News & Event
Beginning in March, the Parkersburg Area Community Foundation (PACF) began working to raise money for its Safety Net Fund and Hunger Fund to provide COVID-19 relief grants to area nonprofit agencies impacted by the pandemic. The community answered the PACF’s call for help and together they’ve raised more than $320,000 for the two COVID-19 relief funds. The PACF has made a commitment to grant 100% of donations received for COVID-19 relief back into the region.
The PACF recently awarded $38,241 in its fifth round of COVID-19 pandemic response grants, bringing the total awarded to date to more than $296,365, a total which also includes PACF Donor Advised Fund grants. Several of the recent grants were awarded through partnership with the Sisters Health Foundation (noted with an *). Agencies that received funding during the PACF’s fifth round of grants include:
While the PACF is best known for partnering with local citizens to build permanent long-term charitable funds for the betterment our region, the Foundation is also flexible and uniquely positioned to serve as a strong community partner in emergencies. The PACF is actively contacting nonprofits to assess COVID-19 impact on their communities and identifying ways to respond to these needs. Agencies seeking assistance should contact the PACF at 304-428-4438 or by email to firstname.lastname@example.org.
Donations to support the PACF’s Hunger Fund and Safety Net Fund are tax-deductible and greatly appreciated. To learn more about these funds and the work that the Foundation is doing to address COVID-19 in our region, visit www.pacfwv.com/COVID19.
Even small grants can make a big difference. Just ask the Ritchie County Family Resource Network (FRN). The FRN received a $600 COVID-19 relief grant from the PACF to buy material, elastic, and thread for a community mask-making project.
"Ritchie County had several clothing manufacturing factories in the county in the past. When I put the call out for volunteers, many of them were these same workers," said Pam Ward, Executive Director of the FRN. "By securing these funds, the FRN was able to provide volunteers with the necessary supplies to mass produce the masks. They felt like they were being useful and able to contribute back to the community and to help with the COVID pandemic."
The masks were donated to agencies and individuals in the county, allowing service providers to continue seeing clients and residents to safely get groceries, visit doctors, and undertake other essential activities. The masks will continue to offer protection for months to come
The Coronavirus Aid, Relief, and Economic Security (CARES) Act waived the requirement to take a required minimum distribution (RMD) in 2020. This closely followed the SECURE Act, which recently changed the age for RMDs from 70½ to 72.
The required minimum distribution (RMD) applies to most retirement plan owners over age 72. Because the 2020 RMD was calculated based on the December 31, 2019 value when the markets were at a high level, Congress decided RMDs should be waived for 2020. The 2020 RMD waiver also applies to inherited IRAs. The RMD for IRA owners over age 72 will resume in 2021.<
Fortunately, the IRA charitable rollover is still available for IRA owners over age 70½. While it does not fulfill the 2020 RMD because of the waiver, there are reasons many loyal donors will make IRA charitable rollovers, also known as qualified charitable distributions (QCDs) in 2020.
An IRA charitable rollover is a convenient way to make a gift in 2020. Many friends of nonprofits have IRA balances that have recovered from the March downturn. By fall 2020, these IRA balances may be an attractive source for loyal donors to use for charitable gifts. IRA owners may contact their IRA custodians to arrange a transfer directly to a favorite nonprofit.
Each IRA owner over age 70½ may give up to $100,000 per year in QCD gifts. The gifts are made to public charities for the general fund or a designated purpose. They may not be made to a donor advised fund, supporting organization or life income plan.
The QCD is not included in taxable income so there is no charitable deduction. It is simply a convenient way to support a favorite nonprofit. Many donors have made QCD gifts in past years and will choose to make the same IRA gift this year. In a year when the nation needs all of the services of the nonprofit community to help those in need, an IRA charitable rollover gift is an excellent way to help.
To learn more about making a gift from your IRA, visit our What to Give webpage or contact us at 304-428-4438.
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