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FOUNTAIN HILLS, Ariz (October 25, 2006) — The Fountain Hills Community Foundation (formally known as the Sunridge Foundation) has evolved over the years and has expanded the ways they can accept contributions with the addition of the Endowment Fund.

The Fountain Hills Community Foundation Endowment Fund can accept donor gifts of cash and appreciated assets.  And now, with new legislation, they can also accept contributions from IRA accounts.

“The IRS now permits taxpayers to make gifts to the Fountain Hills Community Foundation from their IRA Accounts,” said Robert Sternfels, Director the Fountain Hills Community Foundation Endowment.  Many seniors, 70 1/2 years of age or older have a majority of their assets locked in their IRAs.  Each year they are faced with having to withdraw and pay taxes on money from their IRAs, whether they need it or not.  Now, however, Congress has enacted legislation as part of the Pension Protection Act of 2006 (PPA 2006), which offers charitably minded individuals a golden opportunity to make gifts from their IRAs to the Fountain Hills Community Foundation and exclude the amount of their gifts from gross income. 

“To qualify, the donor must be 70 1/2 years of age or older; transfers must go directly from their IRA to the Foundation; gifts cannot exceed $100,000 per taxpayer per year; and the gifts must be outright, i.e. no strings attached” said Sternfels.

Prior to the new act, many individuals were unable to use some or all of their IRA funds to make charitable gifts. “The new law corrects that and enables donors to help start the Foundation’s Endowment Fund while at the same time eliminate their IRA withdrawal from their gross income.  This could enable taxpayers to avoid up to $35,000 ($100,000 x 35%) in federal income tax on IRA distributions for this and next year,” said Bob.

The Endowment Fund was established to perpetually fund the many local non-profit organizations in the Fountain Hills area.  “We all need to pitch in to start the Endowment to provide charitable funds for generations to come” said Bob. “Enabling seniors to make gifts from IRAs is the perfect way.” This opportunity is only available for 2006 and 2007.

The Endowment Funds are invested with and managed by the Arizona Community Foundation, which manages almost $1 billion in assets to generate a steady stream of income for Fountain Hills Community Foundation charities. 

To learn more about making charitable donations from your IRA to the Fountain Hills Community Foundation Endowment, please contact Bob Sternfels at 480-816-9985.

The Fountain Hills Community Foundation is a 501(C)(3) non-profit organization dedicated to supporting the educational, cultural and humanitarian activities in the Fountain Hills area.  To learn more about the Fountain Hills Community Foundation, call 480-827-1287.  The Fountain Hills Community Foundation is developing a new web site and it is expected to be up and running soon at fountainhillscommunityfoundation.org