Important notice regarding year-end giving and IRA checkbooks
Many donors 70 ½ or older support the University of Minnesota, and other charities, by making qualified charitable distributions from their IRA. To qualify, the IRA administrator must make the distribution directly to the charity. Some IRA administrators offer checkbooks that allow donors to write checks to initiate the transfer of funds from the IRA to charity.
Donors who plan to make a qualified charitable distribution in 2019 using an IRA checkbook should be aware that the gift date is not established by check delivery or by the postmark date; rather it’s the date when the IRA administrator transfers funds from the IRA.
The time it takes for the IRA administrator to transfer the funds may vary. Donors who wish to make a gift in 2019 are encouraged to do so as soon as possible, and to contact their plan administrator to ensure the gift will be completed by December 31, 2019.
If you have questions about giving from an IRA, contact the University of Minnesota Foundation Planned Giving staff at 800-775-2187 or 612-624-3333.
The U of M Foundation does not provide legal or tax advice. Donors should consult their own professional tax advisor before making a gift.
This message was provided by the
University of Minnesota Foundation
McNamara Alumni Center
200 Oak Street SE
Minneapolis, MN 55455, USA
612-624-3333 or 800-775-2187