Qualified Charitable Distribution

How to make a Qualified Charitable Distribution to Norte 

Thank you for considering a Qualified Charitable Distribution (QCD) to Norte! We are pleased to provide you with the following asset delivery instructions. These instructions are to be used for gifts directly from your IRA to Norte.

To complete a qualified charitable distribution (QCD) from an IRA to Norte, the IRA owner must: 

  1. Already be age 70 1/2 on the date of distribution (note: if married, each spouse can make use of this opportunity) 
  2. Submit a distribution form to the IRA custodian, requesting that the check be made payable to Norte
  3. Ensure that no tax withholding is being done from the QCD to Norte (as the money must actually go to Norte to qualify, and as a non-taxable distribution no withholding should be necessary) 
  4. Send the check directly to Norte or to the IRA owner to be forwarded along to Norte
  5. A maximum of $100,000 per year can be distributed using this strategy, and treated as the donor’s ‘required minimum distribution’ for the calendar year. 

While the process of completing a QCD to a charity is fairly straightforward, the key administrative requirement is that the distribution check must be made payable directly to Norte If the funds go to the IRA owner and are then passed along to Norte, it is still a taxable distribution to the IRA owner and not a QCD. 

Under IRS Notice 2007-7, Q&A-41, it is permitted for the check to be mailed to the IRA owner, as long as the check is payable to the Norte, but a check payable to the IRA owner that is merely endorsed over to Norte does not satisfy the QCD requirements. 

 

Donations made by check or credit card may be sent directly to Norte.

Norte

PO Box 781

Traverse City MI 49685

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