Great news! The charitable IRA rollover donation provision is now permanent

If you are 70 1/2 years of age or older, we have great news! Year-end Federal legislation has made the IRA charitable rollover permanent. The new law made the legislation retroactive to Jan. 1, 2015.

Under this legislation, donors aged 70½ or older who transfer any amount up to $100,000 from their IRAs directly to qualified public charities, such as the El Cerrito Library Foundation (tax ID# 47-1112720) during 2015 (or in any subsequent year) will not have to pay income taxes on the donated money. And, the transfer counts towards the IRA required minimum distribution (RMD) for the year in which the gift is made. This may be a very good way for you to make a contribution to a safe, modern library for El Cerrito and to minimize your taxes at the same time.

Here is a quick recap of the IRA charitable rollover rules. Gifts qualify under the law if:

  • The donor is age 70½ or older on the day of the gift.
  • The donor transferred any amount up to $100,000 directly from the donor’s IRA to one or more qualified charities. This opportunity applies only to IRAs and not other types of retirement plans.
  • The donor does not receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment.

Now is the perfect time to consider making a year-end gift to the El Cerrito Library Foundation! Contact us if you would like to make a donation through your Rollover IRA.

Rotary Club of El Cerrito presents a $11,000 donation to ECLF

El Cerrito Rotary 11K to El Cerrito Library Foundation
(from left to right) Karen Nierlich, Marlene Keller, Frank Lee, Gary Pokorny, Al Miller, Tom Panas, Grace MacNeill, Diana Rooney, Jane Del Simone, Pam Gray, and Mark Scott. (Photo credit: Rotary Club of El Cerrito)

The Rotary Club of El Cerrito presented their largest donation of the year to the EC Library Foundation. The proceeds were raised at their annual “Sip and Savor” event in October 2014. Many thanks to Rotary for supporting our efforts to support an upgraded library in El Cerrito! We are off to a great start!