Charitable Transfers from IRAs - Richland County Foundation

IRA Charitable Transfers

Make a Gift of a Lifetime

Gifts from an IRA 

Individuals aged 70 ½ and older can transfer up to $105,000 annually from a traditional Individual Retirement Account (IRA) to a charity without being federally taxed. That means if you have a spouse, you could transfer up to $210,000. 

Qualified charitable distributions must be made by the year's end if the donor wants it to satisfy their required minimum distribution.

This law is important to local charities operating as agents of philanthropy to continue to build community and improve social service programs that benefit people every day.

A provision in the federal law allows for transferring IRA assets directly to charity otherwise known as a qualified charitable distribution. By going directly to a qualified public charity such as the Richland County Foundation, the money is not included in the IRA owner’s income and—most importantly—is not taxed, preserving the full amount for charitable purposes.

The Richland County Foundation can help donors execute the transfers and choose from several charitable fund options for their gift. IRA transfer gifts of any amount can be made to an existing fund at the Foundation or for the establishment of a new fund.

If you would like to establish a new fund, the types of funds that qualify for the tax-free IRA transfers include:
Unrestricted Fund
Field of Interest Fund
Designated Fund
Scholarship Fund

*(Donor Advised Funds do not qualify for tax-free IRA transfers)

The minimum amount to set up most funds is $10,000, except for a scholarship fund that has a minimum of $20,000.

This really is a powerful opportunity for anyone interested in establishing a permanent legacy in this community, this is a chance of a lifetime to make the gift of a lifetime.

Sample Letter to IRA Administrator

If you would like to make a gift from your IRA, please email Director of Finance Rachel Weber or call 419-525-3020.