Donation Funding Strategies

“Pain-free” Giving – Leveraging your generosity

Do you shop with Amazon on line? AmazonSmile Foundation (smile.amazon.com), donates 0.5% of the price of eligible purchases to charitable organizations selected by Amazon customers. So, when you complete your purchase on smile.amazon.com (instead of amazon.com) you can designate New England Electric Railway Historical Society as the charity you support!

Employer Matching Gifts

Many employers offer matching gift programs to encourage employees to contribute to charitable organizations. Some even provide matching funds to support employee volunteer hours. We encourage you to check with your employer to determine if they will match your generosity to New England Electric Railway Historical Society.

Minimum Required Distributions from Retirement Accounts

Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.
Full information is available on the IRS site.

Charitable Distribution from your IRA

The PATH Act signed into law on December 18, 2015 permanently extends the provisions allowing tax-free distributions by individuals age 70½ or older directly from their IRAs to qualified charities. The bill, allows taxpayers age 70 ½ or older to transfer up to $100,000 annually from their IRA accounts directly to charity without first having to recognize the distribution as income.
How it works:
• You must be 70 ½ or older and eligible to take your Required Minimum Distribution (RMD).
• Your total combined charitable IRA rollover contribution cannot exceed $100,000 in any one year. ($200,000 exclusions may apply for tax payers who are married and filing a joint return).
• Charitable contributions from an IRA must go directly to NEERHS. Contributions to donor-advised funds and private foundations do not qualify for tax-free IRA rollover contributions.
• Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible for the tax-free treatment.
• Distribution must be made directly from the IRA trustee payable to NEERHS.
• In order to qualify for tax-free treatment, you cannot receive any goods or services in return for your charitable IRA rollover gift.
• You must receive an acknowledgement from NEERHS for a rollover-qualified gift.