January 23, 2023
We hope you had a wonderful holiday season and look forward to an auspicious 2023 with us. There is so much happening this year and we’re excited to share it with you. Highlights include:
- We’re thrilled to have rung in the new year with new staff members. If your new year’s resolutions include estate planning or investing in your community Karen Shellie and Patrick Naswell can help. Find out more below.
- In July 2023, the AAACF is celebrating 60 years of serving this community. This milestone is the perfect opportunity for us to reflect on the huge impact YOU – AAACF supporters, participants, and donors – have had in making Washtenaw County a wonderful place to live, work, learn, play, and THRIVE. Tell us your story!
- Youth Council Grants are now open! Apply now – deadline is February 14, 2023.
- At the end of 2022, President Biden signed new tax laws related to charitable giving. Find out how part of this new legislation may affect your retirement savings.
- Deadlines for scholarships are fast approaching. Our process makes it easy to apply!
- New AAACF website coming soon!
Ringing in 2023 with new AAACF staff members
What’s your story?
Youth Council grant applications now open
This year, the grant program will accept applications from organizations that support high school age youth and deliver programs addressing:
- Mental Health Initiatives
- Academic Support Services
- Post High School Preparation
- Anti-Discrimination Education & Awareness
In addition, grants will be available for programs serving youth ages 5-18 which support the work of the Juvenile Division of the Probate Court and provide services for children with disabilities.
Apply now! Deadline is Tuesday, February 14, 2023.
2023 changes to charitable giving tax laws
On December 29, 2022, President Biden signed a new spending bill known as the Consolidated Appropriations Act of 2023 (“CAA”). This legislation includes many provisions to simplify retirement savings, from required enrollment in employer-sponsored 401(k) plans to larger “catch up” contributions to help workers nearing retirement to grow their savings.
Three of the new law’s provisions maybe be especially valuable for many of our donors:
- More time to accumulate retirement assets
The new law raises the required minimum distribution (RMD) age (previously 72) to 73. The RMD age will further increase to 75 beginning on January 1, 2033. This provision is a boost to retirees’ financial plans and may mean more dollars available for charitable giving. Note that the age for QCD eligibility is still 70½, and donor-advised funds remain ineligible recipients of a QCD.
- "Legacy IRA” opportunity
Taxpayers may now make a one-time $50,000 QCD transfer to a charitable remainder trust (CRT) or other split-interest gift, such as a charitable gift annuity (CGA). These components of the new law are called the “Legacy IRA” provisions.
- Bigger QCDs
The annual per-taxpayer $100,000 QCD cap is now slated to be indexed for inflation, which allow taxpayers to give even more from their IRAs directly to charity.
AAACF scholarship applications are due next month
Revamped AAACF website launches by early March
COMING SOON! We’re excited to provide a more robust and intuitive user experience, making it easier for you to find the important information you seek, as well as engaging content to keep us all better connected – because growing deeper connections is also one of our top priorities in the new year. Check out https://www.aaacf.org/ for updates.