FundSvcs Community

When in doubt, issue a standard receipt (as you plan). As taxes have been withheld it is obviously NOT a QCD. If the donor requires anything else they will let you know. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 10:20 AM Phillips, Julie A. < jphillips@westfield.ma.edu> wrote: > Hi everyone, > > > There has been a lot of meaningful conversation on the listserv about > gifts through IRAs. I have read them plus visited the IRS website and the > CASE web site and still am not clear on one point. > > > > We have rec’d a gift through an IRA. > > The check lists the gross amount and the amount of federal and state taxes > withheld with the net being a donation to our foundation. > > > > It is my understanding from reading past listserv conversations, that we > are to issue a receipt with the “no goods or services were received” > language. > > We do not state whether or not it was a QCD or an RMD (we don’t know). > > > > *Our receipt includes: * > > Date the check was processed > > The amount > > The fund designation > > Sentence: “Please seek guidance from your tax advisor regarding how to > report this distribution.” > > > > My question is, is there any required language regarding this gift being > from an IRA that we are need to include? > Is there some required legal-speak I am missing? > > > > Gratefully yours, > > Julie > > > > > > Julie Phillips > Associate Director > > Advancement Services and Donor Relations > > -- > > Westfield State University > > 577 Western Avenue > > P.O. Box 1630 > > Westfield, MA 01086-1630 > > -- > > (413) 572-8489 *(* > jphillips@westfield.ma.edu *** > > > [image: cid:image004.png@01D306F7.CAFAD000] > > > > > > > > > > > > *From:* Advancement Services Discussion List [mailto: > FUNDSVCS@LISTSERV.FUNDSVCS.ORG] *On Behalf Of *John Taylor > *Sent:* Tuesday, April 23, 2019 12:02 PM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* Re: [FUNDSVCS] IRA Distributions > > > > Caution External Email: This email originated outside of WSU. Do not > click links, open attachments, or respond if it appears to be suspicious. > > They are always * charitable*. The only consideration is whether they > are considered an RMD or a QCD. Both are recorded on a donor record. Both > count. And both require a receipt to the individual. > > > > QCDs are not tax-deductible as they represent a tax-free withdrawal. And > they may also satisfy the donor's RMD. Nevertheless, they are still > recorded, counted, and receipted. As for the latter, it is helpful to note > on the receipt that they were, in fact, a QCD. > > > > John > > > > John H. Taylor > > Principal, John H. Taylor Consulting > > 2604 Sevier St. > > Durham, NC 27705 > > johntaylorconsulting@gmail.com > > 919.816.5903 (cell/text) > > > > Serving the Advancement Community Since 1987 > > > > > > On Tue, Apr 23, 2019 at 11:57 AM Katharine Yates <kyates@pts.edu> wrote: > > Can someone please provide some insight into how IRA distributions should > be processed? We are a little unsure if funds received from IRA > institutions should always be considered non-charitable, or if it depends > on the specific circumstances. For example, we received a check from > Vanguard, payable to our institution c/o the donor at the donor’s address, > that the donor has told us is a QCD check. Does this mean that it > technically is not a tax-deductible gift? Is this generally the case with > checks received from IRA institutions? If the gift is tax-deductible, > should the receipt go to Vanguard or to the donor (i.e., who gets the hard > credit)? > > > > Thanks, > > Katie > > > > Katie Campbell Yates > > Advancement Coordinator > > Pittsburgh Theological Seminary > > (P) 412-924-1376 > > (F) 412-924-1776 > > kyates@pts.edu > > > > [image: PTSLogoFnl-4C-PC] > > > > > >

As I noted, since taxes were withheld this cannot be a QCD (charitable rollover). Just FYI. I would not include this language in this case, then, as it might confuse the donor. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 11:19 AM Joanne Udell <judell@oc-cf.org> wrote: > We insert the following language on ours. > > > > In order to qualify as a charitable rollover distribution from your IRA > under section 408(d)8 of the Internal Revenue Code this distribution must: > > > > - Be received directly from your plan trustee/administrator > - Given to a 501(c)(3) charity (while the Community Foundation is a > 501(c)(3) charity, the IRS does not allow for a charitable rollover > distribution to a donor advised fund) > - Not provide any goods or services in connection with your donation > > > > This IRA distribution may qualify as a charitable rollover distribution. > Please review this with your plan administrator or tax professional. > > > > > > *Joanne Udell* > > *Orange County Community Foundation* > > HR & Operations Manager > > 4041 MacArthur Blvd., Suite 510 > > Phone: 949.553.4202, ext.229 > > Newport Beach, CA 92660 > > Fax: 949.553.4211 > > *www.oc-cf.org <http://www.oc-cf.org/>* > > *judell@oc-cf.org <judell@oc-cf.org>* > > > > > > > > *From:* Advancement Services Discussion List < > FUNDSVCS@LISTSERV.FUNDSVCS.ORG> *On Behalf Of *John Taylor > *Sent:* Thursday, May 23, 2019 10:29 AM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* Re: [FUNDSVCS] Help - Language on receipt for gift through IRA > distribution > > > > When in doubt, issue a standard receipt (as you plan). As taxes have been > withheld it is obviously NOT a QCD. > > > > If the donor requires anything else they will let you know. > > > > John > > > > John H. Taylor > > Principal, John H. Taylor Consulting > > 2604 Sevier St. > > Durham, NC 27705 > > johntaylorconsulting@gmail.com > > 919.816.5903 (cell/text) > > > > Serving the Advancement Community Since 1987 > > > > > > On Thu, May 23, 2019 at 10:20 AM Phillips, Julie A. < > jphillips@westfield.ma.edu> wrote: > > Hi everyone, > > > There has been a lot of meaningful conversation on the listserv about > gifts through IRAs. I have read them plus visited the IRS website and the > CASE web site and still am not clear on one point. > > > > We have rec’d a gift through an IRA. > > The check lists the gross amount and the amount of federal and state taxes > withheld with the net being a donation to our foundation. > > > > It is my understanding from reading past listserv conversations, that we > are to issue a receipt with the “no goods or services were received” > language. > > We do not state whether or not it was a QCD or an RMD (we don’t know). > > > > *Our receipt includes: * > > Date the check was processed > > The amount > > The fund designation > > Sentence: “Please seek guidance from your tax advisor regarding how to > report this distribution.” > > > > My question is, is there any required language regarding this gift being > from an IRA that we are need to include? > Is there some required legal-speak I am missing? > > > > Gratefully yours, > > Julie > > > > > > Julie Phillips > Associate Director > > Advancement Services and Donor Relations > > -- > > Westfield State University > > 577 Western Avenue > > P.O. Box 1630 > > Westfield, MA 01086-1630 > > -- > > (413) 572-8489 *(* > jphillips@westfield.ma.edu *** > > > [image: cid:image004.png@01D306F7.CAFAD000] > > > > > > > > > > > > *From:* Advancement Services Discussion List [mailto: > FUNDSVCS@LISTSERV.FUNDSVCS.ORG] *On Behalf Of *John Taylor > *Sent:* Tuesday, April 23, 2019 12:02 PM > *To:* FUNDSVCS@LISTSERV.FUNDSVCS.ORG > *Subject:* Re: [FUNDSVCS] IRA Distributions > > > > Caution External Email: This email originated outside of WSU. Do not > click links, open attachments, or respond if it appears to be suspicious. > > They are always *charitable*. The only consideration is whether they are > considered an RMD or a QCD. Both are recorded on a donor record. Both > count. And both require a receipt to the individual. > > > > QCDs are not tax-deductible as they represent a tax-free withdrawal. And > they may also satisfy the donor's RMD. Nevertheless, they are still > recorded, counted, and receipted. As for the latter, it is helpful to note > on the receipt that they were, in fact, a QCD. > > > > John > > > > John H. Taylor > > Principal, John H. Taylor Consulting > > 2604 Sevier St. > > Durham, NC 27705 > > johntaylorconsulting@gmail.com > > 919.816.5903 (cell/text) > > > > Serving the Advancement Community Since 1987 > > > > > > On Tue, Apr 23, 2019 at 11:57 AM Katharine Yates <kyates@pts.edu> wrote: > > Can someone please provide some insight into how IRA distributions should > be processed? We are a little unsure if funds received from IRA > institutions should always be considered non-charitable, or if it depends > on the specific circumstances. For example, we received a check from > Vanguard, payable to our institution c/o the donor at the donor’s address, > that the donor has told us is a QCD check. Does this mean that it > technically is not a tax-deductible gift? Is this generally the case with > checks received from IRA institutions? If the gift is tax-deductible, > should the receipt go to Vanguard or to the donor (i.e., who gets the hard > credit)? > > > > Thanks, > > Katie > > > > Katie Campbell Yates > > Advancement Coordinator > > Pittsburgh Theological Seminary > > (P) 412-924-1376 > > (F) 412-924-1776 > > kyates@pts.edu > > > > [image: PTSLogoFnl-4C-PC] > > > > > >

Hi everyone, There has been a lot of meaningful conversation on the listserv about gifts through IRAs. I have read them plus visited the IRS website and the CASE web site and still am not clear on one point. We have rec’d a gift through an IRA. The check lists the gross amount and the amount of federal and state taxes withheld with the net being a donation to our foundation. It is my understanding from reading past listserv conversations, that we are to issue a receipt with the “no goods or services were received” language. We do not state whether or not it was a QCD or an RMD (we don’t know). Our receipt includes: Date the check was processed The amount The fund designation Sentence: “Please seek guidance from your tax advisor regarding how to report this distribution.” My question is, is there any required language regarding this gift being from an IRA that we are need to include? Is there some required legal-speak I am missing? Gratefully yours, Julie Julie Phillips Associate Director Advancement Services and Donor Relations -- Westfield State University 577 Western Avenue P.O. Box 1630 Westfield, MA 01086-1630 -- (413) 572-8489 • jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu> • [cid:image004.jpg@01D5116A.492E8A10] [cid:image004.png@01D306F7.CAFAD000] From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Tuesday, April 23, 2019 12:02 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] IRA Distributions Caution External Email: This email originated outside of WSU. Do not click links, open attachments, or respond if it appears to be suspicious. They are always charitable. The only consideration is whether they are considered an RMD or a QCD. Both are recorded on a donor record. Both count. And both require a receipt to the individual. QCDs are not tax-deductible as they represent a tax-free withdrawal. And they may also satisfy the donor's RMD. Nevertheless, they are still recorded, counted, and receipted. As for the latter, it is helpful to note on the receipt that they were, in fact, a QCD. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, Apr 23, 2019 at 11:57 AM Katharine Yates <kyates@pts.edu<mailto:kyates@pts.edu>> wrote: Can someone please provide some insight into how IRA distributions should be processed? We are a little unsure if funds received from IRA institutions should always be considered non-charitable, or if it depends on the specific circumstances. For example, we received a check from Vanguard, payable to our institution c/o the donor at the donor’s address, that the donor has told us is a QCD check. Does this mean that it technically is not a tax-deductible gift? Is this generally the case with checks received from IRA institutions? If the gift is tax-deductible, should the receipt go to Vanguard or to the donor (i.e., who gets the hard credit)? Thanks, Katie Katie Campbell Yates Advancement Coordinator Pittsburgh Theological Seminary (P) 412-924-1376 (F) 412-924-1776 kyates@pts.edu<mailto:kyates@pts.edu> [PTSLogoFnl-4C-PC]

Got it! THANK YOU! Julie From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of John Taylor Sent: Thursday, May 23, 2019 1:29 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution Caution External Email: This email originated outside of WSU. Do not click links, open attachments, or respond if it appears to be suspicious. When in doubt, issue a standard receipt (as you plan). As taxes have been withheld it is obviously NOT a QCD. If the donor requires anything else they will let you know. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 10:20 AM Phillips, Julie A. <jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu>> wrote: Hi everyone, There has been a lot of meaningful conversation on the listserv about gifts through IRAs. I have read them plus visited the IRS website and the CASE web site and still am not clear on one point. We have rec’d a gift through an IRA. The check lists the gross amount and the amount of federal and state taxes withheld with the net being a donation to our foundation. It is my understanding from reading past listserv conversations, that we are to issue a receipt with the “no goods or services were received” language. We do not state whether or not it was a QCD or an RMD (we don’t know). Our receipt includes: Date the check was processed The amount The fund designation Sentence: “Please seek guidance from your tax advisor regarding how to report this distribution.” My question is, is there any required language regarding this gift being from an IRA that we are need to include? Is there some required legal-speak I am missing? Gratefully yours, Julie Julie Phillips Associate Director Advancement Services and Donor Relations -- Westfield State University 577 Western Avenue P.O. Box 1630 Westfield, MA 01086-1630 -- (413) 572-8489 • jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu> • [cid:image001.jpg@01D5116D.09493DC0] [cid:image004.png@01D306F7.CAFAD000] From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>] On Behalf Of John Taylor Sent: Tuesday, April 23, 2019 12:02 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] IRA Distributions Caution External Email: This email originated outside of WSU. Do not click links, open attachments, or respond if it appears to be suspicious. They are always charitable. The only consideration is whether they are considered an RMD or a QCD. Both are recorded on a donor record. Both count. And both require a receipt to the individual. QCDs are not tax-deductible as they represent a tax-free withdrawal. And they may also satisfy the donor's RMD. Nevertheless, they are still recorded, counted, and receipted. As for the latter, it is helpful to note on the receipt that they were, in fact, a QCD. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, Apr 23, 2019 at 11:57 AM Katharine Yates <kyates@pts.edu<mailto:kyates@pts.edu>> wrote: Can someone please provide some insight into how IRA distributions should be processed? We are a little unsure if funds received from IRA institutions should always be considered non-charitable, or if it depends on the specific circumstances. For example, we received a check from Vanguard, payable to our institution c/o the donor at the donor’s address, that the donor has told us is a QCD check. Does this mean that it technically is not a tax-deductible gift? Is this generally the case with checks received from IRA institutions? If the gift is tax-deductible, should the receipt go to Vanguard or to the donor (i.e., who gets the hard credit)? Thanks, Katie Katie Campbell Yates Advancement Coordinator Pittsburgh Theological Seminary (P) 412-924-1376 (F) 412-924-1776 kyates@pts.edu<mailto:kyates@pts.edu> [PTSLogoFnl-4C-PC]

We insert the following language on ours. In order to qualify as a charitable rollover distribution from your IRA under section 408(d)8 of the Internal Revenue Code this distribution must: * Be received directly from your plan trustee/administrator * Given to a 501(c)(3) charity (while the Community Foundation is a 501(c)(3) charity, the IRS does not allow for a charitable rollover distribution to a donor advised fund) * Not provide any goods or services in connection with your donation This IRA distribution may qualify as a charitable rollover distribution. Please review this with your plan administrator or tax professional. Joanne Udell Orange County Community Foundation HR & Operations Manager 4041 MacArthur Blvd., Suite 510 Phone: 949.553.4202, ext.229 Newport Beach, CA 92660 Fax: 949.553.4211 www.oc-cf.org<http://www.oc-cf.org/> judell@oc-cf.org From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of John Taylor Sent: Thursday, May 23, 2019 10:29 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution When in doubt, issue a standard receipt (as you plan). As taxes have been withheld it is obviously NOT a QCD. If the donor requires anything else they will let you know. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 10:20 AM Phillips, Julie A. <jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu>> wrote: Hi everyone, There has been a lot of meaningful conversation on the listserv about gifts through IRAs. I have read them plus visited the IRS website and the CASE web site and still am not clear on one point. We have rec’d a gift through an IRA. The check lists the gross amount and the amount of federal and state taxes withheld with the net being a donation to our foundation. It is my understanding from reading past listserv conversations, that we are to issue a receipt with the “no goods or services were received” language. We do not state whether or not it was a QCD or an RMD (we don’t know). Our receipt includes: Date the check was processed The amount The fund designation Sentence: “Please seek guidance from your tax advisor regarding how to report this distribution.” My question is, is there any required language regarding this gift being from an IRA that we are need to include? Is there some required legal-speak I am missing? Gratefully yours, Julie Julie Phillips Associate Director Advancement Services and Donor Relations -- Westfield State University 577 Western Avenue P.O. Box 1630 Westfield, MA 01086-1630 -- (413) 572-8489 • jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu> • [cid:image001.jpg@01D51159.7095E190] [cid:image004.png@01D306F7.CAFAD000] From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>] On Behalf Of John Taylor Sent: Tuesday, April 23, 2019 12:02 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] IRA Distributions Caution External Email: This email originated outside of WSU. Do not click links, open attachments, or respond if it appears to be suspicious. They are always charitable. The only consideration is whether they are considered an RMD or a QCD. Both are recorded on a donor record. Both count. And both require a receipt to the individual. QCDs are not tax-deductible as they represent a tax-free withdrawal. And they may also satisfy the donor's RMD. Nevertheless, they are still recorded, counted, and receipted. As for the latter, it is helpful to note on the receipt that they were, in fact, a QCD. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, Apr 23, 2019 at 11:57 AM Katharine Yates <kyates@pts.edu<mailto:kyates@pts.edu>> wrote: Can someone please provide some insight into how IRA distributions should be processed? We are a little unsure if funds received from IRA institutions should always be considered non-charitable, or if it depends on the specific circumstances. For example, we received a check from Vanguard, payable to our institution c/o the donor at the donor’s address, that the donor has told us is a QCD check. Does this mean that it technically is not a tax-deductible gift? Is this generally the case with checks received from IRA institutions? If the gift is tax-deductible, should the receipt go to Vanguard or to the donor (i.e., who gets the hard credit)? Thanks, Katie Katie Campbell Yates Advancement Coordinator Pittsburgh Theological Seminary (P) 412-924-1376 (F) 412-924-1776 kyates@pts.edu<mailto:kyates@pts.edu> [PTSLogoFnl-4C-PC]

Thank you Joanne! From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG] On Behalf Of Joanne Udell Sent: Thursday, May 23, 2019 2:20 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution Caution External Email: This email originated outside of WSU. Do not click links, open attachments, or respond if it appears to be suspicious. We insert the following language on ours. In order to qualify as a charitable rollover distribution from your IRA under section 408(d)8 of the Internal Revenue Code this distribution must: * Be received directly from your plan trustee/administrator * Given to a 501(c)(3) charity (while the Community Foundation is a 501(c)(3) charity, the IRS does not allow for a charitable rollover distribution to a donor advised fund) * Not provide any goods or services in connection with your donation This IRA distribution may qualify as a charitable rollover distribution. Please review this with your plan administrator or tax professional. Joanne Udell Orange County Community Foundation HR & Operations Manager 4041 MacArthur Blvd., Suite 510 Phone: 949.553.4202, ext.229 Newport Beach, CA 92660 Fax: 949.553.4211 www.oc-cf.org<http://www.oc-cf.org/> judell@oc-cf.org<mailto:judell@oc-cf.org> From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Thursday, May 23, 2019 10:29 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution When in doubt, issue a standard receipt (as you plan). As taxes have been withheld it is obviously NOT a QCD. If the donor requires anything else they will let you know. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 10:20 AM Phillips, Julie A. <jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu>> wrote: Hi everyone, There has been a lot of meaningful conversation on the listserv about gifts through IRAs. I have read them plus visited the IRS website and the CASE web site and still am not clear on one point. We have rec’d a gift through an IRA. The check lists the gross amount and the amount of federal and state taxes withheld with the net being a donation to our foundation. It is my understanding from reading past listserv conversations, that we are to issue a receipt with the “no goods or services were received” language. We do not state whether or not it was a QCD or an RMD (we don’t know). Our receipt includes: Date the check was processed The amount The fund designation Sentence: “Please seek guidance from your tax advisor regarding how to report this distribution.” My question is, is there any required language regarding this gift being from an IRA that we are need to include? Is there some required legal-speak I am missing? Gratefully yours, Julie Julie Phillips Associate Director Advancement Services and Donor Relations -- Westfield State University 577 Western Avenue P.O. Box 1630 Westfield, MA 01086-1630 -- (413) 572-8489 • jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu> • [cid:image001.jpg@01D51172.D3FDD7B0] [cid:image004.png@01D306F7.CAFAD000] From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>] On Behalf Of John Taylor Sent: Tuesday, April 23, 2019 12:02 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] IRA Distributions Caution External Email: This email originated outside of WSU. Do not click links, open attachments, or respond if it appears to be suspicious. They are always charitable. The only consideration is whether they are considered an RMD or a QCD. Both are recorded on a donor record. Both count. And both require a receipt to the individual. QCDs are not tax-deductible as they represent a tax-free withdrawal. And they may also satisfy the donor's RMD. Nevertheless, they are still recorded, counted, and receipted. As for the latter, it is helpful to note on the receipt that they were, in fact, a QCD. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, Apr 23, 2019 at 11:57 AM Katharine Yates <kyates@pts.edu<mailto:kyates@pts.edu>> wrote: Can someone please provide some insight into how IRA distributions should be processed? We are a little unsure if funds received from IRA institutions should always be considered non-charitable, or if it depends on the specific circumstances. For example, we received a check from Vanguard, payable to our institution c/o the donor at the donor’s address, that the donor has told us is a QCD check. Does this mean that it technically is not a tax-deductible gift? Is this generally the case with checks received from IRA institutions? If the gift is tax-deductible, should the receipt go to Vanguard or to the donor (i.e., who gets the hard credit)? Thanks, Katie Katie Campbell Yates Advancement Coordinator Pittsburgh Theological Seminary (P) 412-924-1376 (F) 412-924-1776 kyates@pts.edu<mailto:kyates@pts.edu> [PTSLogoFnl-4C-PC]

I’m with John. That sounds as if you’re giving advice and you should never do that. State what you received and what they received in response and let them work with their tax advisor. Heidi Howard, bCRE-Pro, bCRP Annual Giving/Database Administrator Samaritan Foundations P: 541.768.5547 C: 503.580.0670 From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of John Taylor Sent: Thursday, May 23, 2019 11:23 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution WARNING: This email originated from outside of SHS. DO NOT CLICK ANY LINKS OR OPEN ATTACHMENTS unless you recognize the sender and know the contents are safe. As I noted, since taxes were withheld this cannot be a QCD (charitable rollover). Just FYI. I would not include this language in this case, then, as it might confuse the donor. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 11:19 AM Joanne Udell <judell@oc-cf.org<mailto:judell@oc-cf.org>> wrote: We insert the following language on ours. In order to qualify as a charitable rollover distribution from your IRA under section 408(d)8 of the Internal Revenue Code this distribution must: * Be received directly from your plan trustee/administrator * Given to a 501(c)(3) charity (while the Community Foundation is a 501(c)(3) charity, the IRS does not allow for a charitable rollover distribution to a donor advised fund) * Not provide any goods or services in connection with your donation This IRA distribution may qualify as a charitable rollover distribution. Please review this with your plan administrator or tax professional. Joanne Udell Orange County Community Foundation HR & Operations Manager 4041 MacArthur Blvd., Suite 510 Phone: 949.553.4202, ext.229 Newport Beach, CA 92660 Fax: 949.553.4211 www.oc-cf.org<http://www.oc-cf.org/> judell@oc-cf.org<mailto:judell@oc-cf.org> From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Thursday, May 23, 2019 10:29 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution When in doubt, issue a standard receipt (as you plan). As taxes have been withheld it is obviously NOT a QCD. If the donor requires anything else they will let you know. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 10:20 AM Phillips, Julie A. <jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu>> wrote: Hi everyone, There has been a lot of meaningful conversation on the listserv about gifts through IRAs. I have read them plus visited the IRS website and the CASE web site and still am not clear on one point. We have rec’d a gift through an IRA. The check lists the gross amount and the amount of federal and state taxes withheld with the net being a donation to our foundation. It is my understanding from reading past listserv conversations, that we are to issue a receipt with the “no goods or services were received” language. We do not state whether or not it was a QCD or an RMD (we don’t know). Our receipt includes: Date the check was processed The amount The fund designation Sentence: “Please seek guidance from your tax advisor regarding how to report this distribution.” My question is, is there any required language regarding this gift being from an IRA that we are need to include? Is there some required legal-speak I am missing? Gratefully yours, Julie Julie Phillips Associate Director Advancement Services and Donor Relations -- Westfield State University 577 Western Avenue P.O. Box 1630 Westfield, MA 01086-1630 -- (413) 572-8489 • jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu> • [cid:image001.jpg@01D5115A.3C116740] [cid:image004.png@01D306F7.CAFAD000] From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>] On Behalf Of John Taylor Sent: Tuesday, April 23, 2019 12:02 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] IRA Distributions Caution External Email: This email originated outside of WSU. Do not click links, open attachments, or respond if it appears to be suspicious. They are always charitable. The only consideration is whether they are considered an RMD or a QCD. Both are recorded on a donor record. Both count. And both require a receipt to the individual. QCDs are not tax-deductible as they represent a tax-free withdrawal. And they may also satisfy the donor's RMD. Nevertheless, they are still recorded, counted, and receipted. As for the latter, it is helpful to note on the receipt that they were, in fact, a QCD. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, Apr 23, 2019 at 11:57 AM Katharine Yates <kyates@pts.edu<mailto:kyates@pts.edu>> wrote: Can someone please provide some insight into how IRA distributions should be processed? We are a little unsure if funds received from IRA institutions should always be considered non-charitable, or if it depends on the specific circumstances. For example, we received a check from Vanguard, payable to our institution c/o the donor at the donor’s address, that the donor has told us is a QCD check. Does this mean that it technically is not a tax-deductible gift? Is this generally the case with checks received from IRA institutions? If the gift is tax-deductible, should the receipt go to Vanguard or to the donor (i.e., who gets the hard credit)? Thanks, Katie Katie Campbell Yates Advancement Coordinator Pittsburgh Theological Seminary (P) 412-924-1376 (F) 412-924-1776 kyates@pts.edu<mailto:kyates@pts.edu> [PTSLogoFnl-4C-PC] Click here<https://mailsecure.samhealth.org:9449/pem/pages/digestProcess/digestProcess.jsf?content=41ae761a454f225b2ebbad49b3fe9a614b1663569f5d488054e8aea0089d88417d3ead764c2f4eaae5b5d1d911f5b462535dba2eaaac10dd3112b5f2dec356e52cda3bb14b633c9809d12f8e2e00aa7182a1dfffbd6536da8978e6ee08093c4e3b900359a661f08399563ce129a50bc49f84a198a7ccbf0c6da597bf975a848fdf0c8076233cafd4c9ddf0bc6493fbd7> to report this email as spam ________________________________ Confidentiality Notice: This e-mail message, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and privileged information. 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Sorry our donors give directly from their IRA’s with no tax taken out. I agree if tax has been taken out you don’t need all that. Jo Joanne Udell Orange County Community Foundation HR & Operations Manager 4041 MacArthur Blvd., Suite 510 Phone: 949.553.4202, ext.229 Newport Beach, CA 92660 Fax: 949.553.4211 www.oc-cf.org<http://www.oc-cf.org/> judell@oc-cf.org From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG> On Behalf Of Heidi L. Howard Sent: Thursday, May 23, 2019 11:26 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution I’m with John. That sounds as if you’re giving advice and you should never do that. State what you received and what they received in response and let them work with their tax advisor. Heidi Howard, bCRE-Pro, bCRP Annual Giving/Database Administrator Samaritan Foundations P: 541.768.5547 C: 503.580.0670 From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Thursday, May 23, 2019 11:23 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution WARNING: This email originated from outside of SHS. DO NOT CLICK ANY LINKS OR OPEN ATTACHMENTS unless you recognize the sender and know the contents are safe. As I noted, since taxes were withheld this cannot be a QCD (charitable rollover). Just FYI. I would not include this language in this case, then, as it might confuse the donor. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 11:19 AM Joanne Udell <judell@oc-cf.org<mailto:judell@oc-cf.org>> wrote: We insert the following language on ours. In order to qualify as a charitable rollover distribution from your IRA under section 408(d)8 of the Internal Revenue Code this distribution must: * Be received directly from your plan trustee/administrator * Given to a 501(c)(3) charity (while the Community Foundation is a 501(c)(3) charity, the IRS does not allow for a charitable rollover distribution to a donor advised fund) * Not provide any goods or services in connection with your donation This IRA distribution may qualify as a charitable rollover distribution. Please review this with your plan administrator or tax professional. Joanne Udell Orange County Community Foundation HR & Operations Manager 4041 MacArthur Blvd., Suite 510 Phone: 949.553.4202, ext.229 Newport Beach, CA 92660 Fax: 949.553.4211 www.oc-cf.org<http://www.oc-cf.org/> judell@oc-cf.org<mailto:judell@oc-cf.org> From: Advancement Services Discussion List <FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>> On Behalf Of John Taylor Sent: Thursday, May 23, 2019 10:29 AM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] Help - Language on receipt for gift through IRA distribution When in doubt, issue a standard receipt (as you plan). As taxes have been withheld it is obviously NOT a QCD. If the donor requires anything else they will let you know. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Thu, May 23, 2019 at 10:20 AM Phillips, Julie A. <jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu>> wrote: Hi everyone, There has been a lot of meaningful conversation on the listserv about gifts through IRAs. I have read them plus visited the IRS website and the CASE web site and still am not clear on one point. We have rec’d a gift through an IRA. The check lists the gross amount and the amount of federal and state taxes withheld with the net being a donation to our foundation. It is my understanding from reading past listserv conversations, that we are to issue a receipt with the “no goods or services were received” language. We do not state whether or not it was a QCD or an RMD (we don’t know). Our receipt includes: Date the check was processed The amount The fund designation Sentence: “Please seek guidance from your tax advisor regarding how to report this distribution.” My question is, is there any required language regarding this gift being from an IRA that we are need to include? Is there some required legal-speak I am missing? Gratefully yours, Julie Julie Phillips Associate Director Advancement Services and Donor Relations -- Westfield State University 577 Western Avenue P.O. Box 1630 Westfield, MA 01086-1630 -- (413) 572-8489 • jphillips@westfield.ma.edu<mailto:jphillips@westfield.ma.edu> • [cid:image001.jpg@01D5115C.B59A7640] [cid:image004.png@01D306F7.CAFAD000] From: Advancement Services Discussion List [mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG>] On Behalf Of John Taylor Sent: Tuesday, April 23, 2019 12:02 PM To: FUNDSVCS@LISTSERV.FUNDSVCS.ORG<mailto:FUNDSVCS@LISTSERV.FUNDSVCS.ORG> Subject: Re: [FUNDSVCS] IRA Distributions Caution External Email: This email originated outside of WSU. Do not click links, open attachments, or respond if it appears to be suspicious. They are always charitable. The only consideration is whether they are considered an RMD or a QCD. Both are recorded on a donor record. Both count. And both require a receipt to the individual. QCDs are not tax-deductible as they represent a tax-free withdrawal. And they may also satisfy the donor's RMD. Nevertheless, they are still recorded, counted, and receipted. As for the latter, it is helpful to note on the receipt that they were, in fact, a QCD. John John H. Taylor Principal, John H. Taylor Consulting 2604 Sevier St. Durham, NC 27705 johntaylorconsulting@gmail.com<mailto:johntaylorconsulting@gmail.com> 919.816.5903 (cell/text) Serving the Advancement Community Since 1987 On Tue, Apr 23, 2019 at 11:57 AM Katharine Yates <kyates@pts.edu<mailto:kyates@pts.edu>> wrote: Can someone please provide some insight into how IRA distributions should be processed? We are a little unsure if funds received from IRA institutions should always be considered non-charitable, or if it depends on the specific circumstances. For example, we received a check from Vanguard, payable to our institution c/o the donor at the donor’s address, that the donor has told us is a QCD check. Does this mean that it technically is not a tax-deductible gift? Is this generally the case with checks received from IRA institutions? If the gift is tax-deductible, should the receipt go to Vanguard or to the donor (i.e., who gets the hard credit)? Thanks, Katie Katie Campbell Yates Advancement Coordinator Pittsburgh Theological Seminary (P) 412-924-1376 (F) 412-924-1776 kyates@pts.edu<mailto:kyates@pts.edu> [PTSLogoFnl-4C-PC] Click here<https://mailsecure.samhealth.org:9449/pem/pages/digestProcess/digestProcess.jsf?content=41ae761a454f225b2ebbad49b3fe9a614b1663569f5d488054e8aea0089d88417d3ead764c2f4eaae5b5d1d911f5b462535dba2eaaac10dd3112b5f2dec356e52cda3bb14b633c9809d12f8e2e00aa7182a1dfffbd6536da8978e6ee08093c4e3b900359a661f08399563ce129a50bc49f84a198a7ccbf0c6da597bf975a848fdf0c8076233cafd4c9ddf0bc6493fbd7> to report this email as spam ________________________________ Confidentiality Notice: This e-mail message, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message.