Dear WLACC Scouting Community Member:

Transcription

1 Dear WLACC Scouting Community Member: With the holidays nearly upon us, we want to say thank you for your ongoing commitment to the Western Los Angeles County Council. Your incredible support and generosity truly helps bring the fun and adventure of Scouting to young people while instilling in them the values and character they need to find their way in the world. As a friend of the Scouting community we would like to make you aware of an opportunity to make a gift from your Individual Retirement Arrangement (IRA) that may provide you with an important tax benefit as we near the end of The good news: Tax-free distributions to a charity from an IRA held by someone age 70 ½ or older of up to $100,000 per taxpayer have been extended by the federal government until December 31, An IRA charitable rollover is designated as a qualified charitable distribution, or funds that individuals may direct from their traditional IRA to eligible charitable organizations such as the Western Los Angeles County Council, Boy Scouts of America. Individuals may exclude the amount distributed directly to a charity from their gross income in 2013, thereby avoiding income taxes. Your IRA Charitable Rollover must be made directly from your IRA to the Western Los Angeles County Council in order to qualify as a tax-free transaction. A 2013 IRA Charitable Rollover gift can be credited to the following: Operations: Gifts to this area will be used to support the day to day operations of the Western Los Angeles County Council. Items such as maintenance and operational expenses for our facilities, fees for our at-risk program participants, insurance costs and program supplies would be included. Capital Fund: Gifts to this area would support one of our capital improvement projects at Camp Emerald Bay, Camp Whitsett or Camp Josepho. Contact us to find out about the details of a specific project. You can also make an undesignated capital gift. Endowment Fund: Gifts to this area will support the future needs of the Western Los Angeles County Council. Both restricted and unrestricted gifts can be made. The principle of these gifts will remain intact. Gifts may qualify for the James E. West Fellowship or Second Century Society Sherman Way, Suite C8 Van Nuys, CA (818) Fax (818)

2 A further explanation of how this may benefit your income taxes is attached (please see the attached J.P. Morgan document). We hope you will take a few minutes to review this valuable information. If you qualify, please contact Jim Rushton at (818) ( jrushton@bsa-la.org) or Romy Longwell at (818) ( romy.longwell@scouting.org). In addition, if you are acquainted with anyone who is of the appropriate age to benefit from this distribution, please feel free to share this information with them. May this holiday season bring you and yours the blessings of treasured traditions and the joy of anticipating a great future. On behalf of the more than 14,000 young people served by this council, thank you for considering a gift to Scouting in your year-end giving. Sincerely, Alan B. Solursh, Council Vice President for Endowment Brian Compton, Council Vice President for Development Jim Rushton, Council Executive / CEO Enclosures

3 Attention: Financial Institution IRA Custodian Operating Gift From: As the owner of the IRA account # that is in the custody of your financial institution, I/We hereby request that you transfer from that account the sum of $ to the Western Los Angeles County Council, Boy Scouts of America. The Federal Tax ID number for the Western Los Angeles County Council, BSA is Transfer instructions for the Council s accounts are as follows: Broker Contact: Kent S. Colberg - Vice President Wells Fargo Advisors 2425 Olympic Blvd. - Suite 130-E Santa Monica, CA Tel.: (310) or (866) Fax: (310) kent.colberg@wellsfargoadvisors.com Electronic Transfer Information Via DTC 0141 Account # Western Los Angeles County Council, Inc. Boy Scouts of America Attn: Susan Myers, Accounting Controller Western Los Angeles County Council, Inc. Boy Scouts of America Sherman Way, C-8 Van Nuys, CA Tel.: (818) Fax: (818) It is my intention to make a Qualified Charitable Distribution (QCD) to this charity from my IRA, which may fulfill part or all of my IRA minimum distribution for this year. This letter is sufficient authorization for you to make this QCD gift. However, if you require any further documents, please promptly those to me at. Once this transaction is completed, please inform me by at with copy mailed to the Western Los Angeles County Council, BSA (at the above address). Cordially Yours,

4 Strategies for Year-End 2013 Philanthropic Strategies Make Charitable Contributions In addition to fulfilling your philanthropic goals, charitable contributions can provide both income- and transfer tax benefits. Your charitable deduction is limited to a percentage of your AGI; any deduction over that amount can be carried forward for five years. Gifts of cash to a public charity (including a donor-advised fund) are deductible up to 50% of AGI. Gifts of cash to a private foundation are deductible up to 30% of AGI. Gifts of qualified appreciated stock (generally unrestricted, publicly traded stock) to a public charity are deductible up to 30% of AGI. Gifts of qualified appreciated stock to a private foundation are deductible up to 20% of AGI. The fair market value of these gifts is generally the allowable deduction. Note that property you have not held for at least 366 days, ordinary income property, and certain other property may only give you a deduction of the lower of cost or fair market value; you should consult with your tax and legal advisors should you have any questions about charitable contributions. If you are over 70½ you can make a direct transfer from your IRA to a qualified charity (not to a private foundation or a donor-advised fund) of up to $100,000. The contribution counts as part of your required minimum distribution. The distribution is not included in your ordinary income but you do not receive a charitable deduction for it. However, because this distribution is not included in ordinary income it is not subject to the Pease limitation (see page 13). This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction JPMorgan Chase & Co. All rights reserved. J.P. Morgan Securities is a registered trademark of JPMorgan Chase & Co.

5 Important Information J.P. Morgan Securities 277 Park Avenue, New York, NY Sources: American Taxpayer Relief Act of 2012; Joint Committee on Taxation Overview of the Federal Tax System as in Effect for 2013 (JCX-2-13), January 8, 2013; Michael Feroli, Pease in a pod, J.P.Morgan North America Economic Research, January 2, 2013; (the Social Security Administration s website); This material contains certain information/statistics that have been obtained from sources deemed reliable, but J.P. Morgan Securities does not guarantee their accuracy or completeness. Past performance is not a guarantee of future results, and information is subject to change at any time. IRS Circular 230: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Please consult with your individual tax advisor prior to engaging in a transaction. JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Investment products: Not FDIC insured No bank guarantee May lose value 2013 JPMorgan Chase & Co. All rights reserved. J.P. Morgan Securities is a registered trademark of JPMorgan Chase & Co.