During 2006-07, the IRA Charitable Rollover giving option allowed University of Idaho alumni and friends to contribute nearly $1.4 million to scholarships, academic programs, facilities and faculty support. Now, Congress has passed a law to extend this popular, tax-free IRA gifting benefit.

In these financially turbulent times, millions of Americans continue to save pre-tax dollars in individual retirement accounts (IRAs). Thanks to regular investments and long-term returns, an estimated $4.7 trillion is invested in IRAs. The new law allows taxpayers age 70½ and older to share the wealth by giving retirement savings directly to charity — and bypassing income tax.

That support is critical to the University. More than ever before, the University of Idaho depends on private investments to maintain and enhance the high level of its learning and research programs.

Now, retirees can continue to fully benefit from tax-free IRA Charitable Rollover giving to support the University of Idaho. We thank those who have taken advantage of this option to help the University — and encourage you, and others, to do so again.
Act Now!
Make an IRA Gift
Contact Robert Scholes, Associate Director of Gift Planning Services
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IRA Charitable Rollover Brochure Cover
Act Now to Make an Impact!

Congress has reinstated the Pension Protection Act through 2009. To take advantage of the program with your IRA Charitable Rollover, you must complete your gift transfer prior to December 31, 2008, and again in 2009, if you choose. Consult with your financial or tax adviser to determine the best way to fully benefit from this tax-free giving opportunity, and make an impact on the students, faculty and programs at the University of Idaho.

For More Information Contact:
Pete Volk, Director of Gift Planning Services
University of Idaho
Phone: (208) 885-5760
Toll-free: (866) 671-7041
pvolk@uidaho.edu

IRA Charitable Rollover...Tax-Free Giving

Increased Tax Savings Through 2009

A reinstated law is making it easier for some retirees to make tax-free charitable gifts to the University of Idaho through year-end 2009. The Pension Protection Act of 2006 (PPA) gives those with the minimum age of 70½ the opportunity to make tax-free gifts in the years 2008 and 2009 from traditional or Roth Individual Retirement Accounts (IRA) funds to qualified charities, such as the University of Idaho. These funds would otherwise be subject to tax if withdrawn voluntarily or under mandatory withdrawal requirements. Donors, including married couples with separate IRAs, can individually make charitable distributions of their IRAs of up to $100,000 per year directly to the University of Idaho and receive Charitable IRA Benefits.

Taxpayers must make qualified yearly contributions prior to December 31, 2008 and/or December 31, 2009.
Provisions and Limitations
  • Distributions must be directly from the IRA trustee/administrator to the charity.
  • Transfers can be applied toward minimum required distribution under the plan.
  • Distributions are for outright gifts only, and cannot be used to fund life income plans.
  • Gifts can be made only from IRAs, not other retirement accounts such as 401(k) and 403(b).
  • The donor cannot benefit personally from the gift. For example, the law presumes that a gift made to the Vandal Scholarship Fund automatically carries with it the right to purchase season tickets for priority stadium seating, regardless of whether or not the donor buys tickets or denies the right.
  • Taxpayers should confirm their state laws are compliant with this federal law