Giving News
The IRA Charitable Rollover is back!
This legislation, known as the Taxpayer Relief Act of 2012, included a two-year retroactive extension of the IRA Charitable Rollover. The previous authorization of the Rollover expired at the end of 2011, but it has now been reinstated through Dec. 31, 2013. This gift option may allow you to directly transfer some or all of your required minimum distribution directly to a qualifying UNC foundation and avoid income tax consequences.
GUIDELINES FOR IRA ROLLOVER GIFTS:
- You must be at least 70 1⁄2.
- You may distribute up to $100,000, which will count toward your required minimum distribution.
- Distributions must be made directly from IRA trustee/administrator to qualifying public charity.
- Gifts must be outright; no material benefits can be received in exchange. Gifts may not be rolled into an income producing gift vehicle. Gift may not count toward preferential points for priority athletic seating.
- Gifts are not included in federal taxable income, thus no charitable deduction is allowed. State tax rules vary and individual information should be sought from a professional.
- Gifts may only be made from an IRA. Gifts from a 401(k), 403(b) ad 457 plans are not permitted.
WHAT STEPS SHOULD YOU TAKE TO MAKE THE GIFT?
Contact your IRA custodian for directions on how to initiate the transfer.
Contact our office (look under DEPARTMENTS/SERVICES) 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, PO Box 309 Chapel Hill, North Carolina 27514-0309. You can download a sample letter here to send to your plan administrator making your request for 2012.
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 (look under DEPARTMENTS/SERVICES). The office can also assist you with any questions regarding making Carolina a beneficiary of your retirement plan.
All information is intended to be illustrative in nature and may not cover all issues pertinent to every individual situation. UNC Chapel Hill suggests consulting with your financial or legal advisor to determine how this legislation impacts your own personal situation before making any decisions.
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 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 |