Did you know that Pensacola Scottish Rite Association, Inc. is a 501(c)(3) corporation for tax purposes? The Association, or PSRA, was established to raise funds for maintenance of the Scottish Rite building. Donations made to PSRA are deductible for federal income tax purposes.
In addition to PSRA, donations to the Almoner’s fund are deducti-ble as charitable contributions. See IRS Publication 526.
Contributions can be made directly by cash or check made payable to PSRA or the Almoner’s fund. In addition, if you are 70 ½ years or older, you might be able to transfer part of your IRA to PSRA or the Almoner’s fund even if you do not itemize tax deductions. Check with your tax return preparer or your IRA administrator.
Next time you update your will please consider naming PSRA or the Almoner’s fund as a beneficiary. Bequests to qualified organiza-tions (PSRA and the Almoner’s fund) are deductible for estate tax purposes as well as for income taxes. Your bequest would be re-stricted to whatever purpose you name. If you do not specify a pur-pose your bequest would be added to an endowment for preservation and maintenance of the Scottish Rite building. Please see an attorney before modifying your will.
by Ill. Fred Hurd, Valley Treasurer