Individuals who are age 70½ or older can make gifts of up to $100,000 directly from their IRA account to one or more qualified charities, without paying federal income tax on the withdrawal.
Donors who have an IRA and are fulfilling an existing pledge, or wish to make an outright gift to benefit Gopher Athletics, may want to make a qualified charitable distribution.
You cannot receive goods or services, or a personal benefit (such as tickets for events) in return for the gift.
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- Donors must be age 70½ or older at the time the gift is made.
- Only traditional IRAs are eligible.
- Donors must request a direct transfer of funds from their plan administrator to a qualified public charity. It is important to not withdraw funds prior to a gift.
- Gifts cannot be made to a private foundation or to a donor advised fund.
- Gifts cannot be used to fund a gift annuity or charitable remainder trust.
- Each donor may give up to $100,000 per year. For couples, each spouse can give up to $100,000.
- Distributions can be used to satisfy the donor's required minimum distribution (RMD). The rollover allows for a charitable gift to fulfill the RMD without adding to tax liability.
To make a gift to Gopher Athletics from an IRA, donors should contact your IRA plan administrator and request a direct Qualified Charitable Distribution from their IRA account to the University of Minnesota Foundation, a 501(c)(3) organization, with Tax ID number 41-6042488, and have the check mailed to the following address:
Golden Gopher Fund
Bierman Field Athletic Building
516 15th Ave SE
Minneapolis, MN 55455