Giving News
There is still time to support Carolina with an IRA rollover gift that qualifies for tax year 2011
LIMITED TIME REMAINS!
On Dec. 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The IRA Charitable Rollover provision, initially enacted in 2006, was extended through 2011.
HERE ARE THE GUIDELINES:
- Distribution must be postmarked by Dec. 31, 2011
- You must be at least 70 1⁄2
- You may distribute up to $100,000
- Distributions must be made directly from IRA trustee/administrator to qualifying public charity (you cannot receive distribution prior to gifting to charity)
- No charitable deduction is allowed (distribution excluded from income)
IS THIS THE RIGHT GIFT FOR YOU TO MAKE? YES, IF:
- You have accumulated IRA assets that may not be needed to support your retirement lifestyle, but you are required to take distributions each year. A qualified charitable distribution can partially or completely satisfy annual minimum distribution requirements, without having to recognize the distribution as income.
- You have made, or are contemplating making charitable gifts that exceed 50 percent of your adjusted gross income (the maximum amount of deduction allowed for cash gifts). A qualified charitable distribution is not subject to the 50 percent AGI (Adjusted Gross Income) limitation because no charitable deduction is permitted.
- You do not itemize deductions on your federal income tax returns-many prefer to claim the standard deduction and file a less complicated return. A qualified charitable distribution will not require you to itemize, so there is no need to change your tax preparation preferences.
- Your major liquid asset is your IRA
- You have an enforceable charitable pledge-you can use the transfer to satisfy the pledge without violating the rules against self-dealing
- You live in a state where a charitable deduction is not allowed for state tax purposes
We urge you to consult your professional advisors regarding this charitable IRA rollover opportunity. To help ensure that your gift meets all requirements as a qualified charitable distribution, please feel free to contact the Office of Gift Planning. The office can also assist you with any questions regarding making Carolina a beneficiary of your retirement plan.
WHAT STEPS SHOULD YOU TAKE TO MAKE THE GIFT?
- Contact your IRA custodian for directions on how to initiate the transfer.
- Contact our office about your gift and for any other assistance we may be able to provide in requesting the transfer and completing the gift.
WHERE TO DIRECT IRA ROLLOVER DISTRIBUTIONS:
Your plan administrator should mail your distribution to the following address: The University of North Carolina at Chapel Hill, Office of Gift Planning, Post Office Box 309 Chapel Hill, North Carolina 27514-0309. You can download a sample letter here to send to your plan administrator making your request.
IRA Rollover distributions can be directed to the following:
| Entity | Tax ID No. | For the benefit of... |
| The University of North Carolina at Chapel Hill | 56-6001393 | any UNC school, unit or department |
| The University of North Carolina at Chapel Hill Foundation, Inc. | 59-1711424 | any UNC school, unit, department or affiliated foundation |
| The University of North Carolina at Chapel Hill Arts and Sciences Foundation, Inc. | 56-1150509 | College of Arts and Sciences |
| The Pharmacy Foundation of North Carolina, Inc. | 56-6037918 | Eshelman School of Pharmacy |
| The University of North Carolina at Chapel Hill School of Public Health Foundation, Inc. | 56-1717285 | Gillings School of Global Public Health |
| The Kenan-Flagler Business School Foundation, Inc. | 56-0771850 | Kenan-Flagler Business School |
| The Morehead-Cain Scholarship Foundation | 56-2462593 | Morehead-Cain Scholarship Program |
| The Botanical Garden Foundation, Inc. | 56-6076622 | North Carolina Botanical Garden |
| The Educational Foundation, Inc. | 56-6058412 | Rams Club |
| The Dental Foundation of North Carolina, Inc. | 56-6304130 | School of Dentistry |
| The University of North Carolina at Chapel Hill School of Education Foundation, Inc. | 58-1713621 | School of Education |
| The School of Government Foundation, Inc. | 56-1966429 | School of Government |
| The School of Journalism and Mass Communication Foundation of North Carolina, Inc. | 56-6034739 | School of Journalism and Mass Communication |
| The U.N.C. Law Foundation, Inc. | 56-0934173 | School of Law |
| The Medical Foundation of North Carolina, Inc. | 56-6057494 | School of Medicine |
| The University of North Carolina at Chapel Hill School of Nursing Foundation, Inc. | 58-1508175 | School of Nursing |
| The School of Social Work Foundation, Inc. | 58-1623883 | School of Social Work |