Unity on the River gratefully received a small stock portfolio, which a deceased congregant willed to us about 10 years ago. With the stocks' appreciation, Stan Wrobel, former board treasurer, wrote a charter and formed a management committee that includes volunteers Nancy Reiss and Jeremy Bifano, current Board Treasurer. Our aim is to invest, grow, manage and disperse these funds. Endowment funds are targeted for capital improvements, and will only be used as a last resort for emergencies when necessary.
For those who love UOTR we anticipate other congregants might also invest to protect our legacy by remembering our spiritual home in your wills. Contact Stan, Nancy or Jeremy for UOTR details. Please seek legal advice for specifics on estate planning or preparing/changing your will or trust.
Unity Worldwide Ministries offers information on doing an IRA Charitable Rollover (also known as a Qualified Charitable Distribution) and some advice on Planned Giving. From IRS publication 590b:
Qualified charitable distributions.
A qualified charitable distribution (QCD) is generally a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax-deductible contributions. You must be at least age 70½ when the distribution was made. Also, you must have the same type of acknowledgment of your contribution that you would need to claim a deduction for a charitable contribution. See Records To Keep in Pub. 526.
The maximum annual exclusion for QCDs is $100,000. Any QCD in excess of the $100,000 exclusion limit is included in income as any other distribution. If you file a joint return, your spouse can also have a QCD and exclude up to $100,000. The amount of the QCD is limited to the amount of the distribution that would otherwise be included in income. If your IRA includes nondeductible contributions, the distribution is first considered to be paid out of otherwise taxable income.
The charter for the UOTR Endowment fund was approved by the Board of Trustees on December 2, 2020.