Where It Began? The Oracle School Foundation Celebrates Its Ten-Year Anniversary!
Ann Vernon, Foundation Board Member
“Where it began, I can’t begin to know when, but then I know it’s growing strong,” sang Neil Diamond in his epic song “Sweet Caroline.” Unlike the famous singer, those responsible for forming the Oracle Schools Foundation knew exactly where it began and indeed, it is still growing strong. The Foundation actually began as two separate entities united to accomplish a common mission: to provide financial and related support to ensure that every Oracle student has unlimited opportunity to succeed.
The initial impetus for the Foundation started with Linda Lyon, who gathered together a team of visionary women in December of 2013. She called the effort Vision 2020 and the mission is reflected in the present mission of the Foundation. At the same time that Linda and her group were forging ahead, Alan and Betsy Levenson were on a similar path. Alan had begun tutoring first graders in the Oracle district and he vividly recalls how he felt as he passed the trailer park where most of his students lived. He wondered if these kids would ever have a chance to succeed given that most were impoverished and had limited language skills because Spanish was their first language. Alan’s motivation for doing something for Oracle students was based on empathy. His spouse Betsy was also motivated to make a difference, but her drive came from altruism and the importance of giving back to the community.
Linda’s group and Alan and Betsy joined forces early in 2014 and held several planning sessions to begin researching how to establish a Foundation. Betsy Levenson, a former teacher with a passion for education and a background in leadership training and nonprofit management, led the group in a series of strategic planning sessions. As a result of these sessions, the group decided that they would focus on kindergarten prep. In Betsy’s words, “early childhood education offers the biggest bang for the buck.”
Thanks to the hard work of board members and Betsy’s leadership with strategic planning, the Foundation received approval as a 501(c)(3) in 2015. Over the span of 10 years, the Foundation has not only funded kindergarten prep, but has also contributed to educational trips, reading programs, teacher appreciation events and mini grants, and much more. Without the support of our Champions we would not be able to contribute to so many worthwhile programs.
Today, the Foundation continues to grow, raising some money through grants, but primarily through the annual Gala dinner and auction, which this year will be held at the MountainView Ballroom on Saturday, March 15. Mark your calendars now and be sure to check the website, oracleschoolsfoundation.com, on Jan. 5, 2025, to sign up for the event. The last two years have been sold out early, so don’t procrastinate! We want you to help us celebrate 10 years of making a difference for kids in Oracle! With your help, we succeed so that they can succeed.
Thankful Tax Strategy That Helps a Local Charity
We are thinking about Thanksgiving and being thankful. Do you still need to take a Required Minimum Distribution (RMD) from your Individual Retirement Account (IRA) in 2024? Would you prefer not to pay income taxes on your RMD? There is a smart tax strategy that reduces your income taxes while helping a local charity—the Oracle Schools Foundation (OSF). Of course, you should always consult with your tax advisor.
When you receive your RMD or any distribution from your IRA account, you pay income taxes on it. However, if you make a Qualified Charitable Distribution (QCD) directly from your IRA to the charity, you do not pay any income taxes on that distribution. Of course, you cannot claim the donation on your income taxes; however, you are also not paying any income taxes on that distribution.
So, it is a win/ win. You pay less income taxes and the charity receives the donation.
A qualified charitable distribution (QCD) is a distribution from your IRA to a qualified charity. You must be age 70½ or older to make a qualified charitable distribution. A QCD is not taxed. If you are 73 or older, QCDs also can count toward your annual RMD from your IRA.
OSF is a 501(c)(3) organization and a QCD for this type of distribution from your IRA. Do not be confused with AZ Qualified Charitable Organizations. This is a federal tax benefit.
OSF is the fundraising arm for the Oracle Schools. Donations primarily fund the free KinderPrep (Preschool) for 3 and 4-year-old children of the Oracle vicinity. Did you know that over 65% of the students in the school system receive free or reduced breakfast and lunches? Donations help fund KinderPrep, but also other vital programs for students at Mountain Vista School. Learn more at Oracleschoolsfoundation.com.
To make a QCD to the Oracle Schools Foundation, have your IRA trustee send a check directly to Oracle Schools Foundation, P.O. Box 8863, Catalina, AZ 85738. In compliance with IRS guidelines, no goods or services are provided in exchange for the donation. It will not be placed in a donor advised fund nor given to a supporting organization.
Key Takeaways
* Donation must go to a qualified charity.
* Donation must come directly from the individual retirement account (IRA) through your trustee to the charity; you cannot withdraw the funds and make the donation directly.
* Maximum annual QCD limit is $100,000.
* QCD cannot be claimed as an itemized charitable deduction on your taxes.
* IRA owners must be age 70½ or older to make a tax-free charitable contribution.
* Those who are 73+ years old can transfer up to $100,000 per year directly from an IRA to an eligible charity as their RMD without paying income tax on the transaction. The amount of the QCD cannot be more than the amount of the distribution that would count as income.
As aforementioned, always confirm with your tax advisor. Thank you!