Venice Yacht Club Charitable Foundation

Summer is here. The year is flying along and life for everyone is hopefully getting back to normal.

The Venice Yacht Club Charitable Foundation (VYCCF) through the generosity of our VYC membership has and is continuing to assist those in need throughout our community. So far in 2021 we have made grants totaling $57,000.00 to eleven different local organizations. Our total year grant budget is planned for $101,000.00. All of this puts the VYCCF and the VYC at the forefront of Charting a Course to a Better Community!

With tax laws changing and that is making tax planning more important, we wanted to take this opportunity to address a question asked by many of our over 70 ½ year old donors. How to handle a "Qualified Charitable Distribution" (QCD) from my IRA account as part of my annual "required minimum distribution" (RMD) to an organization making me eligible to receive all tax-deductible contribution benefits? Since VYCCF is a donor advised fund of the Gulf Coast Community Foundation (GCCF) and while we are regularly passing-through normal donation/contributions to GCCF, qualified distributions from IRA’s must be handled differently, so the funds are credited to VYCCF and you, the donor, receive all legal tax advantages.

The following is the procedure to make such a contribution to the VYCCF from your IRA account:
1. Notify your IRA trustee that you desire to make a Qualified Charitable Distribution to Gulf Coast Community Foundation, 601 Tamiami Trail South, Venice, FL 34285 in the amount of your choice. If they send the check directly to Gulf Coast Community Foundation, please instruct them to indicate on the check, in the memo section, Venice Yacht Club Charitable Foundation and notify us that the contribution has been made.
2. If the check is sent directly to you, please send it to the Venice Yacht Club Charitable Foundation, 1330 Tarpon Center Drive, Venice FL 34285 and we will deliver it and see that it is processed accordingly.

When this QCD procedure is followed, your taxable income is reduced by the total amount of your contribution to VYCCF, and you will still be afforded all the advantages of your standard deductions against your federal tax obligations.

We hope this helps in your decision making. Each and every contribution is appreciated and desperately needed. If you do have further questions, your tax advisor or IRA Trustee could be a valuable resource, when utilizing this commonly used practice to reduce federal taxes on your annual RMD.

With sincere appreciation,
Dave Slaman ~ Chair
John O’Donnell ~ Treasurer

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updated: July 2020 Currents