Donor Stories

Silver lining in a bleak economy: Longos find economic benefit to giving

Under the Emergency Economic Stabilization Act of 2008, Arline gave part of her Individual Retirement Account to Dana-Farber. 

Arline and Mike Longo believe that Dana-Farber holds the key to conquering cancer. That is why they are faithful Institute supporters, having made several gifts over the years, most recently a gift from Arline's Individual Retirement Account (IRA).

"We've always been well aware of how cancer touches the lives of so many," said Mike. "However, after being diagnosed and treated for cancer myself at Dana-Farber, I developed an even greater understanding of how critically important it is to support research not only for potential cures, but also for various treatment options."

Unfortunately, the search for cancer cures is being overshadowed by the nation's cloudy financial forecast, and many people now wonder how they can support their favorite charities during the weak economy. Fortunately for couples like the Longos, the U.S. government has provided a good solution.

Under the Emergency Economic Stabilization Act (EESA) of 2008, qualified individuals age 70½ or older are able to make gifts to charities of their choice directly from their IRA – without incurring the heavy tax penalties previously imposed for removing funds from IRAs.

By gifting a portion of Arline's IRA to the Institute, the Longos were able to continue supporting one of their favorite charities in a way that also benefited their financial situation, making their decision to give an easy one.

"I think it's important for people to give back to their communities as much as they are able," Mike further explained. "Making a gift to Dana-Farber means supporting outstanding and talented researchers – and also means that patients can have access to clinical trials and innovative treatment. There's no better reason to give."

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