ST. MARY’S COUNTY, Md. – This is your opportunity to help the Friends of the St Clements Island and Piney Point Museums (the Friends) prepare for the future – especially Maryland’s 400th anniversary. It is easy to do using a type of donation the Friends have not emphasized for many years – direct contributions from Individual Retirement Accounts. These donations are more powerful than ordinary cash contributions and we want donors to be aware of their advantages.
Why we need your help:
The mission of the Friends is to raise funds in support of the Museum Division’s work interpreting the history of St. Mary’s County and the Potomac River. But the Friends face a serious budget problem for 2026 due to reduction in the activities caused by the construction of the new St. Clements Island Museum.
That is an exciting project! But during the construction the Friends will not be able to hold their biggest annual fundraising event – The Potomac Jazz & Seafood Festival. This event will return in 2027 in a new form, but without it in 2026 the Friends will not meet their budget for that year.
Contribute all or part of your required minimum distribution (RMD):
If you’ve reached the age 73, you have to begin distributions from your IRA. You can reduce the tax effect of those distributions by contributing all or part to the Friends. The amount contributed will not count as part of your gross income but will count as a charitable deduction, even if you take the standard deduction. If you contribute stock there will be no capital gains tax.
The process:
The contribution is not one you make directly; it must come from the custodian of your IRA acting upon your directions. Contact the financial advisor or custodian holding your IRA and they will lead you through the process.
When to contribute:
You must take your RMD by December 31, unless your tax year is not the calendar year. For most, you should act by December 15 to allow the custodian to transfer the funds or sell the securities.
For more information:
Contact Friends Treasurer Paul Nelson at pgnelson@fastmail.com.