How
You Can Contribute to the
Hampton
Roads Chapter Scholarship Fund
The Hampton Roads Chapter has been very
successful and fortunate in its previous two five-year scholarship fund
campaigns thanks to the generosity of the chapter members and their commitment
to helping young men and women attend college through scholarships and
grants from MOAA. As a result of the success in the previous two
campaigns, the board decided to commission another five-year scholarship
fund campaign to run from 2023 through 2027 with an annual goal in each
year of $5,000.00 and an overall five-year goal of $25,000.00.
There are several ways you can donate to
the HRCMOAA scholarship fund. All donations are tax deductible as
the MOAA Scholarship Fund is a qualified IRS 501(c)(3) entity.
The first way is for members to
submit their donations online by using the following website URL:
https://charities.moaa.org/HamptonRoadsDonates
The second way is to submit a check,
made out to the MOAA Scholarship Fund and mail it to:
MOAA Scholarship Fund
PO Box 1824
Merrifield, VA 22116-9917
Important: Be sure to note on your
check in the memo line that it is for the Hampton Roads Chapter Scholarship
Fund. MOAA will continue to send receipts to all contributors.
A third way is to make a Qualified
Charitable Distribution. The fund tax identification number is 54-1659039.
By contributing from the Required Minimum Distribution (RMD) of a qualified
IRA, the taxable IRA income can be reduced by the amount of the contribution.
The contribution check must be marked as a charitable contribution.
With the recent changes in the tax laws, some of our members have found
this method to be beneficial.
You can make qualified charitable distributions
(QCDs) of varying amounts to more than one charitable organization each
year. IRA owners age 70 ½ or older can give up to $100,000
a year directly from their IRA to qualified charities. But you can
split that amount among multiple charities. Say you want to give
a total of $50,000 through the QCD move. You could give five charities
$10,000 each, for instance, or two charities $25,000 each. Just tell
your custodian which charities you want to support and how much to transfer
directly from your IRA.
Not only will the charity benefit from
the QCDs, but you will too. The QCD amount is excluded from your
taxable income and can also count toward your annual required minimum distribution.
It’s a win-win-win. For additional details, it would be best to contact
your IRA fund manager, personal financial planner or tax accountant for
specifics.
You also may contribute directly from bequests,
wills, or trusts. You can find suggested language here:
Scholarship
Fund Planned Giving
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