Qualified Charitable Distributions (QCD)  Each year, an IRA owner age 70 ½ or over can exclude from gross income up to $100,000 of direct charitable distributions from his or her IRA. For a married couple, if both spouses are age 70 ½ or over and both have IRAs, each spouse can exclude up to $100,000 for a total of up to $200,000 per year. The QCD option is available regardless of whether the  eligible IRA owner itemizes deductions on Schedule A, and can satisfy the donor’s required minimum distributions (RMDs). Transferred amounts are not taxable, and no deduction is available for the transfer. Individuals over the age of 73 are required to take RMDs from their IRAs, and giving to a nonprofit like the CJO is an excellent way to lessen a tax burden that may come with this new income.

Charitable Gift Annuity A charitable gift annuity may be funded with cash, securities, life insurance or a variety of other assets. Charitable gift annuities function basically like any life annuity. The donor contracts with a charity to pay a lump sum, and in return receives a regular income stream, which is usually paid quarterly. The payments stop upon the annuitant’s death, and the remaining assets in the account are retained by the charity or nonprofit as a gift.

Bequests A number of longtime CJO supporters have remembered the CJO in significant ways in their wills, funding our lead alto saxophone and bass chairs, and providing funding for special performing projects, including the Chas Baker CD Live Recording Concert at the Bop Stop. By naming the CJO in your will, you can create an everlasting legacy and keep the music alive in Northeast Ohio for future generations.