Boehmer's Support is a Slam Dunk Through QCD
For Chaminade Board Chair Richard (Rick) Boehmer, making a planned gift to Chaminade was a slam dunk.
Both of his children, Adam '98 and Natalie '01, graduated from Chaminade, and Rick knew well the family spirit they experienced as students. He recognized that generous past donors had made his children's quality education possible.
So, when he began to research IRA provisions for required minimum distributions, or RMDs, he learned about the advantages of qualified charitable distributions, or QCDs.
You cannot keep retirement funds in your account indefinitely. You generally must start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022). A qualified charitable distribution is a tax-effective way of making a gift to Chaminade. This type of IRA distribution allows individuals who need to make a required minimum distribution, to make a tax-free donation of up to $105,000 to one or more charities directly from an IRA or Roth IRA. This contribution can satisfy one's required minimum distribution from a taxable retirement account, allowing one to avoid being pushed into a higher income tax bracket and preventing the possible phase out of other tax deductions.
Rick's qualified charitable distribution towards the President's Initiatives helps ensure that Chaminade continues to provide the same quality experience his children enjoyed to current students. And his charitable distribution towards Chaminade's Soaring to New Heights capital campaign will do even more—by supporting the school's two-campus master plan, benefitting generations of future students.
"If you're in a position of needing to make a required minimum distribution from your IRA, please consider directing a qualified charitable distribution to Chaminade as a way to avoid taxes on those funds that otherwise will be treated as ordinary income, while making Chaminade an even better place," he advises.