431 East Fayette Street     Suite 100     Syracuse, NY 13202     Tel: 315.422.9538
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The Kings

Russell King and his late wife, Joan “Jiggy” King, were longtime supporters of a number of local charities in the community that they have called home since their college days at Syracuse University. Russ and Jiggy were married in 1952 and returned to Syracuse to make their permanent home here after Russ completed his service in the Navy during the Korean War.

After his military service, Russ was busy growing the family business – King & King Architects – while Jiggy was working hard at the task of raising the couple’s four children, including a set of twins. Despite their busy lives, they both found time to give of themselves in support of a number of causes dear to their hearts. They gave of their time through countless volunteer hours and of their resources through monetary gifts to everything from their church to wounded veterans organizations.

In the late 1990s, the couple opened a donor-advised fund at the Community Foundation to help manage their charitable giving. They have used the fund to support annual gifts to more than two dozen charities. They saw opportunity to expand their giving when legislation was approved to allow for a ‘qualified charitable distribution’ from their Individual Retirement Accounts (IRAs). Though the funds are not able to be added to their donor-advised fund, the Kings opted to establish two designated funds at the Community Foundation.

The most regular gifts that were made from their donor-advised fund were now made from their designated fund, freeing up their donor-advised fund money to support their other priorities. The designated fund is a flexible tool that can even be endowed to provide long-term support to a favored cause. For example, setting aside $20,000 in a designated fund for your church will allow for the church to receive about $1,000 annually in perpetuity. In a way, you can ‘set it and forget it’!

Russ and Jiggy, in consultation with their tax advisor, determined that this strategy was right for them. If you are interested in exploring how a gift from your IRA might be right for you, please contact your tax or financial planning advisor or call Tom Griffith,  gift planning officer, at 422-9538.

What is a qualified charitable distribution?

A qualified charitable distribution, or charitable IRA rollover as it is sometimes referred to, is money that individuals who are 70½ or older may direct from their traditional IRA to eligible charitable organizations. The provision has a cap of $100,000 for charitable distributions from an individual’s IRA each year. The amount distributed goes directly to an eligible charity and is not included in the donor’s gross income.

Our website will be undergoing routine maintenance on Monday, January 21, 2019. Visitors may experience disruption of service during this time. Please contact us at (315) 422-9538 during our office hours for assistance: 8:30 am - 4:30 pm, Monday through Friday. Please note we are closed Monday, January 21 for Martin Luther King Day.