5436 Peru St. #1
Plattsburgh, NY 12901
The mission of the American Military Retirees Foundation (AMRF) is to generate resources to fund American Military Retirees Association (AMRA) initiatives that provide educational opportunities for AMRA members and their families and to support AMRA programs that provide assistance to and educate members about the benefits to which they are entitled by virtue of their military service.
BOARD OF DIRECTORS
Elected at the Annual Meeting of the Board of Directors on June 2, 2016 were: President, J.B. Kump; Vice President, Timothy Riggins; Treasurer, Robert Jean, Secretary, Donald Waterworth and Directors Tom Best and Roger Mick. Continuing on the Board as Directors are Toni Kelleyand Earl Robinson. AMRA National President Kirk Bennett will serve as an ex- officio member of the Board.
The scholarship program has the full support of the Foundation and Association Boards, and National Headquarters Staff.
2015 campaigns have been completed and all three groups have participated at the 100% level.
GIFT ACCEPTANCE POLICIES & GUIDELINES
On January 11, 2016 the Foundation Board of Directors approved Gift Acceptance Policies & Guidelines. The new policies clarify the type(s) of gifts that the Foundation is able to accept and urges all donors to get legal and/or financial advice prior to making their gifts or bequests.
A TAX-EFFECTIVE WAY TO GIVE
Are you 70 and a half years of age or older (or know someone who is) and take required minimum distributions (RMDs) from your IRAs? In 2015 Congress passed a law that made permanent the ability for folks such as you to directly transfer all or a portion of your distribution to a qualified charity. Good News: The American Military Retirees Foundation (AMRF) is a qualified charity!
By transferring your distribution directly AMRF you can achieve three important benefits:
1. Avoid paying taxes on capital gains that probably have accrued in your IRAs over the years. With IRA distributions, gains are taxed as ordinary income. If you make caritable donations, it's better to make a direct transfer than take the distribution, pay taxes on it, and decrease the amount available to contribute. In other words, most people prefer to donate to a charity than to Uncle Sam!*
2. Reduces your overall taxable income, much as a charitable contribution would. If you don't normally itemize deductions, a direct transfer can act like a charitable contribution to reduce your gross income.
3. Helps fund scholarships for worthy AMRA members, spouses, and eligible children and grandchildren. It's a great way for us to help fellow service members and their dependents.
How to do this? Contact your financial adviser, CPA, or whoever manages your IRA accounts. They can contact AMRA's bank to arrange a direct transfer to our AMRF account. (They can call AMRA at 1-800-424-2969 to get our bank contact information). Please note: it's important that the transfer goes directly from your IRA account to AMRA's bank, and not to you on the way.
Of course, you don't have to be an AMRA member to contribute to AMRF. If you know any charitably-minded people who are taking IRA RMDs, please mention this to them.
*As an example, if you take an RMD of $10,000, and your tax bracket is 25%, you might have to pay $2,500 of that distribution to the IRS. If you directly transfer $2,500 of the distribution to AMRF, the remaining taxable portion of your RMD would be $7,500, and you would pay only $1,875 to the IRS-a savings of $625 ($2,500 - $1,875).
(June 2, 2016) The American Military Retirees Foundation voted at its Annual Meeting to award a grant of $35,000 to the American Military Retirees Association, to be paid in two installments of $17,500 each, to fund the 2015 SGM Douglas R. Drum Memorial Scholarships. An additional $5,000 grant was approved to cover five $1,000 scholarships for the Bernard E. Dillon Vocational Skills Scholarships to be awarded to students attending accredited or licensed vocational or technical schools.
SGM DOUGLAS R. DRUM MEMORIAL SCHOLARSHIP
The twenty-four SGM Drum Memorial Scholarships are divided into two categories - High School Seniors (Incoming College Freshmen) and Returning College Students (Sophomores to Seniors). Identical awards are made for the two categories - one $5,000, one $2,500 and ten $1,000 scholarships are awarded in each group. Students must be enrolled in a two or four year accredited, degree-granting college or university.
Note: Adults (military retirees/spouses) would apply in the Returning College Student category.
BERNARD E. DILLON VOCATIONAL SKILLS SCHOLARSHIP
The Foundation will fund five new scholarships of $1,000 each for students attending vocational-technical schools. Applications for these new scholarships may be found in the Scholarship section of the website at http://www.amra1973.org/Scholarship/ . Eligibility, deadlines and requirements for those attending vocational or technical schools are basically the same as those for AMRA's collegiate scholarships.
The American Military Retirees Foundation (AMRF) was launched on March 1, 2010 when AMRA transferred all funds donated by members to an account opened by the new Foundation. The Foundation will assume responsibility for soliciting donations to the Association’s scholarship fund, named in honor of AMRA Founder SGM Douglas R. Drum.
The AMRA Board of Directors approved the development of its Foundation at the June, 2007 Annual Meeting. Since that time, work steadily progressed from incorporation of the Foundation through the approval process for IRS Determination of 501(c)(3) tax exemption. The Foundation has received its Federal EIN, as well as exemption from NYS franchise and sales taxes and has registered as a charity in all states requiring registration. AMRF will have no paid staff and will utilize the most cost-effective measures to accomplish its fundraising efforts.
On February 15, 2010 the Foundation Board approved the opening of Money Market and Checking accounts and the transfer of $50,933.35 was accomplished on March 1st. Funds in the Association’s Money Market account consisted of the generous donations from members over the past year and $1.00 per member donated by AMRA to the scholarship fund. The Foundation provided $35,000 in its first year to fund 24 scholarships for AMRA members, their spouses and dependent children, and their grandchildren. AMRA membership is verified before scholarship applications are considered.
On December 8, 2011, the Association Board moved to increase its annual donation to $1.50/member as of April 30 of each year. This increase allowed the Foundation to begin offering five $1,000 Scholarships to students attending accredited or licensed vocational/technical schools. The Bernard E. Dillon Vocational Skills Scholarship was introduced in the 2013 academic year.