One of the most cost-effective ways to support Detroit Opera is with shares of stock that have increased in value since their purchase or acquisition. Generally, you may be entitled to claim a charitable tax deduction for the current market value of the stock and may pay no capital gains tax on any appreciation.

Click here for Stock Transfer Instructions.

When you make a contribution to Detroit Opera directly from your IRA, you make a statement about your love for opera and dance while making a tax-efficient gift.

As you may know, the IRA Rollover Law has been permanently extended. This means that you can make a distribution to Detroit Opera from your IRA without paying income taxes on the contribution; however, the contribution does not qualify as a charitable gift for tax purposes. There are specific requirements:

• The donor must be 70 1/2 or older.
• The gift must be made directly from the IRA to an eligible charitable organization.
• Gifts to all charities combined cannot exceed a total of $100,000 per taxpayer for the year.
• The gifts must be outright, and no material benefits can be received in return for the gifts. Thus a transfer for a gift annuity, charitable remainder trust, or pooled income fund is not permitted.
• Gifts cannot be made to a donor advised fund, supporting organization, or private foundation.
• The gift is not included in taxable income, and no charitable deduction is allowed.
• The gift can be made only from an IRA. Gifts from 401(k), 403(b), and 457 plans are not permitted.

The qualified distribution described above applies to a traditional IRA. Distributions from employer-sponsored retirement plans, including simple IRA plans and simplified employee pension (SEP) plans, are not eligible for the tax-free rollover.

The letter should include Detroit Opera’s Tax ID number: 38-2052726

This may be the right gift for you to make if:

• You want to make a charitable gift and your IRA constitutes the largest share of your available assets.
• You are required to take a minimum distribution from your IRA, but you do not need additional income.
• You do not itemize your deductions. In that case a personal IRA distribution increases your taxable income without the benefit of an offsetting deduction. An IRA charitable rollover will not be included in your taxable income even if you do not itemize other deductions.
• You live in a state where retirement-plan distributions are taxable on your state income-tax return, but your state does not allow itemized charitable deductions.
• You would like to make an additional charitable gift, but it would not be deductible because of the annual limitation of 60 percent of adjusted gross income for charitable contributions. The IRA charitable rollover is equivalent to a deduction because it is not included in taxable income.
• You have an outstanding pledge to a charity. The IRA charitable rollover can satisfy a pledge without violating rules against self-dealing.

Here are the steps to make a gift:

1. If you want to make a qualifying transfer, contact your IRA administrator and instruct that person to transfer funds to Detroit Opera.
2. Contact our office. We will answer your questions and provide instructions for completing your gift.
3. To complete your transfer, please contact Katrina Fasulo, Associate Director, Individual Giving, 313.237.3426 | kfasulo@detroitopera.org

Honor or memorialize someone special with a tribute donation to Detroit Opera.

If you know someone who loves opera or dance, a donation to support Detroit Opera in their honor can be a perfect gift! We often receive gifts in memory of loved ones, honoring birthdays, anniversaries and holidays, or even just to thank a friend. When you make a tribute donation, we will send you a receipt for your tax-deductible gift and send an acknowledgment to the person/people you choose to honor. Gifts may be of any size and those of $100 or more will be listed in the Detroit Opera program book.

Click here to make a tribute gift online.

For assistance or for more information, contact:
Valentino Peacock, Development Operations Coordinator
313.237-3402 | vpeacock@detroitopera.org