Texas Catholic Letters
November 30, 2007
Mr. and Mrs. Jacob Harrison
Dallas, Texas
Dear Jake and Irene:
Thank you for your telephone call yesterday asking about year-end giving options at The Catholic Foundation. As we discussed, you have several options, one of which may be of interest to you since you are both over 70 ½ years old.
Donations to the Foundation can be made in many ways. Cash, appreciated stock, an unneeded life insurance policy or even real estate, are all excellent ways to make a charitable gift. Your gift would be added to the unrestricted endowment used to support the Foundation’s grant-making program which this year accounted for over $1.3 million in grants to organizations serving our Diocese.
Another type of gift that may interest you is one from your Individual Retirement Account. It is known as the IRA charitable rollover and can be done since you are over 70 ½ years old and may not exceed $100,000. In a nutshell, you tell your IRA trustee that you want to make an IRA charitable rollover gift to The Catholic Foundation. They prepare all of the necessary paperwork and make the transfer to us. In addition to the satisfaction of making the charitable gift, you do not have to report the IRA distribution or the charitable gift on your tax return. It is a tax “non-event” but from our perspective your gift would be a “major” event. I will be happy to answer any additional questions you may have about this type of gift.
Thank you for thinking of The Catholic Foundation and God Bless you during the Christmas season.Sincerely,
Edwin M. Schaffler
President and Chief Executive Officer