IRA Charitable Distribution Available
Through WMMC Foundation
Warrensburg, MO (June 6, 2019) — Western Missouri Medical Center’s (WMMC) Foundation is now accepting Individual Retirement Accounts (IRAs) charitable distributions. An IRA charitable distribution provides owners of an IRA with a unique giving opportunity to support the WMMC Foundation without being subject to federal income tax on the distribution from a traditional IRA.
If you are 70½ years old or older, you can take advantage of a simple way to benefit the WMMC Foundation and receive tax benefits in return. The contribution must be made directly to Western Missouri Medical Center to support the Western Missouri Medical Center Foundation.
- You must be age 70½ or older at the time of gift.
- Transfers must be made directly from a traditional IRA account by your IRA administrator to Western Missouri Medical Center.
- Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
- Gifts from 401k, 403b, SEP and other plans do not qualify. Ask your financial advisor if it would be right for you to create a traditional IRA account so you can benefit from the IRA Charitable Transfer.
- Donate up to $100,000 annually.
- IRA Charitable Transfers are excluded gross income for federal income tax purposes on your IRS Form 1040. You receive no charitable deduction
- Count towards your required minimum distribution for the year in which you made the gift.
To learn more, visit wmmc.com/foundation.
The Western Missouri Medical Center (WMMC) Foundation is a nonprofit corporation as provided under sections 501(c)(3) and 509(a)(3) of the Internal Revenue Code. In accordance with our 509(a)(3) “supporting organization” status, specific giving methods such as IRA rollovers must be directed by the donor to WMMC instead of the WMMC Foundation.
Contributions are tax deductible in accordance with state and federal regulations. Please consult with your tax professional if you are contemplating making a charitable rollover gift from your IRA account.
About Western Missouri Medical Center Foundation
The Western Missouri Medical Center (WMMC) Foundation is a 509(a)3, not-for-profit organization. Established in 1987, its sole purpose is to support and enhance WMMC’s mission. The Foundation accomplishes this by securing private gifts and financial support from individuals and area businesses. These philanthropic gifts are used to enhance existing facilities, products and services offered by WMMC. They are also used to expedite the construction of new facilities, speed the delivery of new products, bring on the latest technology and expand the medical center’s services in order to continue to meet the growing health needs of the citizens Johnson County and West Central Missouri.
About Western Missouri Medical Center
Western Missouri Medical Center (WMMC) is a fully-accredited acute care county medical center located in Warrensburg, MO. WMMC prides itself in emergency care, obstetrics, orthopedic and general surgery, family healthcare, internal medicine, outpatient clinics, ambulatory care, rehabilitation services and more. Inpatient services include medical, surgical, intensive, obstetrical, orthopedic, pediatric and skilled nursing care, as well as a wide range of therapeutic and diagnostic outpatient services. This institution is an equal opportunity provider and employer. Learn more at WMMC.com.
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Contact: Tara Carlyle
Executive Director of Communications and Development