IRAs and Donor-Advised Funds

Assets such as Individual Retirement Plans (IRA) and Donor Advised Funds (DAF) can be given as gifts to Sparks for Success. These options not only benefit our organization, but they can often provide you with savings on your taxes as well.                                                                                        


Individual Retirement Accounts (IRAs) and Qualified Charitable Distributions (QCDs)

Sparks for Success also accepts gifts from your IRA. Withdrawing funds from your IRA usually counts towards your annual income but donations are the exception. Gifts of this manner can be tax free up to a designated amount.

A popular way to allocate these gifts is through a Qualified Charitable Distribution (QCD). QCDs are a transfer of funds from your IRA to a designated charity. They often provide greater tax savings than just a cash donation. However, there are specific rules around QCDs including what age you must be to take advantage of this option so consult your financial advisor to get the most up to date information. 

Many donors also like to give through QCDs if they must meet a Required Minimum Distribution (RMD). The amount given through a QCD can count towards your RMD, without becoming part of your annual taxable income.                                                                                                                                                                                                                                                                                                                                                                                                                                                

Donor Advised Funds

A Donor Advised Fund (DAF) is a private investment account created to support charities of your choice. The donor contributes to the account over time and advises where the funds should be distributed. Contributions into this account don’t have to be just cash; they can also be shared in the form of stocks and bonds. 

DAFs benefit donors by providing sizable tax deductions during the year that the contributions are made. They can also potentially reduce capital-gains taxes. 

This is your chance to make a positive impact on impoverished youth!

Please consider a gift to Sparks for Success! to help us offset these additional unforeseen expenses. Sparks wants to continue these weekly videos throughout the summer and into the school year. You can support literally hundreds of children through this project.

Most helpful is to have the security of monthly contributions. By choosing this option you will help Sparks know what we can do for our children. Sparks for Success! is grateful for all contributions.

Thank you in advance for supporting our children through these difficult days.

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