One of the most tax-efficient ways to leave a gift to Geneva College is through your IRA, 401(k), 403(b), or other retirement plans. Generally, these tax-deferred plans are highly attractive for charitable giving because you avoid potentially significant income and estate tax consequences of passing these assets to surviving family members or heirs. Giving retirement assets to Geneva preserves more of the funds, exercises wise stewardship, and magnifies your support.
Designating Geneva as the beneficiary of your retirement plan assets is fairly straight forward. Contact your retirement plan administrator and ask for a Designated Beneficiary Form. Naming Geneva as the beneficiary of your plan will insure that your plan assets go to Geneva tax-free. The designation may be for a fixed dollar amount or a percentage of the overall account. Your attorney may also draft a provision into your will or trust directing that all charitable contributions be made from the retirement plan assets first, before any other assets are used. The following information may be helpful when naming Geneva College as a beneficiary.
3200 College Avenue
Beaver Falls, PA 15010
Tax ID Number (TIN): 25-0965376
IRA Rollovers - Now Permanent!
GOOD NEWS: Recently, Congress has passed legislation to allow charitable IRA rollovers for the 2015 tax year, making them retroactive to January 1, 2015. In addition, after many years of advocacy by charitable organizations, the legislation makes IRA charitable rollovers permanent, providing donors with planning certainty moving forward. Donors may not only consider making a 2015 year-end rollover gift but may plan for a 2016 rollover gift as well.
BAD NEWS: Time is short! If you have been waiting for this possibility in 2015, you must act now. Contact your IRA administrator immediately to begin the necessary arrangements. This will insure that the rollover is completed by year’s end. If you haven’t taken your required minimum distribution (RMD) yet, you can get credit for your RMDs.
GREAT NEWS: IRA rollover gifts bless Geneva College and help make a difference in the lives of Geneva students by supporting academic excellence, student and campus development, and scholarships. The IRA Rollover provisions allow individuals age 70½ and older to make direct transfers (up to $100,000) from traditional and Roth IRAs to Geneva College. These rollover gifts are excluded from taxable income. Because a charitable rollover is not included in taxable income, it does not count against the usual percentage limitations placed on charitable deductions.
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