Giving Through Your Retirement Plan

Want to get the most value from your retirement savings, protect your family from heavy taxes and leave a legacy at the School Nutrition Association? Consider leaving a portion of your retirement plan assets to the School Nutrition Foundation to benefit SNA and its members.

Retirement plans (such as IRAs, 401(k)s, and other qualified plans) provide a very simple way to make a charitable gift. You do not need to change your will. To implement your wishes, simply advise your plan administrator that you wish to change your beneficiary and sign the required forms. When you complete the forms, you will want to use the legal name of the Foundation, “School Nutrition Foundation,” and you may need the address, 120 Waterfront Street, Suite 300, National Harbor, MD 20745-1142, and/or the tax identification number, 84-6039412.

If you die with retirement plan assets designated for your heirs, those assets are subject to income taxes, since income taxes were not paid when the funds went into your plan. Paying income taxes can reduce the amount that normally would be passed to heirs by up to 39.6 percent. In contrast, as a nonprofit organization, the School Nutrition Foundation is tax-exempt and eligible to receive the full amount and bypass any federal taxes.

Your gift options with your retirement plan:

  • Designate the School Nutrition Foundation as one of the primary beneficiaries for a percentage (1 to 100 percent) of your retirement plan assets. (You may have other beneficiaries who are receiving other portions of your retirement assets.)
  • Designate a specific amount to be paid to the School Nutrition Foundation before the remainder is divided among family and/or other beneficiaries.
  • Make the School Nutrition Foundation the contingent beneficiary to receive the balance only if your primary beneficiary does not survive you.

Advantages of giving through your retirement plan:

  • If your family’s circumstances change, you can alter the amount or percentage left to the School Nutrition Foundation by changing your beneficiary at any time.
  • You can avoid having both income and estate taxes levied on the retirement assets by leaving those assets to the School Nutrition Foundation.
  • You can continue to make withdrawals from your retirement plan during your lifetime.
  • Retirement plans, in particular, are ideal to transfer to a nonprofit such as the School Nutrition Foundation because of the tax burden these plans may carry if paid to non-charitable beneficiaries, including your children and/or other individuals.

Contact Us

120 Waterfront Street, Suite 300
National Harbor, MD 20745
servicecenter@schoolnutrition.org

Tel (301) 686-3100
Fax (301) 686-3115

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