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    Quick Instructions: 
     
    1. Choose the bank details based on YOUR bank account currency which you will find in a separate spreadsheet. 
    2. Beneficiary/Account Holder ​must be​: ​Associated Foreign Exchange 
    3. Reference/description field ​must include​: ​00008BDA FAWCO Foundation
    4. Send an email ​to the Foundation Treasurer (This email address is being protected from spambots. You need JavaScript enabled to view it.) as follows:
                         a. I just made a transfer via AFEX on ​ 10. Feb 2019 ​ for ​ EUR 500.00 ​ from my personal account, ​ Jane and John Smith, ​
                             for a ​Development Grant.
     
    Detailed Instructions: 

    If your currency is NOT included in the ​AFEX Bank Details​ document, OR, if you have ANY questions, please email the treasurer: This email address is being protected from spambots. You need JavaScript enabled to view it. 

    Sending banks have differing requirements for transfers depending on the country/bank.  All information should be found in the AFEX Bank Details document.  If not, contact the treasurer. 

     Below is an ​EXAMPLE​ of the most common information requested (these are the bank details for ​EURO transfers from Europe)​:  
     Account Holder​: Associated Foreign Exchange Bank: Bank of America
    Address: 5 Canada Square London E14 5AQ
    IBAN: GB16BOFA16505067454068
    Reference Field​: 00008BDA FAWCO Foundation
     
    00008BDA is the Foundations’ SUBaccount number + sender’s name or club 

    As soon as the transfer has been made, send a message to the Foundation Treasurer (​This email address is being protected from spambots. You need JavaScript enabled to view it.​) with the following details:
            ● amount of Funds (EUR 500.00),
            ● date funds were sent (Feb 10, 2019) and 
            ● name on the account from which the funds were sent (club’s name on bank account or individual’s name on bank account). 
     
    EXAMPLE:
          Dear Treasurer, I just made a transfer via AFEX on ​ 10. Feb 2019 ​ for ​ EUR 500.00 ​ from my personal account,​ Jane and John Smith,​        for my club,  AWC Hamburg,​ for a ​ Development Grant.
     
     If you have any questions, please contact the treasurer: ​This email address is being protected from spambots. You need JavaScript enabled to view it. 

    AFEX (Associated Foreign Exchange) is the banking service the Foundation uses to receive and send non-U.S. funds which can be transferred to/from our USD bank account in the USA via various AFEX bank accounts around the world.

    In 2015, US Congress pass th Protecting Americans from Tax Hikes (PATH) Act, which approves Charitable IRA Rollovers.

    What is a Charitable IRA Rollover?

    A Charitable IRA Rollover allows:

    • Individuals who are 70.5 years old to make a qualified charitable deduction
    • From a traditional IRA
    • To qualified charities
    • For a total of $100,000 per year, tax free

    This distribution must be made directly from the IRA to the qualified charities

    What are the benefits to the donor?

    Charitable IRA Rollovers are tax-free and the donation counts toward the minimum IRA distribution required to be taken each year.  Keeping your IRA distribution out of your adjusted gross income may save you even more taxes.

    What are the next steps?

    Donors should contact their IRA Administrator. The amount must be distributed directly from the IRA to the qualified charities chosen by the donor.

    Who could benefit from an IRA Charitable Rollover?

    • If your Social Security income is taxable - by avoiding the recognition of taxable income, the donor may have less of their Social Security income subject to tax.
    • If charitable deductions are not itemized – IRA rollovers especially benefit the nearly 40% of Americans who do not itemize deductions and therefore do not receive a tax benefit for their charitable contributions.
    • If a donor is a resident of Ohio, Indiana, Michigan, New Jersey Massachusetts or West Virginia – these states provide no income tax deductions for contributions.
    • Future estate tax implications – the combination of estate and income tax on IRA assets can produce an effective tax rate of up to 80%. The Charitable IRA Rollover gives individuals the opportunity to remove up to $100,000 of these assets from their estate with no tax consequences.

    If you have any questions, please contact the Treasurer.

    ***The FAWCO Foundation does not provide tax, legal or financial advice. Please consult your own legal and tax advisors.

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