IRA Giving

Make a Gift Now from Your IRA

If you also believe that Healthy Aging is Everyone , and are 70½ or older, did you know that you can use your Individual Retirement Account (IRA) to make current gifts to Cooperative Elder Services (CESI) — and receive tax savings, regardless of whether you itemize?

A qualified charitable distribution from your IRA to CESI will help power our centers to continue supporting optimal health for our clients and peace of mind for caregivers across our community.  

It’s important to know that:

• These gifts are formally known as Individual Retirement Account Qualified Charitable Distributions (IRA QCDs). Informally, they may be referred to as IRA charitable rollovers.
• You must be at least 70½ at the time you make your gift.
• This opportunity is available for IRAs, not other types of retirement plans such as 401(k)s and 403(b)s.
• The amount you designate as a gift transfers fully, and tax-free, to the charitable organization you choose, and is not counted as income to you. Therefore, you are not taxed on your gift, as you likely would be if you took the same amount as a distribution for yourself.
• If you are required to take minimum distributions from your IRA, you may use these gifts to satisfy all or part of that requirement.
• Gifts of any amount, up to an aggregate maximum of $111,000 per IRA account owner to all charitable organizations this calendar year, may be made this way.
• If you would like your gift to be completed by December 31, we encourage you to initiate it by December 1.

If you would like to make an IRA QCD gift to GBFB, the general steps are as follows:

1. Contact your IRA custodian to learn their process.
2. Instruct them to send a check in an amount you choose to:
   • Cooperative Elder Services, Inc.
     2352 Main Street, Suite 108
     Concord, MA 01742
   • Fed. Tax ID:  04-2680168
3. Kindly let us know that your gift is on its way.

If you wish to learn more, please contact Chief of Philanthropic Investment, Tony Dellovo at t.dellovo@elderdayservices.org. 

Gift Planning is pleased to provide charitable gift information, but does not provide official financial, legal, or tax advice. 

We encourage you to consult your advisors for applicability to your own situation.