Performances + Events Provide Support with a Qualified Charitable Distribution (QCD) from Your IRA
A Smart Option for Donors 73 and Older
For donors aged 73 or older, a Qualified Charitable Distribution (QCD) from an IRA is an excellent way to support New England Conservatory while providing potential tax savings. Often called an “IRA Charitable Rollover,” a QCD allows you to make a significant impact with your charitable giving, especially if you are required to take a Required Minimum Distribution (RMD) from your IRA each year.
Why QCDs Are Ideal for Donors 73 and Older
When you reach age 73, the IRS requires you to start taking Required Minimum Distributions (RMDs) from your IRA. These distributions are taxable income to you. However, a QCD offers a unique opportunity to fulfill this requirement without increasing your taxable income. By giving directly from your IRA to New England Conservatory, you can satisfy your RMD while making a meaningful contribution to our mission—tax-free.
How You Benefit from a QCD
- 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 Gift’s Impact: You may choose to designate your QCD to a specific program or area within New England Conservatory that matters most to you, allowing you to make a focused and immediate impact.
QCD Eligibility and Limits
- Age: You must be 70½ or older.
- Traditional IRA or Inherited IRA: With rare exceptions, you must make your QCD gift from a traditional IRA or inherited IRA.
- Annual Limit: For 2025, your QCD gifts are capped at $108,000. This cap applies only to QCD gifts. It does not affect other charitable contributions you might make.
How to Make a QCD to New England Conservatory
- Contact Your IRA Administrator: Request a Qualified Charitable Distribution directly to New England Conservatory. This ensures that your distribution is sent tax-free to us.
- Notify New England Conservatory: Let us know about your QCD so we can follow up with your administrator if needed and thank you for your generosity.
Consult with Your Advisors
Before initiating a QCD, we recommend speaking with your financial or tax advisor to ensure that this giving option aligns with your financial goals. By taking advantage of the QCD option, you’re not only supporting a mission close to your heart but also maximizing the tax benefits available to you in retirement.
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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