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CDU Charitable IRA Rollover
Deadline December 31, 2007 |
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Thanks to a new charitable giving law, giving back to Charles Drew now offers even more benefits. Take advantage of the new law and make a gift today! |
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The Pension Protection Act of 2006 was enacted on August 17, 2006. If you have an IRA and planned on making a gift to a Charles Drew this year, this legislation could possibly affect you. |
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Who is affected by this law?
Individuals who have attained the age of 70 ½ on or before the date of their gift. |
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What retirement plans are covered by the law?
Traditional and Roth IRAs only |
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How much may I give?
The maximum contribution is $100,000 per year, per person |
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How long is this legislation valid?
The legislation expires the end of this calendar year, December 31, 2007 |
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What gifts qualify?
Outright gifts where the donor receives nothing in exchange for the gift. Therefore, gifts may no be used to establish a charitable gift annuity, for example. |
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Can my charitable gift satisfy my minimum required distribution from my IRA?
Yes |
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May I take my distribution and then contribute?
No. In order to qualify for the provisions of this act, the distribution must go directly to the charity. |
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Will the distribution from my IRA by completely “free?”
That depends; the act’s provisions deal with eliminating federal tax previously associated with these gifts. State and local taxes (where applicable) could still result in a “cost” associated with your gift. Please contact your advisor to discuss your particular situation. |
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How will my gift to Charles Drew be used?
Gifts to Charles Drew support students’ daily living and learning, outstanding faculty, international and domestic study opportunities, technology and equipment, library enhancements and learning resources, and many other day-to-day operations at Charles Drew University. |
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To learn more about the general implications of this provision or how it could affect your giving to Charles Drew, please contact: Drew Boster 323-563-4913 (o) or 310-850-6771 |
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©2007 Charles Drew University of Medicine and Science, All rights reserved.
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