Endowment & Other Ways to Give
The WHQR Endowment
In 2022, the Board of Directors of Friends of Public Radio, WHQR was proud to establish an Endowment to underpin the long-term viability of public media in Southeastern North Carolina. The Endowment will establish a stable and enduring source of future income, allowing us to fulfill our mission for the benefit of generations to come.
Your gifts specifically to the Endowment are especially valuable and appreciated, allowing us to invest together for the long-term. Please contact us for more information and allow us to facilitate your contribution to this important element of our future success.
Gifts of appreciated stock, bonds, or mutual funds to WHQR may offer considerable tax advantages. Securities held for more than one year may provide a twofold tax benefit creating an income tax deduction and the avoidance of a capital gains tax that may have been due upon sale. Please consult your tax professional.
IRA Required Mandatory Distribution
The IRS requires individuals who invested in a tax deferred account, such as an IRA, to begin withdrawing funds the year they turn 70 ½ by April 1st of the following year. Subsequent years’ withdrawals must be made by December 31st. If a spouse is sole beneficiary, and is more than 10 years younger, these rules don’t apply. Failure to comply may result in a 50% penalty.
Funds withdrawn from an IRA are counted as income. Taxable income can be partially offset by directing funds to a qualified 501(c) 3 nonprofit. By directing funds directly from the IRA to the nonprofit, you benefit the nonprofit and lessen potential federal taxes.
As always, consult your tax professional.
Qualified Charitable Donation
A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.
In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA. Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare.
Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving. (source: Fidelity)