An exclusive newsletter for our Hunger Heroes
What’s INSIDE You’re Giving Families in Need Fresh Produce Retirement Account Charitable Giving and the New Tax Law Austin Restaurant Weeks is Coming
Spring 2018
Austin Restaurant Weeks We wanted you to be the first to know about Austin Restaurant Weeks, sponsored by Tito’s Handmade Vodka! The Food Bank is launching the annual event later this year. Local restaurants will showcase their best dishes August 16-September 3, at special prices – all benefiting the fight against hunger in Central Texas. Keep an eye out for official restaurant announcements and more by following the event on social media: Facebook.com/AustinRestaurantWeeks @AustinRestaurantWeeks @ATXRestWeeks
Gospel Brunch Every Sunday morning at The Backstage at El Mercado on South 1st Street in Austin, you’ll find a room filled with food and music that feeds the soul. Gospel Brunch with the Purgatory Players is a long-standing tradition with proceeds and donations benefiting the Food Bank every week. We caught up with the band and asked why they love to donate their time and talent each week for Gospel Brunch:
You’re Helping Older Adults Stay Healthy Randall and Pat love the fruits and vegetables from the Food Bank’s Fresh Food for Families distributions. They heard about it from their friends. “You come over here every second Thursday and there’s a truck that brings produce and sometimes meats, milk and fruit. Wow, this is really good,” Randall says. “I wasn’t getting the right produce and things like that. You have to have certain vitamins and certain vegetables. You gotta have it.” Both Randall and Pat are thankful for the nutritious food they get from the Food Bank – thanks to you!
You’re Giving Families
IRA Qualified Charitable Distribution and the New Tax Law By guest writer Mark S. Browning, C.T.F.A., Out of the Box Philanthropy
Fresh Produce Sara and her family have been coming to Fresh Food for Families, a special fresh produce distribution in Rockdale, TX, for about eight months. She and her husband generously open their home to foster children, but that means there are more people to feed. Sara is intent on providing healthy food for the kids in her home. “I started seeing the fresh produce,” Sara says about the distribution, “and I didn’t have to go buy that and it knocked a big dent in my food bill. So I keep coming, it makes a difference.” Sara’s husband works full-time, but Sara is disabled with crippling arthritis, so she’s unable to work for forty hours a week and has decided to fill her time by being, “‘Susie Homemaker’, taking care of the foster kids, give them a little guidance and a little home life.” It’s because of your generous support that Sara is able to provide such full, healthy meals for the kids in her care. Thank you!
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The Central Texas Food Bank is an organization that is near and dear to our hearts and, as the Purgatory Players, we get together on Sunday mornings at The Backstage at El Mercado South to play ‘spiritual music for all and non-denominational folks’ and to raise money and awareness. Many of us take part in opportunities throughout the year at the Food Bank’s other events and promote volunteering. Anything we can do to get the word out about all the good work you do for so many people. We also thank The Backstage for their donations and for providing us the venue for this weekly event! -Jeff Plankenthorn, Purgatory Players Haven’t been to Gospel Brunch in Austin yet? The Purgatory Players would love to see you there any Sunday from 11 a.m.-1 p.m. Visit Facebook.com/PurgatoryPlayers for more details.
As we start the new year, many Americans are still reading about and adjusting to the new tax laws effective for 2018. The good news for older, charitably minded individuals is that one thing will not change. That is the Qualified Charitable Distribution (QCD) from an Individual Retirement Account (IRA). A quick recap of the QCD is timely here: • • • • • •
The IRA owner must be 70 1/2 or older; The transfer can be for no more than $100,000/yr., the amount may be smaller; The QCD is not reported in your taxable income, but you receive no tax deduction; Only applies to gifts from Individual Retirement Accounts and NOT from 401(k) plans, SEP IRA’s or other tax-favored retirement planning vehicles; Qualifies toward the required minimum distribution. The transfer is made directly from a custodian or trustee to a qualified charitable organization; Discuss with your tax and financial advisor before initiating such a gift.
Because of the new tax law’s increased standard deduction, many taxpayers will no longer itemize and therefore will not deduct charitable contributions. The QCD can be advantageous in that you avoid recognition of income by diverting all or part of your required minimum distribution directly from your IRA custodian to the qualified charity. In addition to supporting a qualified charity with a QCD, you may still consider the charity as a primary or secondary beneficiary of your IRA account after your lifetime. Because these funds are received by a qualified charity with no income tax liability, they can be a great choice for your after-lifetime philanthropy, leaving tax friendly assets to pass to your family and other heirs.
If you’d like more information about the giving options discussed in this article, call the Central Texas Food Bank donor hotline at (512) 220.2680 or email contribute@centraltexasfoodbank.org.
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YOU’RE GOING ABOVE AND BEYOND Dear Friend, This Hunger Heroes newsletter is our unique way to connect you to the fight against hunger in Central Texas. You receive this newsletter because you’re part of a special group of supporters. Whether you are making a monthly contribution as a member of the Food Bank Sustainers Circle, or your yearly giving puts you at the top of our donor list, you’re among our most generous and impactful supporters. Having you in our corner propels the community forward. And what I love most about working with our community of donors is that you all personify the incredible good that can be done when people have an innate sense of everyday generosity. Thanks to you, seniors living on a fixed income don’t have to choose between paying for medication and food. Thanks to you, parents won’t forego meals to ensure their kids have a full dinner. Thanks to you, more Texas veterans can receive fresh produce at their local VA where they’re already receiving medical care. While meeting the need is a daunting task, we know that with the help of your generous support, we can meet that need. Thank you for showing how much you care through your kindness and generosity. The articles in this newsletter will bring you hope that our community is moving forward in the fight against hunger, much like the hope you provide for our neighbors who aren’t sure where their next meal will come from. Thank you.
Mark Jackson Chief Development Officer
Did you know that as a Hunger Hero, you make an above-average impact in the fight against hunger? In the last two years, the average individual Food Bank donor gave 3 times with an average gift of $179. That meant the average donor provided more than 2,000 meals over two years. In comparison, every single one of our Hunger Heroes makes an above-average impact in the fight against hunger. That’s why you’re so special! Take a look at your personal statistics below to see how you stack up. NUMBER OF GIFTS Average: 3
a a You: 30
a a a a a a a a a a a a a a a AVERAGE GIFT Average: $179
b b b b b b b You: $25
b TOTAL IMPACT IN MEALS Average: 2,148
c c c c c c c c You: 3,000
c c c c c c c c c c c c Our Mission: To nourish hungry people and lead the community in the fight against hunger. A member of 6500 Metropolis Dr., Austin, TX 78744 | 512.282.2111 | centraltexasfoodbank.org