It’s not often that good news comes out of Congress these days. But the nonprofit sector should give Congress credit for a provision in the federal budget that was passed in December.
First, a disclaimer: I am not making any judgment on the overall $1.1 trillion budget package. Without a doubt, there’s plenty in there to set my blood boiling. But for the purposes of this article, I simply want to address Congress’s decision to authorize what is known as “the permanent IRA charitable rollover provision.”
And here’s a second disclaimer: I’m not an attorney or a CPA, and I urge donors and charitable organizations to consult with their financial advisors to see what works best for them.
Anyway, in the last several weeks I’ve seen dozens of ecstatic notices from philanthropic associations and nonprofits praising this Congressional action, but most of the excited email blasts and blog posts don’t explain why exactly this particular action matters. Continue reading