Gifting Distributions from Your IRA

Norma Jacob is a giving woman. She gave us our current president, her son, Dean Jacob. She also gives regularly — one might say religiously — to support her favorite cause, the St. Vincent de Paul Society of Marion’s St. Mary Church. And, instead of writing frequent checks, she does so with quarterly transfers from her IRA.

This type of donation gives a dollar-for-dollar tax benefit without any need to itemize.

St. Vincent is important to Norma because it operates one of the largest food pantries in the area, as well as a thrift store, providing food and clothing to Marion’s less fortunate. Norma, now 100+ years old, uses her required IRA distributions to regularly add to the charitable endowment she created in 2010 to support St. Vincent’s. And, in that time, her fund has directed $2,500 in grants while continuing to grow. Due to the endowed nature of her fund, the principal will continue to grow and awards made well beyond her lifetime, permanently supporting this cause she holds dear.

Directing your IRA distribution to charity is a simple process of completing a form with your financial advisor.

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The Society of Saint Vincent de Paul is an international voluntary organization of the Catholic Church, founded in 1833 to serve the poor. In Marion, the Society operates a thrift store and food pantry at 342 N. Main St. All proceeds from the thrift store and donations supply and support the food pantry. The pantry, which serves 300+ individuals annually, is open five days a week by appointment. Eligibility information can be found online at svdpmarion.org/services/food-pantry.