IRA Charitable Rollover
The American Tax Payer Relief Act of 2012 (ARTA) extended the IRA Charitable Rollover provision, which allows donors to make tax-free distributions to an approved charitable organization, such as Brenau University, from their individual retirement account (IRA) with the following requirements.
• Donor must be 70 ½ years of age or older at the time of the distribution to Brenau;
• Gifts cannot exceed $100,000 per taxpayer per year;
• Transfers must be made directly from the IRA administrator to Brenau;
• Distributions can be made only from IRAs or Roth IRAs.
Don’t miss your chance to make a gift that can benefit both you and Brenau University. Take advantage of the opportunity now to leave a legacy for our students and receive welcome tax relief.
To make a gift from your IRA, follow these three simple steps:
Step #1: Contact Brenau’s Office of Gift Planning at (770) 297-5954 for assistance.
Step #2: Send a written request to your IRA plan administrator requesting that the distribution be made payable to Brenau University. See below for an example form letter.
Step #3: Designate your gift. You may wish to make a designation to support scholarships, athletics, a particular college, school or academic discipline.
Rollover an Existing IRA
Sample Letter for IRA Company
Due to the federal extension retroactive to January 1, 2015, the following language can be used with your IRA Administrator to make a direct charitable distribution to Brenau University from an Individual Retirement Account:
Dear IRA Manager,
By this letter, I request that you make a direct charitable distribution from my Individual Retirement Account # __________ as provided by the tax bill extender signed into law by President Obama in December 2015.
Please send me the appropriate form to issue a check from the above IRA account in the amount of $__________, payable directly to Brenau University, and send the check to the address below:
500 Washington St. SE
Gainesville, GA 30501
Brenau University’s tax ID number is: 58-0566143. These funds are to be used for ________________________.
In your transmittal letter to Brenau University, please mention my name and address as the donor of record in connection with this transfer. Also, I would appreciate a copy of the letter. I intend to make this gift in the 2015 tax year; therefore it is imperative that this gift be postmarked by December 31, 2015.
If you have any questions I may be reached at: ___________________________.
Thank you for your assistance with this transfer.
(IRA Donor Name)
(IRA Account #)
cc: External Relations