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Foundation
&
Alumni Association
 New IRA Charitable Giving
Options
Recently Congress extended the Pension Protection
Act, which permits IRA owners to make tax-free charitable gifts
totaling up to $100,000 per year. If you are age 70 1/2 or
older, this special legislation allows you to directly transfer
a donation to the Labette Community College Foundation. It
applies to distributions made throughout the 2008 and 2009 tax
years.
EXAMPLE: Suppose Mary has $500,000 in an IRA and will be
required to withdraw approximately $25,000 this year, and
suppose that she also wants to contribute $10,000 to the LCC
Foundation. She can authorize the administrator of the IRA to
transfer $10,000 to the LCC Foundation and $15,000 to herself.
The $10,000 distributed to the LCC Foundation will not be
subject to tax and will be counted toward her annual required
minimum distribution.
How does it work? 1. You request your IRA administrator to
transfer funds to the LCC Foundation. 2. The administrator
transfers the funds directly to us 3. This “qualified charitable
distribution” is excluded from your adjusted gross income. |
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9/7 |
College Closed
Labor Day Holiday |
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9/28 |
Board Meeting
5:30 in Conference Room |
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11/20 |
Donor Appreciation Luncheon
12:00 in Municipal Auditorium
Basement |
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4/24 |
Auction for Scholarships
6:30
at Parsons VFW Hall |
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5/21 |
LCC Commencement
Parsons Municipal Auditorium |
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L-R: Jim Bishop, Skip Smith and Wanda Maxson-Ladage were
honored with the 2009 Distinguished Alumni Award May 15th.
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200 S. 14th Street