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QCD Receipt requires IRA Custodian to be named?

  • 1.  QCD Receipt requires IRA Custodian to be named?

    Posted 18 days ago
    I'm seeing that some QCD receipt templates suggest naming the IRA custodian (the financial institution) and I'm seeing that gift law pro suggests it. But I'm not seeing any sort of source document that explains why naming the custodian on the receipt is necessary or recommended. I've looked here (at (f)(8)), here, and here.  (Asking for a situation where the CRM and business processes aren't set up to be able to easily deliver the name of the custodian to the receipt writers.)

    Anyone know from where this practice originates and if it's just a nice to have or actually required?

    Thanks,

    ------------------------------
    Mike Fischer
    Associate Vice President, Philanthropy Operations
    The Trust for Public Land
    mike.fischer@tpl.org
    ------------------------------


  • 2.  RE: QCD Receipt requires IRA Custodian to be named?

    Posted 18 days ago

    Interesting.  I hadn't seen that particular guidance.

     

    I suspect that this advice reflects the requirement that the Qualified Charitable Distribution must be transmitted directly from the custodian to the charitable recipient (and not, for example, paid to the owner/donor, who then writes a check to the charity).  The templates that I'd seen just stated that the QCD had been received directly from the custodian, but didn't name the custodian.  I suspect that this template is just making that more robust by naming the custodian.

     

    John will be along in a minute (or maybe before this posts!) to say that none of this is required, that it's the donor's responsibility to make sure that the transfer ticks all the boxes, about the direct transfer, that the gift was made to a Sec. 170(b)(1)(A) public charity and not to a Sec. 509(a)(3) supporting organization or Sec. 4966(d)(2) DAF., etc.  And that's all true.  However, because we are in a position to easily document how we got the distribution and what type of organization we are in the technical terms of this provision, I think that it's just good customer service to include that in our acknowledgment.  (Mind you, even I would let the donor document their own age!)

     

    My US$0.02 worth; the usual disclaimers apply.

     

    Good luck!

     

    Alan

     

    Alan S. Hejnal   

    Data Quality Manager

     

    SNAGHTML5cbfa34

     

    Smithsonian Institution - Office of Advancement

    600 Maryland Ave SW Ste 600E

    PO Box 37012, MRC 527

    Washington, DC 20013-7012

    Voice: 202-633-8754 | Email: HejnalA@si.edu                                                                                                                                            

     






  • 3.  RE: QCD Receipt requires IRA Custodian to be named?

    Posted 18 days ago
    And I would not question a single thing Alan has suggested!

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987







  • 4.  RE: QCD Receipt requires IRA Custodian to be named?

    Posted 18 days ago

    Thank you, both!

     

    Mike

     

    Mike Fischer
    Associate Vice President, Philanthropy Operations

    https://cloud-tpl.s3.amazonaws.com/images/email-assets/TPL-logo-400x247.gif

    The Trust for Public Land
    101 Montgomery St., Suite 900
    San Francisco, CA 94104
    P: 415.800.5185

    Creating parks and protecting land for people.
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