Individual Retirement Accounts (IRA)

Give Part or All of an IRA (for those over 70.5)
A donor can transfer up to $100,000 from an IRA to the ÌìÃÀ´«Ã½ Education and Research Foundation free of any tax.

Steps to follow:

  1. If your qualified retirement assets are held in a defined contribution plan other than an IRA, you must first roll your plan (or at least the amount you wish to give) into an IRA in order to qualify for the rollover to charity. This step is relatively easy and can be accomplished by contacting your retirement plan administrator, but it does require additional time to complete.
  2. Once the assets you wish to give are in an IRA, contact the plan administrator in writing, requesting a transfer from the IRA to the ÌìÃÀ´«Ã½ Foundation. Your request should note your plan account number, the amount you wish to transfer, the name and tax ID number (ÌìÃÀ´«Ã½ Education and Research Foundation (#52-6083465), attention of ÌìÃÀ´«Ã½ Foundation at ÌìÃÀ´«Ã½â€™s headquarters. You should also ask to be identified along with the transfer.
  3. Most important is that you should request that the check be payable directly to the ÌìÃÀ´«Ã½ Education and Research Foundation and not to you. 

Example: Jeff, who is 71, has a large IRA. Because he is over 70, he must withdraw a required minimum distribution (RMD) from that IRA and pay taxes on the amount he withdraws. All Jeff must do is have his IRA manager send his required minimum distribution, or some part of that distribution, directly to the ÌìÃÀ´«Ã½ Foundation. Jeff then avoids the taxes on the amount he gives.