We are all aware of the Rotary Foundation, the international one. This is different from The Logan Rotary Foundation, our club’s foundation. Both are 501(c)(3)'s and both do good in the world and in the community, but they are separate foundations.
When it comes to taxes and itemizing deductions both foundations are Qualified Charities. Our Club Foundation needs funding for many local projects and concerns (Dictionaries, Youthlinc Scholarships, USU Scholarships, Rotaractors projects in Mexico……).
Many of you might have appreciated stocks or mutual funds that are not in an IRA and you may want to avoid taxation of the gains. You can transfer (not sell) those appreciated shares to the Club Foundation account and receive credit for the value on the day of donation transfer.
If you are 70-1/2 this year (or older) you are required to take distributions from your IRA account. You have a special option to avoid taxation of IRA withdrawals. You can instruct your current IRA custodians to send an amount (any amount up to $100,000) payable to the Logan Rotary Foundation and mailed directly to the Foundation. This is very different than telling the IRA to mail a check payable to you and then give it to the Foundation.
If questions about the process and other details, please contact Kent Haueter related to donating to The Logan Rotary Foundation. His work number is 435-752-8484. Any specific tax related questions should be directed to your tax advisor.
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