Moment Magazine is the flagship project of the Center for Creative Change (CCC), a 501(c)3 organization based in Washington, DC. Other CCC projects include the Daniel Pearl Investigative Journalism Initiative, the “Moment Live” Symposiums and the Moment Magazine-Karma Foundation Fiction Contest.
There are a number of ways you can support the Center for Creative Change and its projects:
1. Donate by check. Please make checks payable to Center for Creative Change and send to Moment Magazine, P.O. Box 5769, Washington, DC 20016. We will send you an acknowledgment for your tax records.
2. Donate online at https://www.momentmag.com/donate/. We will send you an acknowledgment for your tax records.
3. Donate by Phone. To donate by phone via credit card please call us at 202.363.6422. We will send you an acknowledgment for your tax records.
4. Donate appreciated stocks, bonds or mutual funds. There is no obligation to pay any capital gains taxes on the appreciation. Please call 202.363.6422 or email firstname.lastname@example.org for our brokerage account and DTC number.
5. Give a life insurance policy. Donating a fully paid-up life insurance policy naming the Center for Creative Change as irrevocable owner and beneficiary entitles the donor to a charitable income tax deduction for the cash surrender value of the policy. Naming the Center for Creative Change as beneficiary, without changing ownership of the policy, does not generate an income tax deduction, but it is eligible for the estate tax charitable deduction. Please call 202.363.6422 or email email@example.com our federal tax ID number, and contact your financial advisor.
6. Make a bequest in your will. These gifts are one of the Center for Creative Change`s most important sources of individual support. Bequests provide fellowships, editorial continuity and fund the Reserve Fund. These gifts are critical in meeting the Center for Creative Change`s long-term educational, cultural and journalistic needs. A bequest can be made in the form of a specific gift of cash or property, or a percentage of the remainder of an estate.
This could be an unrestricted gift to be used where need or opportunity is greatest. In order to do so, you should include the following language:
I give to the Center for Creative Change, a non-profit 501(c)(3) corporation, located in Washington, D.C, organized and existing under the laws of the District of Columbia, the sum of $______ (or ______% of the rest, residue and remainder of my estate) to be used for the Center for Creative Change’s general purpose.
A charitable bequest can also be designated for a specific purpose. It is best to have both the designation and the language approved by the Center for Creative Change to avoid any potential difficulties in the execution of the will and to ensure it meets your gift intention. In this case, the following language should be used:
I give to the Center for Creative Change, a non-profit 501(c)(3) corporation, located in Washington, D.C, organized and existing under the laws of the Commonwealth District of Columbia, the sum of $_______ (or ______% of the rest, residue and remainder of my estate) to be used for [state purpose] for the benefit of the Center for Creative Change.
There are several benefits to making a bequest:
- It enables you to make a significant contribution that may otherwise not have been possible during your lifetime.
- It removes assets from your taxable estate.
- When set up as a percentage of the estate, it allows for changes in the value of your assets.
7. Make a charitable distribution directly from your IRA: President Obama signed the American Taxpayer Relief Act of 2012 into law, which among other provisions, extended the IRA Charitable Rollover for 2013. An extension for 2014 is still pending. If passed, the extension will allow individuals 70½ and older to donate up to $100,000 from their IRAs to the Center for Creative Change tax-free. Donors do not receive an income tax charitable deduction. This provision allows donors to transfer (or “rollover”) money from their IRAs directly to charity, without having to recognize the transfer as income. Taxpayers must be age 70½ or older and there is a $100,000 yearly limit.
Donors should consult their tax advisors about their specific situations. The following will supply answers to some of the important questions surrounding the IRA Charitable Rollover.
Who qualifies? Individuals who are at least age 70½ at the time of the contribution.
How much can I transfer? You can transfer up to $100,000 for 2013.
From what accounts can I make transfers? Transfers must come from IRAs directly to the charity. If you have retirement assets in a 401(k), 403(b), etc., you must first roll those assets into an IRA, and then can make the transfer from the IRA directly to charity.
To what charities can I make gifts? Tax exempt organizations to which deductible contributions can be made (Center for Creative Change qualifies).
Can I use the transfers to fund life-income gifts like charitable remainder trusts or charitable gift annuities? No, these are not eligible.
Can I make a transfer to my donor advised fund or supporting organization? No, these are not eligible.
What are the tax implications?
- Federal – You do not recognize the transfer as income, provided it goes directly from the IRA provider to the charity; you are not eligible for an income tax charitable deduction.
- State – Each state has different laws, so check with your own advisors. Some states have a state income tax and will include this transfer as income. Within those states, some will allow a charitable deduction and others will not. Other states base their state income tax on the federal income or federal tax paid. Still other states have no income tax at all.
Can the transfer qualify as my minimum required distribution? Once individuals reach age 70½, they are required to take minimum distributions from their retirement plans each year, according to a federal formula. IRA rollovers to charity count toward your minimum required distribution.
I’m over age 70½—should I consider an IRA rollover? Yes, especially if:
- You do not itemize deductions but make charitable gifts, OR
- You are subject to the limitation on itemized deductions, OR
- You are required to take a distribution from your IRA that you just don’t need, OR
- Your charitable gifts already equal 50% of your adjusted gross income.
How do I execute an IRA rollover? The sample letter can be used to send to your IRA plan provider for a 2014 gift. For additional questions contact your financial advisor.
We have made this information available for your convenience but we recommend you talk to your financial advisor.
Thank you so much for supporting the Center for Creative Change