Gifts from an IRA
Tax-saving ways to help the University of North Dakota.
IRA Charitable Rollover
If you are 70½ or older, with an IRA charitable rollover you can give any amount (up to $105,000) per year from your IRA directly to the UND Alumni Association & Foundation to support the University of North Dakota without having to pay income taxes on the gift. Gifts of $105,000 or less can take advantage of this benefit and you can make an immediate difference at UND. This gift option is also referred to as a qualified charitable distribution, or QCD. You can also now use up to $53,000 of a QCD to make a one-time donation to a Charitable Gift Annuity (CGA).
Why make an IRA Charitable Rollover Gift?
- Beginning in the year you turn 73, you can use this strategy to satisfy all or part of your required minimum distribution (RMD).
- Your gift will make an impact today, allowing you to see the difference your donation is making at UND.
- The IRA charitable rollover creates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn't count as income, it can reduce your annual income level. This may help lower Medicare premiums and decrease the amount of Social Security that is subject to tax.
- IRA charitable rollover gifts may qualify for the North Dakota Endowment Tax Credit of up to 40% (restrictions and conditions apply).
How can I make an IRA Rollover Gift?
Contact your IRA plan administrator to learn their procedure for making a rollover gift to charity and request a direct QCD from the IRA account to the UND Alumni Association & Foundation, a 501 (c)(3) organization. Ask your IRA plan administrator to make a check payable to:
UND Alumni Association & Foundation
3501 University Ave. Stop 8157
Grand Forks, ND 58202
Federal Tax ID: #45-0348296
Please ask your IRA adminstrator to include the name and designation of your gift.
Other Ways to Give Through your IRA:
If you’re at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
No matter your age, you can designate the UND Alumni Association & Foundation as the beneficiary of all or a percentage of your IRA for the benefit of UND and it will pass to us tax-free after your lifetime.
It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
Note: It’s important to notify the UND Alumni Association & Foundation of your gift because many retirement plan administrators have no obligation to notify a charity of your designation. The administrator also will not check whether your gift intentions are followed. We would love to talk to you about your gift intentions to ensure that they accomplish your wishes.
The IRA charitable rollover gift opportunity only works for IRAs. If you own another type of qualified retirement plan, you must first make a tax-free rollover of funds into an IRA. Then you can make the gift from the IRA account to support UND.
Other Retirement Plan Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to us.
If you anticpate not using all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
Benefits
- Avoid potential estate tax on retirement assets.
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis.
- Receive potential estate tax savings from an estate tax deduction.
This information is provided as an educational service to our donors and is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. State law may further impact your individual results.