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 Find Your Niche for Giving
IRA Offers Golden Opportunity for Giving
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hrough the end of 2007 you may make a gift to charity of up to $100,000 from your IRA and exclude the contribution from your gross income under provisions of the Pension Protection Act of 2006 (PPA). Albert Pollans, a certified public accountant, and his wife Marilyn M.A. ’73, Ph.D. ‘79, understand the charitable and tax-wise benefits of the IRA rollover provision, which they used to support the Women in Engineering Program. “This incentive allowed us an ideal opportunity to satisfy our philanthropic commitments to Maryland and other charities,” says Pollans. “People do need to act quickly, however, because time is running out.”
To capitalize on PPA 2006:
- You must be 70 1/2 years of age or older;
- The transfers must go directly from your IRAs to qualified charities;
- Your gifts cannot exceed a total of $100,000 per year; and
- Your gifts must be outright. You cannot transfer funds to create a charitable gift annuity or charitable remainder trust, for example.
John McKee, Maryland's director of gift planning, says these direct charitable rollovers are especially beneficial for individuals who are required to take minimum withdrawals from their IRA, but don’t need additional income or those who have already made the maximum donation for allowable charitable deductions. If you may be subject to the alternative minimum tax (AMT) or do not itemize, PPA 2006 may offer significant tax savings while allowing you to support Maryland’s great expectations.
Richard N. Reed ’50 put his IRA assets to work for students. “I wanted to make a difference and leave my permanent mark on the university so I created an endowed scholarship for deserving students,” says Reed. “Supporting the university has been a grand experience, and I strongly encourage eligible individuals to take advantage of PPA and do something that will help ensure Maryland’s future.”
For more information on transferring IRA funds to the University of Maryland contact John McKee toll free, 866-646-4UMD or email giftplanning@umd.edu.
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Invited guests will hear a presentation from Susie Farr, executive director of the Clarice Smith Performing Arts Center in advance of the annual holiday concert. For more information call 301.405.1416.
