Make a long lasting impact through planned giving to the Master Gardener Foundation of Thurston County. Donating a portion of your assets to the Foundation will help create a solid financial foundation for the Thurston County WSU Master Gardener Program, the Master Recycler Composter Program and our three Demonstration Gardens. The Master Gardener Foundation of Thurston County (MGFTC) is a federally recognized charitable organization (Federal Tax ID #91-1898726).
In what ways you can provide financial support to the MGFTC?
Cash Donations
Give online or mail a check payable to MGFTC to:
MGFTC
PO Box 165
Olympia, WA 98507-0165
Qualified Charitable Distributions (QCDs) from an Eligible Individual Retirement Account (IRA)
“A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity.” Qualified Charitable Distributions (QCDs) | planning your IRA withdrawal | Fidelity
Each year, an IRA owner age 70½ or over when the distribution is made can exclude from gross income up to $100,000 of these QCDs. For a married couple, if both spouses are age 70½ or over when the distributions are made and both have IRAs, each spouse can exclude up to $100,000 for a total of up to $200,000 per year.
Normally, distributions from a traditional IRA are taxable when received. With a QCD, however, these distributions become tax-free as long as they’re paid directly from the IRA to an eligible charitable organization (e.g. Master Gardener Foundation of Thurston County).
For retirees who’ve accumulated significant savings in tax-deferred accounts such as an IRA, the onset of Required Minimum Distributions (RMDs) at age 73 can have serious tax consequences. The higher the balance in your tax-deferred accounts, the higher your RMDs —and potentially your tax bracket. A QCD can be a great way to reduce RMDs and optimize the tax benefits of giving. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met. To learn more, click on the link to review the following IRS Tax Information or see advice on any major investment website (Fidelity, Schwab, Vanguard etc.).*
Let Us Know Your Intentions
If you decide to support the Foundation through a QCD, payment to the Master Gardener Foundation of Thurston County will be sent directly from your IRA financial institution to the Foundation. Please note the Foundation’s Federal Tax ID #91-1898726 when communicating with your financial institution about your QCD.
Master Gardener Foundation of Thurston County
PO Box 165
Olympia, WA 98507-0165
You Will Need a Receipt for Tax Purposes
In order to send you a written acknowledgement that complies with IRS requirements, the MGFTC will need to know your donation is coming. Mail a note to our address above or email treasurer@mgftc.org.
Bequests, Retirement Plan Assets, and Life Insurance
You can name the Master Gardener Foundation of Thurston County as a beneficiary of your will, retirement plan, annuity or life insurance policy.
*The Master Gardener Foundation of Thurston County does not provide legal or tax advice. Donors should consult their financial advisors to properly determine the tax consequences of making a charitable gift. BE ADVISED this information is from the IRS and reputable financial institutions, but is not intended to replace professional advice.