Welcome, CPL Visionaries! Become a Sustaining Donor. As a new 501(c)(3), your support is welcomed and honored.

💛

Welcome, CPL Visionaries! Become a Sustaining Donor. As a new 501(c)(3), your support is welcomed and honored. 💛

Required Minimum Distribution

Contribute a portion of your Required Minimum Distribution from your IRA. Why not make an RMD donation to the Center for Purposeful Leadership (CPL)?

If you are age 72 or older, IRS rules require you to take required minimum distributions (RMDs) from your tax-deferred retirement accounts each year by December 31. Save big time on taxes…better than a charitable donation!  It’s easy to do.  Just have your investment advisor/fund manager send a check to CPL.  There is still time for 2022 + tell them you want to make a 2023 contribution as well. Remember CPL is a 501(c)3 charitable organization so it fully meets the IRS requirements for RMDs. When you donate to CPL directly from your IRA, you can avoid paying income tax on that portion of your RMD.

Ric Hinkie, the 1st baby boomer, friend and collaborator with CPL SINCE 1998 has a great story to share.

Ric’s story:

Have you made your full Required Minimum Distribution withdrawals for this year?  There is still time for 2022 and it’s a good time to plan for 2023 too.  Here’s my RMD plan in support of CPL.  Every dollar I donate to them reduces my taxes and I really support their mission.  So it is a double win.

First, I ask my IRA manager…could be Fisher, TD Ameritrade, Schwab, Fidelity or one of the many others…to send CPL, my faith community, the Humane Society, Food Bank, etc., a direct check annually of an amount I choose for each.  That way I know the proper amount of my RMD will be taken out. 

Sometimes, like now, there is still some money I need to withdraw so I write a check from my IRA to CPL or, again, ask my money manager to do it.  It must clear by December 31 and you know that you must donate directly from your IRA to CPL.  If you take the money into your personal checking account and then send them money, you lose the tax benefit, although CPL still benefits.

So if you have to take a Required Minimum Distribution every year like I do, it’s a mixed blessing right?  Good to have some money invested in IRAs and 403 (b) s.   But as you know those of us over 72 have to withdraw money from our investment accounts whether we need it or not.  And the money you have to take out is fully taxable as income.  For me, it makes my Social Security taxable too.  And, if we don’t take out the prescribed amount, there is a big penalty. 

So, whether it is a year-end RMD donation to CPL or you are already planning your 2023 donations, please include CPL in your plans as I do.  Here is the information, your investment advisor/IRA holder needs to get the money moving before year-end or for January. The sooner the better for everyone.

Send checks to:

Center for Purposeful Leadership
Attn: Patricia Neal
5115 Excelsior Blvd #315
St. Louis Park, MN 55416

EIN 87-2807338

Center for Purposeful Leadership is a charitable organization registered as a 501(c)(3). Donations are tax-deductible to the extent permitted by law.

CPL Vision:
A just, inclusive, interconnected world - a world that works for all

Your contribution supports:

  • Scholarships for leadership journeys

  • Free community Essential Conversations of authentic engagement and impact

  • A center for inspired leaders to connect, collaborate, and accelerate their missions

  • A community of practice and belonging for leaders to navigate their own transformation, and that of their organization.