IRA charitable rollover
Make a gift from your IRA

If you are age 70½ or older, you may give up to $100,000 directly from your IRA to qualified charities without paying federal income tax on the distribution.

If you’d like to make a gift to benefit the University of Minnesota campus, college, or program of your choice, or if you’re fulfilling an existing pledge, you may choose to make a qualified charitable distribution from your IRA.

Benefits

  • Distributions made under this law can be used to satisfy your required minimum distribution (RMD). Qualified charitable distributions are not limited to your RMD.

  • Instead of taking a charitable income tax deduction for the gift, you may exclude the distribution from your income.

Requirements

  • You must be age 70½ or older at the time the gift is made.

  • IRA owners can make qualified charitable distribution of up to $100,000 per year.

  • Only traditional IRAs are eligible. However, owners of other types of qualified plans may roll assets into a new IRA to make gifts if such a rollover is permitted. Please consult with your advisor before doing so.

  • You must request a direct transfer of funds from your plan administrator to a qualified public charity. It is important not to withdraw funds before making a gift.

  • Gifts cannot be used to fund a gift annuity or charitable remainder trust.

  • You cannot receive goods or services, or a personal benefit (such as tickets for events) in return for the gift.

Making an IRA gift to the University

Contact your IRA plan administrator and request a direct qualified charitable distribution from the IRA account to the University of Minnesota Foundation, a 501(c)(3) organization, with tax ID number 41-6042488.

Mail the check to:
University of Minnesota Foundation
Attn: IRA Gift Processing
200 Oak Street SE, Suite 500
Minneapolis, MN 55455

Notifying the U

Please contact the University of Minnesota Foundation at 612-624-3333, or the person you work with at the University, to inform us of the gift and to let us know the specific campus, college, program, or fund you would like to benefit. Your gift will also be included in Driven: The
University of Minnesota Campaign.

Download a PDF sample form to provide to your plan administrator.

Ensure your gift is completed by the end of the year

To qualify as a charitable distribution in the current tax year, it must be completed by December 31. If you are using an IRA checkbook, be aware that the date of gift is established when the IRA administrator transfers the funds after the charity deposits the check, not when the check is postmarked or delivered.

The time it takes the IRA administrator to transfer the funds varies. Please contact your administrator as soon as possible to ensure your gift is completed by December 31.
 

DISCLAIMER

This information is provided as an educational service to our donors. It is not legal or tax advice. Please consult your own professional advisors on how any charitable gift may affect your own tax situation. The University of Minnesota Foundation, a 501(c)(3) nonprofit organization, has been charged by the University of Minnesota’s Board of Regents to receive and administer gifts on behalf of all University campuses, colleges, and programs.