Contributing RMDs to a Single Charity Fund
Donor can now contribute their Required Minimum Distribution (RMD) from an IRA to a qualified charity through a Qualified Charitable Distribution (QCD), up to $100,000 per year per person.
What are the benefits?
Reduces taxable income.
Simplifies giving by sending the full RMD to one charity fund.
Allows structured support for charitable causes.
What are the limitations or rules related to Single Charity Funds?
Donors must be age 70½ or older.
Funds must go directly from the IRA custodian to the charity.
QCDs cannot be made to donor-advised funds.
How do I set up a Single Charity Fund on BlueGive?
Advisors will first invite their clients to set up a new account and must designate a single charity for granting out of their SCF upon the creation of the invitation. This will lock down all giving so that all grants go to the eligible charity.
On the Advisor Homepage, click Add Client from the left navigation page and enter in the donor details for the single charity fund including the designating the charity at the outset of the invitation:
Step two is confirming the invitation looks correct before inviting the client. You may always go back and edit the information if you made a mistake.
You will receive a successful invite message letting you know that the invitation has been sent to the client.
The client will receive an email with the action to "Get Started", which brings the client to the login page to create a password and complete their fund setup.
The client will click the link which will bring them to the set a password page:
Upon logging in, your client will finalize their fund details and contact information before completing the single charity fund setup:
Confirm the SCF details. **Very important to ensure that you've chosen the correct designated charity. Once your fund is created, the receiving charity will no longer be able to be changed
Contributing to a Single Charity Fund
Adding funds to your Single Charity comes with the same contribution options as a regular donor-advised fund with the addition of an IRA Transfer:
Follow these steps to contribute from your IRA:
Click Add Funds in the left navigation pane > select IRA Transfer:
Enter the IRA provider details and the amount to contribute. The right hand side will populate the information you'll need to submit a grant to the GiveClear Foundation from your IRA:
After logging your Intent to Contribution funds from your IRA, log into your external institution to initiate the fund transfer using the details on this page.
You can track the progress of your contribution on the Recent Transactions page:
Giving from Your Single Charity Fund
Once your Single Charity Fund is funded, you'll be able to begin granting. The granting process works the same way as it does with a donor-advised fund, however, with a single charity fund, you may only give to your designated charity.
Click Give in the left navigation pane and your SCF will load automatically:
Enter details of your grant including the amount, frequency, dates, purpose, and grant notes. Ensure the gift is NOT used for personal gain such as:
Tuition
Membership fees
Dues
Admission to charitable events
Goods bought at auction
Organizational pledge
Lobbying
Political contributions
Click Continue to review your grant. You can always click Edit to go back and make changes or connect with the BlueGive Support team if you 'spot an error' in the charity's address or EIN. We will review and look into any inquiries about outdated charity data coming from our data vendors.
Check the Box:
If you would like to give your grant anonymously, otherwise, your fund name and e-mail address will be provided to the grantee.
To confirm that your grant submission meets the Blue Trust Program Guidelines.
Submit your Grant!
Once submitted, your grant will go into the pending state while it is reviewed. Navigate to the Recent Transactions page to view your grant detail status.