IRA Rollover

The IRA Rollover is a simple, easy way to make a gift to support the University of North Dakota without increasing your taxable income.

  • You can give more: If you've already made cash gifts to charity this year up to the Federal limit (50% of your adjusted annual gross income), you can still transfer excess funds from your IRA to the UND Foundation and other charities and still make your regular cash gifts up to the Federal limit.
  • Make a major gift: Perhaps you are considering your tax planning goals and would like to make a major gift to the UND Foundation to support UND. Like many, your IRA may be the largest asset in your estate. By making a charitable rollover gift of up to $100,000, you can make a major gift and reduce your taxable income. 

You may benefit from this giving opportunity if you:

  • are required to take minimum withdrawals but don't need additional income. You can satisfy your distribution requirement with a transfer to the UND Foundation.
  • usually give up to 50% of your adjusted gross income to charity, the ceiling on the allowable charitable deduction for any year. You can now give up to $100,000 more from your IRA accounts and not be subject to this limitation or be taxed as a distribution.
  • do not itemize and make a charitable gift in an amount less than the standard deduction.
  • have major assets residing in your IRAs it may be convenient to make direct transfers to the UND Foundation from your IRA without the necessity of having to report the transfer on your income tax returns.

Qualifications

  • Must be at least 70 1/2 years of age;
  • Gifts cannot exceed more than $100,000 per taxpayer per year;
  • Transfers must go directly from your IRA custodian/trustee to one or more qualified charities (UND Foundation is a qualified charity); and
  • Gifts must be outright. Transfers to donor advised funds, support organizations, charitable remainder trusts or for charitable gift annuities are not permitted.

To make a gift:

  • Contact your IRA custodian/trustee to request an IRA distribution to be sent directly to the UND Foundation
  • Notify the UND Foundation of your intent so your gift record is accurately credited

Questions?

Contact the UND Foundation at 1-800-543-8764 or e-mail Deb Wilson, Development Officer, High End Annual Fund