IRA Rollover Returns! - (December 17, 2010)
Congress Reinstates IRA Rollover for 2010 and 2011
Just after midnight last night, a top policy priority for orchestras and the broader nonprofit community met with success! Congress has approved a broad tax package that includes reinstatement of the IRA Charitable Rollover giving incentive. This giving incentive is retroactively reinstated for gifts made during 2010, and extended throughout 2011. Also, gifts made by January 31, 2011 may be recognized as 2010 gifts for tax purposes.
On December 31, 2009, the IRA Charitable Rollover expired along with a number of other tax provisions. Be sure to inform donors that this important charitable giving incentive is once again available. The IRA Rollover allows donors 70 1/2 and older to make up to $100,000 in charitable contributions directly from their individual retirement accounts (IRA), without paying federal taxes on the withdrawal. This has proven to be an important giving incentive, resulting in new and increased charitable giving to orchestras and the full range of nonprofit organizations.
IRA Charitable Rollover - Highlights
- Permits donors age 70 ½ and older to make tax-free charitable gifts directly from their IRAs
- Caps qualifying gifts to an annual ceiling of $100,000
- For 2010 tax purposes, applies to gifts made January 1, 2010 through January 31, 2011
- For 2011, expires December 31, 2011
Learn More About the IRA Charitable Rollover
Sneak Peak at NEA Guideline Changes
The guidelines for preparing an FY12 grant application to the National Endowment for the Arts (NEA) will look significantly different when released on January 13, 2011. The largest NEA grant-making categories, Access to Artistic Excellence and Learning in the Arts for Children and Youth, will be replaced with a new funding category called Art Works. Please see the League's detailed description of changes to the grant process, and take note of the following FY12 deadlines:
- Art Works: March 10, 2011
- Art Works: August 11, 2011
- Challenge America Fast-Track: May 26, 2011
The NEA has posted a helpful overview of the changes in store for FY12. Take a look and consider what these changes might mean for your orchestra's grant opportunities.
View NEA's Presentation Outlining the FY12 Grant Process
Remember New Visa Fees and Form!
Orchestras that engage international guest artists take note! On November 23, the fee for regularly-filed O & P visa petitions increased to $325 and the Premium Processing Service fee increased to $1,225. All petitions must be submitted with the proper fee as U.S. Citizenship and Immigration Services (USCIS) will return any petitions filed with insufficient fees.
USCIS has also released a new version of the I-129 Form, which is used to apply for artist visas. December 21, 2010 is the last day for postmarking to USCIS the previous edition of the Form I-129. Petitions postmarked to USCIS on or after December 22, 2010 must include new Form I-129. Please visit the Artists from Abroad website for updated guidance on completing the new Form I-129 and continue to check the site for continuous updates.
Visit Artists from Abroad
Dworkin Nominated to National Council on the Arts
On December 8, 2010 President Obama announced his intent to nominate Aaron Dworkin to be appointed as a Member of the National Council on the Arts, an advisory body to the National Endowment for the Arts. Mr. Dworkin, who is President and Founder of the Sphinx Organization, was a member of the Obama National Arts Policy Committee and was named a MacArthur fellow in 2005.
Learn More about the National Council of the Arts
The League is a member of the Performing Arts Alliance, a coalition of national performing arts service organizations dedicated to advocating for national policies that recognize, enhance, and foster the contributions the performing arts make to America