IRA Charitable Giving

How does it work?

• Donors aged 70½ and older are able to make gifts directly from their IRA accounts to Remy Bumppo Theatre Company and other qualified charities.
• Donors may contribute all or a portion of their IRA distribution to charity, up to a total of $100,000 each year. The transfer will count toward the required minimum distribution rule for IRAs in the year in which the gift is made.
• There is no federal income tax liability on the withdrawal; there may also be state income tax savings.

What are the rules and restrictions?

• The gift must come from a Traditional IRA—no other retirement plans qualify.
• The distribution will be free of income tax liability, but you will not receive a charitable income tax deduction. This means that, even if you do not itemize your tax deductions, you can still benefit.
• In order to receive this special tax treatment, a new IRA gift must be transferred directly to Remy Bumppo Theatre Company from your IRA administrator, not from your IRA to you and then to the theatre.
• IRA administrators do not always include the donor’s name on the check, so please let us know in advance so that we can identify your gift and properly thank you.
• IRS guidelines prohibit you from receiving tangible benefits in exchange for contributions from an IRA Rollover gift; however, you may receive invitations to events and other activities we host for our donors throughout the year.

How do I initiate a gift?

You will want to reach out to your plan provider to start the rollover process. You can use this sample letter as a draft of what to send to them. Also, be sure to contact us and let us know that we should keep an eye out for a gift from your IRA plan, in the instance they do not add your name to the check.