Your IRA Can Make an Impact

For Elaine & Larry Merchant, the arts have always been more than entertainment. They are a way to bring people together, enrich a community, and crfeate experiences that last.

As a lifelong advocate for the arts and former director of the Marion Palace Theatre, Elaine Merchant has seen firsthand the difference the arts can make in Marion. She is a big proponent of the school music and arts programs in Marion that inspired and enabled the couple’s sons to pursue careers in the arts.

In 2024, the Merchants turned their passion into a lasting investment by establishing the Larry & Elaine Merchant Arts Fund at Marion Community Foundation. This Field of Interest Fund supports programs and organizations that foster and promote the arts throughout Marion.

Larry and Elaine have found a simple, effective vehicle to support the causes they care about. Each year, they direct a portion of their Individual Retirement Account (IRA) Required Minimum Distribution to their fund, and through that, to local nonprofits that are important to them.

A Two-Fold Gift

A Qualified Charitable Distribution (QCD) allows individuals age 70½ or older to transfer money directly from an IRA to an eligible charity. The gift can count toward a Required Minimum Distribution and is generally excluded from taxable income.
For some, that means they can put money that might otherwise be taxable to work for the community.

A QCD can support a variety of fund types at Marion Community Foundation, specifically scholarships, field of interest, designated, and unrestricted funds.

Looking Beyond Today

An IRA can also become part of a donor’s long-term charitable legacy. By naming a charitable fund at Marion Community Foundation as a beneficiary of all or part of an IRA, donors can create an enduring source of support for the community, while potentially preserving other assets for loved ones. It’s a smart way today’s generosity can continue making a difference long into the future.

To make a QCD, contact your IRA custodian or financial advisor and request that the distribution be sent directly to Marion Community Foundation. Then, let our team know what you would like your gift to benefit. We would be happy to help you with any paperwork.

Click to learn more about IRA GIFTS

Footer