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Retirement Assets and IRA Distributions

Under recent federal legislation, you can use your Individual Retirement Account (IRA) to make a gift to Georgian Court University.

The charitable IRA rollover, or qualified charitable distribution, is a special provision allowing donors age 70 ½ or older to transfer assets from their IRA directly to a public charity—like Georgian Court University. This distribution gift is excluded from taxable income and counts toward a donor’s required minimum distribution (RMD).  Individuals can now instruct their IRA administrators to make a distribution directly to GCU and exclude the amount of the gift from their gross income for federal tax purposes.

To be eligible, you must be 70½ years of age or older at time of distribution, total charitable gifts cannot exceed $100,000 per taxpayer each year, and transfers from traditional and Roth IRAs must be made directly from the account administrator to Georgian Court University.

By making an IRA charitable rollover, you:

  • Satisfy your required minimum distribution
  • Avoid federal and, in many cases, state income taxes
  • Provide critical support to Georgian Court
  • Maximize your charitable giving
  • Create an immediate impact on GCU students

To make a gift

Contact your IRA administrator to request that a charitable distribution be transferred to Georgian Court University, or use the sample letter format located here.

To ensure gifts are properly recognized and recorded, instruct your IRA administrator to indicate the donor’s name on the check and specify that the gift is an IRA charitable distribution

Send your check to:

Georgian Court University
Office of Institutional Advancement
900 Lakewood Avenue
Lakewood, NJ 08701-2697

Georgian Court University’s Tax ID is 21-0634981

To discuss your giving options in confidence, please contact the Office of Institutional Advancement at 732.987.2247 or advancement@georgian.edu.

 

 

Why IRAs Are Not a Good Asset to Give to Children

The IRA distributions from your estate to your children will be taxed at ordinary income rates. They are added to your children’s income, and may be taxed at a very high rate for state and federal tax purposes.

For this reason, an IRA is not nearly as attractive an asset to a child, grandchild, nephew, or niece. However, IRAs do provide an easy way to make charitable donations at no cost. Simply designate a charity, such as Georgian Court University, in your IRA as a beneficiary for an amount or percentage.

We would be pleased to assist you at any time with a planned gift from your retirement assets. Please contact us at 732.987.2247 or advancement@georgian.edu for more information or to request help in getting started.