2012 Tax Deductions Available For Charitable Giving
To the Readers’ Forum:
In 2011, the Chautauqua Region Community Foundation provided over $2 million in grants throughout the region. This feat ranked us among the Top 20 Foundations in Western New York, according to Buffalo Business First magazine. The recently passed American Taxpayer Relief Act provides time for donors to help the Community Foundation give back even more in the future!
The holiday season has been a busy one for our organization, as well as other charitable organizations around the nation. Last minute gifts pour in from individuals and corporations trying to meet end of the year deadlines. This recent legislation has given donors a new opportunity to give back to the community.
This Act allows individuals 70 years of age and older, to transfer up to $100,000 a year from their traditional IRAs to charity and could produce a sizable tax advantage. If a qualified charitable distribution, of any amount, is made before January 31, 2013, it can count to satisfy all or part of their 2012 minimum required distributions.
This past year we were able to provide substantial grants to Chautauqua Lake organizations, Jamestown Renaissance Center, WCA Hospital and many other charitable organizations in our community. It is with the support and generosity of our donors that we are able to continue providing youth, religious, educational, cultural, economic development and human service programs that better our community.
As we prepare to celebrate 35 years of caring and giving throughout the Chautauqua Region, consider making a gift that will make a positive impact on our community.
Executive Director, Chautauqua Region Community Foundation