Ideas for Giving and Moving Forward in 2023
Shippensburg University Foundation continues to move forward with its important work, and has created this page to offer resources to help you with your tax planning and to offer some ideas for you to consider if you are thinking about making a gift in support of our mission during this time:
1. Donor Advised Funds
If you have a Donor Advised Fund (DAF) and wish to help us this year, you can make a gift from your DAF to support our work without affecting your personal financial security.
2. Charitable Gift Annuity
If you are concerned about your financial security given the ups and downs of the stock market, you may want to consider making a gift to fund a charitable gift annuity. You might be surprised by the benefits. You can exchange your low-performing stock, CDs or cash for guaranteed, lifetime fixed payments. If you make a gift of an appreciated asset, you will not have to pay capital gains when you fund the annuity. You may also benefit from a tax deduction this year and a portion of your payments could be tax-free.
3. Restricted Gifts
If you have already made a gift to support our cause and your gift is restricted to a particular project or purpose, we would like to ask you to consider contacting us to remove your gift restrictions. This is an easy way for you to help us meet our current, most pressing needs, which will allow us to continue to support our staff and meet overhead expenses during this time.
Removing a gift restriction will give us flexibility to put your gift to meet critical needs and it doesn't require any additional gift from you.
4. SECURE Act
In December, Congress passed the SECURE Act, limiting stretch payments to IRA beneficiaries to 10 years. If you planned to benefit your children with your IRA, your heirs will now pay higher taxes on the inheritance they receive from you. When you revisit your estate plan, consider funding a testamentary charitable remainder unitrust with your IRA balance. This plan can provide lifetime payments to your heirs and spread out the taxes on their inheritance.
Qualified Charitable Distributions Enhanced - The IRA charitable rollover or qualified charitable distribution (QCD) limit of $105,000 for 2023 will be indexed for inflation starting in 2024. Individuals age 70½ or older are permitted to make distributions from their IRA directly to charity and avoid recognition of income. The act expands the QCD by allowing a one-time transfer of up to $53,000 to a charitable remainder annuity trust, a charitable remainder unitrust or an immediate charitable gift annuity.
If you are interested in learning more about any of these ideas, please contact us. Please also let us know how we can help you during this time.