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Read the latest news about the Foundation, information updates and reports.
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April 20, 2007
The first of 77 million baby boomers turned 60 in 2006. They are on the front edge of the largest, healthiest, best educated population of Americans ever to move through and beyond their 50s. They are pioneers in a new stage spanning the decades between middle and late life.
Neither young nor old, they represent an extraordinary pool of social and human capital. They want to do work that serves a greater good, but too often, their individual enthusiasm is stymied by perceptions, policies and practices that discourage the sharing of experience. As a result, this growing number of Americans represents a largely untapped resource in a nation with many unmet needs.
The Saint Paul Foundation was one of 30 community foundations nationwide selected to participate in the Community Experience Partnership, an initiative of Atlantic Philanthropies.
The purpose of this initiative is to expand opportunities for older adults to become engaged as vital civic resources in their communities.
Various East Metro nonprofits were assessed in their readiness to utilize baby boomer volunteers. This assessment is meant to help nonprofit organizations identify their own ability to fully utilize the capacity of baby boomers in our community.
Download a copy of the assessment here. (PDF)
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A New Opportunity for Donors The Pension Protection Act of 2006 provides some donors the chance to make a significant gift to an organization or cause by using retirement plan assets.
The Pension Protection Act of 2006 provides some donors the chance to make a significant gift to an organization or cause by using retirement plan assets. We want to highlight one provision of this law that provides a unique charitable opportunity.
The new law permits individuals age 70½ or older to give up to $100,000 per year in retirement plan assets from a traditional or Roth IRA to a qualifying charity without having to take such distributions into their taxable income. Designed as a way to encourage charitable giving, there are additional parameters for donors to consider:
- Donors must be age 70½ or older on the date of the gift.
- Donors may give up to $100,000 without having to count the distribution/charitable gift as taxable income. However, there is no income tax deduction for the gift.
- Gifts to Designated Funds or Field of Interest Funds or special projects of the Foundation, such as Community Sharing Fund and WordsWork!, qualify under this act. Gifts to Donor Advised Funds and supporting organizations do not qualify.
- Charitable gifts must be made outright to a public charity. Life income gifts do not qualify.
- This program is effective for distributions made in 2006 and 2007.
For more information, please call the donor relations team at 651.224.5463. |
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