News & Event
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.
When the COVID-19 pandemic began impacting our region in March and individuals lost employment, many struggled to make ends meet and to provide food for their families.
Fortunately, our region has a strong network of food pantries and feeding programs that rallied quickly to provide support, and the Foundation rapidly deployed grants to help these organizations increase their capacity. For example, the Thrive food pantry stepped up quickly to extend their hours, staying open an additional ten hours per week, and they adapted their services to provide drive-through pick up of food. Through its Hunger Fund, the PACF provided a $5,000 grant to Thrive to help cover increased food and operating expenses. In March, Thrive assisted 259 clients. This number jumped to 628 in April.
"It was really great to see the CRI staff all work together to keep everything going," said Thrive Director Melissa Ogden. "I think one of the most memorable stories would be about the sweet lady who called us in tears scared to go to the store and didn't know how she would be able to get food. We told her that we would bring food to her, so we took her 'order' and food was left at her door. She could not believe that we would do this for her."
The PACF also provided a $4,620 grant from its Hunger Fund to Children's Home Society (CHS) to provide food boxes and cleaning supplies to youth in its transitional living program, which serves young adults transitioning out of foster care. CHS staff worked with local retailers to buy large quantities of fresh meat and vegetables, along with shelf-stable items, which provided these young adults with enough food to create 7 days of meals for their households. One youth was so excited to receive a gallon of milk after not having access to milk for several weeks, that he said, “I could just hug you all!”
"We agreed to an air hug because of social distancing," CHS staff reported, "but with it came a lot of laughter and smiles all because of a gallon of milk, something that most of us likely take for granted in our weekly shopping list."
To support the Foundation's work addressing food insecurity in our region, please donate to the Hunger Fund or contact us to learn more about how you can get involved.
National Recovery Month is a national observance held every September to educate Americans that substance use treatment and mental health services can enable those with mental and substance use disorders to live healthy and rewarding lives. Now in its 31st year, Recovery Month celebrates the gains made by those living in recovery. Today, we reflect on the accomplishments in our region and the opportunities for the future.
Amidst the national opioid and substance use disorder crisis, Huntington, WV, often made headlines for the many challenges its community faced, including some of the highest overdose rates in the U.S. Today, Huntington is making headlines again – but this time for its successful progress and pioneering recovery programs. Huntington Fire Chief Jan Rader shared the news and process of her community’s initiatives with the PACF. Rader’s passion and commitment to helping those in the Huntington area – including individuals with substance use disorder and the first responders who care for them in crisis – inspired the PACF, and our community, to action.
“Huntington’s example of leadership and innovation motivated the PACF to consider what role we could play in bringing our community together to address this issue in the Mid-Ohio Valley region,” said PACF Board Chair Cynthia Brown. “We are partnering with other local foundations and organizations to explore the ways in which we can all work together to offer leadership and resources to collectively address our concerns. The PACF also created the Fund for Recovery from which grants can be made to support programs that encourage prevention, support treatment and foster re-entry to society. This Fund also delivers resources to help meet the needs of persons such as children or grandparents whose lives have been affected by the substance use of family members.”
The PACF has devoted a variety of resources to address this issue, including a $5,000 grant to the Fourth Circuit Public Defender Corporation to provide safe, effective transportation to clients with substance use disorder to enable them to seek treatment.
“I had no will, no ride, and no family or friends who were willing to help.” said one client. “Thanks to the Fourth Circuit Public Defender Corporation, I was able to get a bed in treatment and was transported to and completed a six-month treatment program. I graduated from the program and am now back in the community doing well.”
In addition, a $12,750 PACF grant to the Mid-Ohio Valley Drug Court supplied dentures for drug court graduates made possible by a number of charitable funds of the Foundation.
“Poor dental health is an unfortunate side effect of drug use. It is exceptionally difficult to find work with a felony. Imagine adding to that the challenge of finding employment with rotten or missing teeth,” said Kat Boggs, Drug Court Probation Officer. “While we can give drug court participants all the tools to remain clean and sober for a lifetime, we do not have the funds to erase the physical cost of their substance use disorder. Those we have been able to aid in obtaining dentures have had amazing transformations, not only physically, but mentally and emotionally. The increase in their self-esteem is priceless.”
One recipient expressed his gratitude for his new dentures, “It was the best thing that has ever happened to me,” he said. “It feels good to be able to smile with how I’m living my life today! True happiness!”
The PACF has taken an active role to address the region's substance use disorder by convening community organizations, joining with other partners to learn more about services currently offered locally and gaps to be addressed, and creating the Fund for Recovery - a flexible grantmaking fund of the Foundation which helps persons and families in crisis and combats substance use disorder. In addition, the Foundation helped form the Substance Use Disorder Collaborative, an action-oriented collaborative focused on reducing the stigma and adverse effects associated with substance use disorder for individuals and families in the Mid-Ohio Valley and its surrounding communities.
“Our community is mobilizing,” said Cynthia Brown, “and we are committed to helping provide the leadership needed to bring everyone to the table to find new solutions to these critical issues here at home.”
To support the Foundation's work addressing substance use disorder in our region, please donate to the Fund for Recovery or contact us to learn more about how you can get involved.
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