The 2015 Scholarship Match ended Dec. 31 with more than 500 individual donors making contributions of $480,826 to 82 scholarship endowment funds. With the Oklahoma City Community Foundation match of $290,750, the scholarship endowments increased by $771,576, providing an additional $38,000 in awards in 2016. Learn more about the match here.
Thanks to new legislation just signed into law at the end of 2015, the Oklahoma City Community Foundation can help turn your individual retirement accounts (IRAs) into tax-saving charitable gifts. Individuals age 70½ and older can transfer up to $100,000 per year from an IRA to a 501(c)(3) public charitable organization without incurring federal income tax. The gift can also help reduce taxable income. And, spouses can each transfer up to $100,000 from their respective IRA accounts.
As a public charity, the Oklahoma City Community Foundation can accommodate an IRA charitable distribution for the following type of funds:
- Donor Designated Fund allows a donor to designate one or more charitable beneficiary organizations at the time the IRA gift is made.
- A gift to a Charitable Organization Endowment will help ensure an annual stream of income for a favorite charity.
A gift to a Scholarship Fund will support annual awards to students from a scholarship endowment designated at the time of the IRA gift.
- Through a gift to a Field of Interest Fund, the donor can designate support to a charitable interest area at the time the IRA gift is made.
- The Fund for Oklahoma City is an unrestricted endowment fund that allows the Trustees of our organization to address a broad range of current and future needs and opportunities through grants to charitable organizations in our community.