Foundation announces gift-matching program: People who give from their IRAs under certain circumstances will be matched dollar for dollar

The Texarkana Area Community Foundation recently announced a gift-matching program, thanks to funds provided by the Arkansas Community Foundation.
There is $150,000 available for the program.
Eligible donations are from people 70 1/2 years old or older who have a required minimum distribution from their individual retirement accounts. Under the matching program, they may designate a portion of their required minimum distribution as a gift to the Texarkana Area Community Foundation's Giving Tree Fund. Those gifts will be matched by the Arkansas Community Foundation as long as funds are available or until June 30, 2017.
"When you reach the age of 70 and a half, the government requires you take some money out of IRAs," said Ken Cox, the Texarkana Area Community Foundation's executive director. "The IRS has a distribution formula based upon your age that they apply to the balance and tell you how much you have to take out."
The matching funds are a great opportunity for philanthropists to make their dollars stretch further.
"If I want to give to Texarkana charities in general, I can give $500 out of an IRA and Arkansas Community Foundation will match it if it's given under those circumstances.What the benefit would be in lay terms is the income from that investment will be used each year, not the principal. It's really good," Cox said. "It's just an incredibly positive thing for Texarkana in general. They can meet a variety of needs through their contribution."
The Giving Tree Fund is granted out to a variety of nonprofit organizations in Texarkana on a yearly basis. In 2016, $68,500 was donated to 43 local organizations.
Anyone interested in making a charitable contribution to benefit nonprofits in Texarkana can call Ken Cox at 903-277-4730 or email [email protected].