An easy, tax-smart way to support the causes you care about

If you are over the age of 70 ½, you can transfer up to $100,000 directly from your individual retirement account (IRA) to Galesburg Community Foundation tax-free. If you are 72 or older, this gift will count toward your required annual minimum distribution. This can be an easy, tax-smart way to support the community you love.

How it works

  • You work with your IRA administrator to transfer up to $100,000 from your IRA directly to the Community Foundation
  • You must be 70 ½ or older at the time the gift is made.
  • If married, each spouse can transfer up to $100,000 from their IRA.
  • We handle all the administrative details.
  • Your gift can be placed into an endowment that is invested over time. Earnings from your gift are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

Choose a fund

If your gift meets the fund minimum, you have the opportunity to create a charitable fund in your name, the name of your family, or in honor of any person or organization you choose. Select one of the following fund types:

  • Impact Fund – Address a broad range of current and future needs. The Community Foundation awards strategic grants to select projects and programs.
  • Field of Interest Fund – Target your gifts to causes that are important to you. The Community Foundation awards grants to programs addressing your specific interest area.
  • Designated Fund – Support the good work of a specific nonprofit organization with a source of income, plus planned giving and investment management services.

Other advantages

We can make your charitable IRA transfer easy, flexible, and effective, helping you achieve your personal charitable goals and financial goals. Distributions can help satisfy your required minimum distribution and reduce your taxable income. Your qualified charitable distribution incurs no federal income tax and the asset is no longer part of your estate for tax purposes.

Many donors also like that this tool allows them to make a significant gift during their lifetime so that they can see results, rather than making the gift through an estate plan.

Any amount left in the IRA when an individual dies may be taxed as income to the beneficiary and are also considered assets for the purpose of calculating the person’s estate liability. When you give your IRA to charity, your heirs are not burdened by the taxes associated with receiving your IRA upon your death. Instead, you can leave them other assets that have a more favorable tax treatment.

Sarah Grant

Let's connect

To learn more about how an IRA rollover can support the causes you care about, call Sarah Grant, Director of Development, at 309.344.8898.

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Haley Sloss

Charitable Giving Coordinator

Short Bio

Haley provides support to enhance the function and success of the Charitable Giving and Affiliate Teams. She ensures donors receive a personal approach to philanthropy through outstanding customer service by supporting charitable giving for donors and fund holders across the state.