A GOLDEN OPPORTUNITY

BY COL. GEORGE LODGE

Our Congress in Washington, D.C. has made it possible for us as Colonels and friends of the Commemorative Air Force (CAF) and the American Airpower Heritage Museum (AAHM) to accelerate the fulfillment of the objectives of both organizations, especially the goal: “To perpetuate, in the memory and hearts of all Americans, the spirit in which such combat aircraft were flown in the defense of our nation.” Congress recently passed a bill into law that allows those of us over age 70½ with IRAs to donate, free of income tax, up to $100,000 each year, during 2006 and 2007 only, to our favorite non-profits, known as a 501(c)(3). The CAF and AAHM are non-profits that qualify under this new law to receive funds from our IRAs income tax free.
 
Presently, the CAF and AAHM have donations that are earning money each year to support both entities. The endowment funds come primarily from CAF life members, the new Diamond Endowed Legacy Ace program, Heritage Club members, the AAHM lifetime membership and endowment donations from donors who believe in our missions.

Our endowment goal, set a few years ago, is to raise $10,000,000 by 2010 to preserve our fleet of flying aircraft. We now have a golden opportunity to do so!

As Col. Gordon Stevenson stated in the last issue of “The Dispatch”, “For every $1 million in a foundation, a group can anticipate $30,000-$40,000 of annual income…” Just think how much each plane in our fleet could receive from a $10 million endowment.

Now is the time to continue to take advantage of this new law and help raise the balance for the endowment program. To those who have a surplus in what they must draw down from their IRA, please consider giving it to the CAF and AAHM.  If 750 CAF Colonels and AAHM members who have an IRA would donate $10,000 during 2006 and 2007, we can raise these funds. If only 20 percent (1,500) of the combined membership have IRAs and can give $5,000 during these two years, we can also accomplish the mission.

It is very difficult to secure endowments from foundations or corporations for our historic aircraft and artifacts. They primarily give for bricks and mortar. The most recent exception is Texas inventor and industrialist, Mr. Joe Jamieson who has generously pledged $2 million of the $3 million needed to restore our B-29, Fifi to flying condition. The additional $1 million to be raised will be an endowment for the upkeep of Fifi. This is testament to the importance of keeping our flying museum alive and in the air. Thank you  Mr. Jamieson.

We believe in our mission! Wing and squadron members work very hard to raise funds – dig deep in their pockets to replace those necessary parts and engines, so that we can fly to air shows to educate three generations of Americans as to why they have the freedoms they have today and the ongoing cost of protecting those freedoms.

This golden opportunity to endow the fleet will provide us with the necessary funds to accomplish our mission and may not come again before the end of the decade.
Learn more about the Pension Protection Act of 2006 here.

FYI
Where charitable income tax deductions are noted, gifts are deductible up to the maximum amount allowed by applicable laws.

All information contained in this publication is presented solely for educational and illustrative purposes. Individuals and families should consult their personal professional advisors for specific tax implications, and prior to making estate planning decisions.