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With gift planning, you can provide vital support for Minot State's projects, activities and goals, all while enjoying tax benefits for you and your family.
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Giving Home > How to Give > IRA Charitable Rollover

IRA Charitable Rollover

An IRA charitable rollover allows individuals 70½ and older to reduce their taxable income by making a gift directly from their IRA.

You may be looking for a way to make a big difference to help further our mission. If you are 70½ or older you may also be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover, also known as a Qualified Charitable Distribution (QCD), is a way you can help continue our work and benefit this year. It allows holders of a Traditional or Roth IRA (including inherited IRAs) to donate directly to a qualified charity, tax-fee.

Benefits of an IRA charitable rollover

  • Avoid taxes on transfers of up to $111,000 from your IRA to our organization
  • Satisfy your required minimum distribution (RMD) for the year
  • Reduce your taxable income, even if you do not itemize deductions
  • Make a gift that is not subject to the deduction limits on charitable gifts
  • Help further the work and mission of our organization

IRA charitable rollover video

Requirements

To qualify, the following conditions must be met:

  • The IRA holder must have attained age 70 ½ on or before the date the QCD check is issued. For an inherited IRA, the beneficial owner must have attained age 70 ½ or older.
  • Funds must be issued directly to Minot State University from a Traditional or Roth IRA.
  • The donor cannot receive any personal benefit from making a QCD, and the funds cannot be deposited into a donor-advised fund.
  • The amount cannot exceed the annual IRA limit per donor of $111,000.

Best practices and how an IRA charitable rollover gift works

  1. Contact your tax professional to ensure a QCD is in your best interest and that your distribution qualifies.
  2. Contact us to let us know a gift is coming, and specify if you wish your gift to be used for a specific purpose.
  3. Contact your IRA plan administrator or financial advisor to request your IRA funds be directly transferred to Minot State University Development Foundation.
  4. Please note that IRA charitable rollover gifts do not qualify for a charitable deduction. After receiving your receipt from us, mail a copy to your tax professional and keep the original with your permanent tax records.

Contact us

If you have any questions about an IRA charitable rollover gift, please contact us. We would be happy to assist you and answer any questions you might have.

Minot State University Development Foundation Tax ID: 45-0344784
Mailing Address: 500 University Ave. W., Minot, ND 58707