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English English
Spanish Español

Help us create a community without hunger

Planned Giving

 

As a nonprofit organization, we rely on the generosity of friends like you to help maintain CORA as a crucial community partner in the fight against hunger in Chatham County.

By including CORA is your financial and estate plans, you can ensure that our efforts to build a community without hunger continues until our services are no longer needed.  


Name CORA in Your Will

How It Works

  • Include a gift to CORA in your will or trust.
  • Make a bequest unrestricted or direct it to a specific purpose.
  • Indicate a specific amount or percentage of the balance remaining in your estate or trust.
  • Tell us about your gift so we may celebrate your generosity now! Contact Rebecca Hankins at 919-491-5896 or rebecca@corafoodpantry.org.

Charitable Gift Annuities

Would you like to make a gift today, but have concerns about income for you or a loved one?

A charitable gift annuity is a simple contract wherein CORA will pay fixed payments for the life of a donor’s designated annuitant in exchange for a donation to the organization. Considered to be part donation and part purchase of an annuity under contract, the fixed rate of payments is guaranteed for the life of the income recipients. A portion of that income is even tax free!

Put Your IRA to Work for CORA

You’ve worked hard and planned for retirement. Now, with a little creativity, you can leverage your retirement assets to benefit you and your family, reduce federal taxes, and support CORA into the future.

How It Works

  • Name CORA as a beneficiary of your IRA, 401(k), or other qualified retirement plan.
  • Pass the balance of your retirement assets to CORA by contacting your plan administrator.
  • Important! Tell CORA about your gift. Your plan administrator is not obligated to notify us. So if you don’t tell us, we may not know. Contact Rebecca Hankins at 919-491-5896 or rebecca@corafoodpantry.org.

70 ½ or older? Make a “Tax-Free” Gift Through Your IRA

Did you know the gift of a Qualified Charitable Distribution (QCD) benefits donors aged 70½ and up?

The Qualified Charitable Distribution is an excellent way to show your support for CORA and receive tax benefits in return. As you plan your required minimum distributions (RMD) for this year, consider using your IRA account to make the most of your charitable giving. You receive a tax benefit even if you take the standard deduction!

It’s important to consider your tax situation before deciding whether to make a charitable contribution from your IRA. Be sure to share this gift plan with your financial advisor.

To Qualify

  • You must be 70½ or older at the time of gift.
  • Distributions must be made directly from a traditional IRA account by your IRA administrator to CORA.
  • Gifts must be outright, meaning they go directly to CORA. 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 make sense for you to create a traditional IRA account so you can benefit from an IRA Qualified Charitable Distribution.
  • Gifts that are made outright and not added to your gross income could increase your social security payout.

Tax Benefits

  • IRA Qualified Charitable Distributions are excluded as gross income for federal income tax purposes on your IRS Form 1040.
  • The gift counts toward your required minimum distribution for the year in which you made the gift.
  • You could avoid a higher tax bracket that might otherwise result from adding an RMD to your income.

This information is not meant as tax or legal advice. Please talk with your accountant, financial advisor, or attorney about including CORA in your financial and estate plans.