Other Ways to Give
IRA Charitable Rollover: On December 18, 2015, President Obama signed legislation into law which permanently allows you to make tax-free charitable gifts from your IRA, retroactive to January 1, 2015.
You don’t report this as income so there is no tax. And, your gift goes towards all or part of your minimum distribution requirement. You benefit even if you do not itemize your tax deductions.
Your donation can help transform the lives of students through community, faith and scholarship. You can support specific purposes, such as a department or program, or help build our endowment.
IRA Rollover Facts
- You can qualify if you are 70 1/2 or older.
- Your gift must come directly to us from your IRA account – either Roth or traditional.
- You can transfer up to $100,000 per year.
- Organizations like Benedictine College that are classified as 501(c)(3) organizations (tax exempt) and are qualified to receive IRA rollovers.
- You pay no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions. It is important that the funds transfer directly from your IRA custodian to Benedictine College in order to avoid a taxable event.
- The gift may not be used to fund a gift annuity, charitable remainder trust, donor advised fund or private foundation.
- You may not receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment.
- The new legislation does not have an expiration date. You can make gifts in 2015 and beyond.
To make your IRA gift, simply contact your IRA provider. You may need to provide them with our Tax ID number which is 48-0777079. Please make sure to contact Benedictine College when you make your gift as some IRA providers do not list the donor’s name along with the check. If you have any questions, please email Tim Andrews, Executive Director of Planned Giving, at firstname.lastname@example.org or at 913-360-7363.
A Gift of Property: You may wish to transfer ownership of your property (real estate, works of art, and so on) and receive a receipt for tax purposes. In addition, gifts of residual interest may be considered in which you may retain the use of the property during your lifetime. Benefits include:
- Immediate tax savings.
- Continued use of your property for life.
- Satisfaction of knowing Benedictine College will have the benefit of your gift in the future.
- Your gift passes to Benedictine College outside of the estate process.
Benedictine College Endowment Fund: You have the opportunity to participate in the Benedictine College endowment fund by creating your own named fund that endows those activities in which you have an enduring interest.
Minimum gift sizes and spending levels can vary. If you have any questions, please email Tim Andrews, Executive Director of Planned Giving, at email@example.com.
Cash: This type of gift is simple and eligible for an immediate charitable tax deduction.
Support Benedictine 2020: With your support, we can provide quality Catholic education that will help form new generations of leaders, innovators and achievers. There are many ways to partner with Benedictine College and invest in our mission – both now and in the future. Learn more here.
If you have any questions, please email Tim Andrews at firstname.lastname@example.org.
Thank you for your support.