNDER Ties That Bind.
For information on the Capital Campaign, please contact Anne Carter at (501) 664-4625 or [email protected]
Giving to Catholic High School
IRA Charitable Rollover extended through 2013!
The American Taxpayer Relief Act of 2012 includes a one-year extension of the IRA charitable rollover (Qualified Charitable Distribution). The provision expires December 31, 2013. Principal rules for direct transfers from a traditional or Roth IRA to a qualified public charity are:
· The IRA owner must be 70½ or older
· The owner may transfer no more than $100,000 each year
· The transfer qualifies for the required minimum distribution.
· The recipient must be a public charity with 501(c)(3) status. It may not be a donor advised fund or supporting organization.
· Outright gifts only (no gifts for a life income arrangement).
· Transfer must be made directly from the IRA trustee to the charitable organization.
· Ordinarily, an IRA owner must report withdrawals as income and pay tax on them, 40% or more in some places once you add federal, state, and local taxes together. Qualifying charitable IRA distribution (or rollover) gifts are not reportable as income, however, so they never create tax for the donor. A donor would have to report a similar gift from any other type of retirement plan as income, and then declare an income tax deduction. Not only would the gift be more complicated to execute than a charitable IRA rollover, but a variety of factors could prevent the deduction from completely offsetting the income, resulting in more taxes owed.
Details about a rollover gift:
· Ask your IRA administrator to write a check from your IRA account to Catholic High School in the amount you wish to give. To qualify it must be a direct rollover to the school or other charity of your choice.
· Qualifying charitable IRA rollover gifts are not reportable as income so they create no tax for you.
· A charitable IRA rollover can count toward your minimum distribution requirement although it is not counted as income.
· You will not receive a charitable gift receipt for a charitable IRA rollover and may not claim the gift as a deduction on your taxes.
To discuss a charitable IRA rollover, please contact any of our development professionals: Anne Carter (501) 664-4625 or Fred Hueston (501) 681-6501. Always seek the advice of your financial planner or accountant before making any decision on a rollover.
The charitable IRA rollover came into being as part of the Pension Protection Act of 2006. The rollover provision expired on December 31, 2007. It was reinstated and extended through December 31, 2009 and then reinstated a second time through December 31, 2011. Since it was first enacted in 2006, thousands of donors have made qualified charitable distributions and taken advantage of this giving option. By early fall 2013, Congress had not yet considered an extension to the provision for 2014 and beyond.
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