You Can Now Donate from Your IRA and Receive Fixed Payments for Life
By Michael Morse, Executive Director, Catholic Community Foundation of Southwest Florida.
With the passage of the SECURE Act 2.0 on December 29, 2022, individuals can now establish a charitable gift annuity with the Catholic Community Foundation of Southwest Florida through a qualified charitable distribution (QCD) from their individual retirement account (IRA).
Charitable gift annuities date back to 1919 but remain a great way for donors to support their favorite charity and received fixed payments for life in return. Donors have historically established gift annuities with gifts of cash, stock, or other appreciated assets. The ability to fund a gift annuity with a distribution from an IRA is a brand-new option.
A major benefit of this new option for donors that are 73 or older, is that the QCD contribution will count toward the annual required minimum distribution (RMD) from their IRA. Donors will also benefit from the security of a fixed income from the Catholic Community Foundation for the remainder of their and/or their spouse’s life. Additionally, donors will be providing future support to the Catholic Parish, School or entity about which they care most.
In order to establish a charitable gift annuity using a QCD from an IRA, you must be at least 70 ½ years of age at the time of the transfer, the annuity can only benefit the donor and/or their spouse, and it must come from a traditional IRA. This option can only be used in a single calendar year during the donor’s lifetime and there is an aggregate limit of $50,000 per taxpayer. A married couple can each contribute $50,000 from their respective IRAs for a total of $100,000.
It is important to remember that there is no federal charitable income tax deduction for the QCD transfer. Also, when using a QCD to establish a charitable gift annuity, the payments received by the donor(s) will be subject to ordinary income tax.
For donors interested in establishing their Catholic Legacy by supporting the long-term sustainability of the Church, while at the same time generating lifetime payments for themselves, a charitable gift annuity with the Catholic Community Foundation may be a great option.
If you would like to learn more about establishing a charitable gift annuity with the Catholic Community Foundation, or if you would like to learn more about other gifting options, please contact Michael Morse at 941-441-1124 or Morse@dioceseofvenice.org.
Catholic Community Foundation presents 16 scholarships
Bob Reddy, Florida Catholic
Bishop Frank J. Dewane, joined by members of the Catholic Community Foundation of Southwest Florida Inc. Board, led a virtual presentation ceremony on May 20, 2020 from the Catholic Center in Venice to honor 16 Foundation scholarship winners.
The recipients of the Mary Fran Carroll, Coseglia and Schaerf scholarships were recognized for their outstanding academic achievements and for their commitment of continuing their education in pursuit of wide-ranging career paths such as nursing, pediatrician, veterinarian, engineering and more. The ceremony is typically held in person, but the COVID-19 pandemic necessitated the virtual ceremony.
Bishop Dewane opened the presentation with prayer and said he was impressed with the new Foundation Scholars adding that many are interested in going into the medical field, where there is a great need. “God has blessed you each with different gifts. Enjoy what you are going to do but keep an eye on that goal.”
Michael Morse, Executive Director of the Catholic Community Foundation, congratulated the new scholars, saying the young men and women are worthy to forever be known as Foundation Scholars. “Every one of you, from what we learned, is unique, special, strong and smart; embrace that.”
The Mary Fran Carroll Scholarship provides a total of 11 academic scholarships, each valued at $3,000, to residents of Sarasota County and is available for tuition, books and fees. This year there were 10 traditional scholarship winners (high school graduates pursuing an undergraduate degree) and one non-traditional winner (an adult learner seeking an advanced education after being away from school for a number of years). Scholarship applicants were asked to complete an online application and financial needs assessment in addition to submitting a clearly articulated career plan describing their chosen course of study. Traditional students needed to be accepted into an accredited college or university and non-traditional students needed to be accepted into an accredited college, university or vocational program. Scholarships may also be renewed annually up to a total of five academic years for students maintaining a minimum unweighted GPA of 3.2 or greater, while also making progress toward their career goal.
The Frank and Florence Coseglia Scholarship provides a one-time scholarship of $1,117.00 to one graduating senior from each of the four Catholic High Schools within the Diocese of Venice. The winners were nominated by their high schools and approved by the Foundation Board.
The newest award offered through the Foundation is the Frederick W. Schaerf M.D. Ph.D. Neuroscience Scholarship, which provides one $4,000 one-time scholarship to a graduating senior from Bishop Verot Catholic High School in Fort Myers interested in pursuing a career in neuroscience.
The Foundation Scholarship Committee carefully reviewed applications before determining the worthiest applicants.
During the virtual scholarship ceremony, the recipients shared their personal experiences as well as college and career goals. Each expressed their appreciation for the scholarship from the Foundation. Many specifically explained how the scholarship money will assist in lessening the financial burden of attending college and pursuing their career goals.
Mary Fran Carroll Scholar Elizabeth Steindorf graduated from Riverview High School and is a parishioner at Christ the King Parish in Sarasota, who will be attending the Louisiana State University Ogden Honors College to study chemistry on a pre-med track in hopes of becoming either a general pediatrician or pediatric surgeon. “Thank you. This scholarship will help pay for my undergrad so I can focus my funds toward medical school in the future.”
Board President Dominick Cavuato summed up the sentiments of the Board when he noted how the new Foundation Scholars are an impressive group of young women and men.
“We congratulate you on the journey you have taken so far, and we look forward to hearing great things in the future,” Cavuato said.
The Catholic Community Foundation of Southwest Florida Inc. was established to provide philanthropic opportunities for individuals, such as Mary Fran Carroll, to create lasting gifts in support of Catholic programs and ministries within the Diocese of Venice. Last year alone, the Foundation distributed $1.2 million in endowed support for Catholic Schools, Parishes, Seminarian education, programs for the needy, college scholarships and more.
The Catholic Community Foundation of Southwest Florida Inc. has awarded four outstanding Diocese of Venice Catholic high school graduates with the 2020 Frank & Florence Coseglia Scholarship. The winners were recognized for their academic standing, service to their Parish and school, as well as an essay on what their Catholic Education has meant to them.
The scholarship recipients are Mary Castillo of Bishop Verot Catholic High School in Fort Myers; Faith Giovine of Donahue Catholic Academy of Ave Maria; Grant Wojcik of St. John Neumann Catholic High School in Naples; and Anna Kollmeyer of Cardinal Mooney Catholic High School in Sarasota.
The Catholic Community Foundation Coseglia Scholarship was established in 2012 to fulfill the dreams of Frank and Florence Coseglia. The Coseglias wanted to provide financial support to deserving Catholic high school graduates pursuing degrees at accredited colleges or universities, and they wanted that financial support to last far beyond their lifetimes. For these reasons, the Coseglias chose to create a Catholic Legacy by establishing an endowed scholarship fund with the Catholic Community Foundation of Southwest Florida.
The winners were nominated by their high schools and approved by the Catholic Community Foundation Board of Directors. Each will receive a one-time scholarship of $1,117 toward the cost of their college/university studies. This is the ninth year the Catholic Community Foundation Coseglia Scholarship has been awarded.
Castillo was accepted to St. Mary’s College in Notre Dame, Indiana, where she will be pursuing a degree in nursing with a minor in Spanish. Through her voluntary work in missions while in high school she is dedicated to helping those in need in third world countries. She credits Bishop Verot with providing her an “amazing education.”
Giovine will be going to Ave Maria University to follow her passion for nursing and the sciences. “This scholarship will help me to achieve that goal.”
Wojcik was accepted to Florida State University to obtain degrees in finance and pre-law, with plans to go to law school to become a wills and trust attorney. Grant has a passion to help and protect those who need it, something he credits to the Salesian Sisters of St. John Bosco who run St. John Neumann. “They helped me to build a connection with my whole community.”
Kollmeyer was born in China and adopted by a family in the United States. She will be attending the University of Nebraska-Omaha where she will be living in the St. John Paul II Newman Center. In high school she worked with the Miracle Aid Club and will seek a degree in helping children with special needs.
The Coseglia Scholars were recognized during a May 20, 2020, virtual awards presentation. Bishop Frank J. Dewane joined Catholic Community Foundation Executive Director Michael Morse and Diocese Chancellor Dr. Volodymyr Smeyrk on a Zoom conference call from the Catholic Center.
Bishop Dewane said he was impressed by each scholar’s achievements in their respective Catholic high schools and expected great things from them going forward.
Morse said the Coseglia Scholarship is a wonderful example of how one family chose to support the good works of the Catholic Church by investing in the education of our youth.
Those interested in learning how to set up an annual scholarship in their name, or the name of a loved one, should contact the Catholic Community Foundation at 941-441-1124, by email at Morse@dioceseofvenice.org. You can also visit the Foundation website at www.CCFDioceseofvenice.org.
Catholic Community Foundation of Southwest Florida, Inc.
Virtual Life Planning Seminars 2020
June 24th , June 25th, June 26th
Life Planning Seminar Information
Due to the coronavirus, many Parishes in the Sarasota, Collier, Lee, Charlotte and surrounding counties had to postpone the Life Planning Seminar that were originally scheduled at different parishes around the counties for this past spring. As a result of the numerous requests, the Catholic Community Foundation has scheduled these seminars virtually through Zoom Meetings. Going virtual will allow the attendees to view and learn right from the safety of their own homes.
Topics of discussion for these events are relative to those entering their senior years, already in their senior years, and those who care for senior relatives or friends. The Virtual Life Planning Seminar will allow those to obtain important information on
1. Making a will
2. Who can make health care decisions on my behalf?
3. Is my will from another state valid in Florida?
4. How can I leave my assets to my family?
5. Is there a more beneficial way to make donations?
Who will be presenting?
The interactive webinar will feature a local Catholic Estate Attorney, a local Catholic Financial Advisor and the Executive Director of the Catholic Community Foundation who will provide the participants with the knowledge they need to make critical health, legal and financial decisions.
Where can I register ?
All attendees will need to register ahead of time in order to join the meeting. Once registered the Catholic Community Foundation will send you an informative information sheet that can be used to help sign up with Zoom Meetings and contact information for the day of the event.
To register for the Virtual Life Planning Seminar: