Making a Difference with a Cash Gift and/or Qualified Charitable Distribution (QCD)
Support New England Conservatory with a gift that fits your financial and tax planning needs. Cash gifts and Qualified Charitable Distributions (QCDs) from an IRA offer flexible, tax-efficient ways to contribute to our mission, each with unique benefits.
Option 1: Cash Gift
A cash gift is a straightforward way to support New England Conservatory. A cash gift typically is deductible from your income tax and can be an excellent way to make an immediate impact on the programs you care about.
- Immediate Tax Deduction: You can claim an income tax charitable deduction in the year of your gift for the full amount of your cash gift, subject to IRS limitations. You may carry forward any unused deduction for up to five additional years.
- Flexible and Easy: You can make a cash gift as a one-time donation or set up recurring contributions, whichever best achieves your goals.
- Direct Impact: Cash donations provide immediate funding for New England Conservatory’s programs.
Option 2: Qualified Charitable Distribution from Your IRA
A Qualified Charitable Distribution (QCD), sometimes called an “IRA Charitable Rollover,” is a tax-smart way to support New England Conservatory directly from your IRA.
Benefits
- Avoid Additional Taxable Income: Unlike regular IRA withdrawals, which are taxable, a QCD allows you to avoid income tax on your gift. This is especially valuable if you are looking to reduce your tax burden in retirement.
- Satisfy Your Required Minimum Distribution (RMD): A QCD counts toward your annual RMD, making it a smart choice if you are 73 or older and want to meet IRS requirements while supporting a cause you care about.
- No Need to Itemize: Even if you do not itemize deductions on your tax return, you can still take full advantage of a QCD’s tax benefits.
- Direct Your Impact: You may designate your gift toward a specific program or area of interest within New England Conservatory.
How to Qualify
To benefit from a QCD, please ensure that you meet these requirements:
- Age: You must be 70½ or older at the time of your gift.
- Direct Transfer: The funds must go directly from your IRA to New England Conservatory.
- Annual Limit: For 2025, your QCD gifts are capped at $108,000.
- Traditional IRA or Inherited IRA: Your QCD gifts must be from a traditional or inherited IRA (inactive SIMPLE IRAs and inactive SEPs are also eligible).
What is a Required Minimum Distribution?
When you are age 73 or older, you must take a Required Minimum Distribution (RMD) from your IRA each year. You must include your RMD in your taxable income, which increases your income tax and may have other tax effects, such as increasing the cost of your Medicare insurance. The fraction of your IRA balance that you must withdraw increases each year.
How to Get Started
- To Make a Cash Gift: You can donate online, by check, or set up a recurring gift through our website.
- To Arrange a QCD: Contact your IRA administrator and request a Qualified Charitable Distribution to New England Conservatory. This ensures that your distribution is sent tax-free to us. Be sure to let us know your plans, so we can assist and acknowledge your gift.
Consult with Your Advisors
We encourage you to consult your financial and tax advisors to maximize the benefits of your cash gifts and QCDs. Both options provide meaningful ways to support a mission you care about while offering potential tax advantages.
Thank you for considering a generous gift to help sustain New England Conservatory.
Additional Giving Options
By making a planned gift, you can strengthen NEC and gain financial and tax benefits for you and your family. For more information, please contact Aaron McGarry, Planned Giving Officer, by email or by phone at 617-585-1356.
Real estate can be contributed as an outright gift or to finance a planned gift. Available options include a retained life estate, which allows the donor to continue to use the property for a certain number of years, or for the donor’s lifetime. Other arrangements offer special tax advantages and lifetime income.
Gifts of real estate include undeveloped land, a residence, a vacation home, a farm, or commercial property. NEC requires the donor to bear certain costs when making a real estate gift, such as an appraisal to determine the fair market value. Also, NEC deducts transaction costs from the proceeds of the sale of the property, including the closing costs, title insurance, a survey (if needed), and any taxes due before the gift is completed.
For any questions about gifts of real estate, please contact Abigail Smitka, Assistant Vice President of Major Gifts and Campaigns, at as3628@necmusic.edu or (617) 585-1719.
Many companies support the philanthropic interests of their employees by matching employee contributions to nonprofit organizations like NEC. If your employer offers a matching gift program, you may be able to double or even triple your gift!
For more information on matching gift contributions, please contact Cheryl Fries, Assistant Director of Advancement Operations, at cheryl.fries@necmusic.edu or (617) 585-1373.
Gifts of personal property, such as musical instruments, recordings, and scores provide valuable support for our music education programs. Through the support of in-kind gifts, you can help NEC meet the college’s ongoing need to expand its inventory — and you qualify for a tax deduction.
NEC accepts in-kind donations on a case-by-case basis. For more information, please contact Patricia Kopko, Director of Advancement Operations, by email or phone at 617-585-1225
Friends of NEC may elect to make gifts to commemorate a loved one’s life, birthday, anniversary, or other special occasion. We will gladly notify those you wish to know of any gifts made in their honor.
Contributions in any amount may be directed to The NEC Fund, or to the area of your choice. Please note the name of the person you wish to commemorate when you make your gift.
Contact Us
To learn more about how you can support NEC, please contact Cheryl Fries, Assistant Director of Advancement Operations, at cheryl.fries@necmusic.edu or (617) 585-1373.
New England Conservatory is a 501(c)3 non-profit organization. All donations are tax deductible to the full extent of the law. Our non-profit tax ID is 23-7225104.
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