Ways of Giving

PLEASE TAKE ADVANTAGE OF THE IRA CHARITABLE ROLLOVER

On December 18, 2015, the IRA Charitable Rollover was passed by Congress and signed into permanent law by the President, allowing taxpayers age 70 ½ or older to transfer up to $100,000 annually from their IRA accounts directly to a qualifying charity without first having to recognize the distribution as income.

You can make your mandatory distribution into a wonderful gift for Westchester.

WHAT THIS MEANS FOR WESTCHESTER – AND YOU

  • You must be at least age 70 ½ at the time of the charitable distribution.
  • You may distribute up to $100,000 for a tax year.
  • Call your financial planner to set up a transfer.
  • A distribution must be made directly from the trustee/administrator of your IRA directly to Westchester, satisfying the required minimum distribution rule (you cannot receive the distribution prior to gifting to charity without incurring tax liability).
  • No charitable deduction is allowed, but the distribution is excluded from your income for federal tax purposes.
  • Please notify Westchester of your intention (contact Kate Moser at kate.moser@westchestercds.org or 336.822.4021).

HOW TO MAKE YOUR GIFT

  • Contact your plan administrator to request a distribution from your IRA account to Westchester under the Charitable Rollover provision (see below for sample language).
  • It is important that you alert Westchester to the distribution so that we can monitor its receipt and provide you with the proper acknowledgement required by the IRS for charitable IRA Rollover distributions.
  • Westchester Country Day School’s Federal Tax ID # is: 560891598.
  • Your plan administrator should mail your distribution to: Development Office / 2045 N. Old Greensboro Road / High Point, NC 27265

SAMPLE LANGUAGE FOR YOUR IRA ADMINISTRATOR

Here’s some sample language for your IRA plan administrator (always consult your financial advisor to determine whether using the Pension Protection Act makes sense for you and your personal financial situation):

Sample Language:

Congressional renewal of the IRA Charitable Rollover permits a rollover donation directly from an IRA to a qualified public charity. As the owner of IRA account [INSERT ACCT NUMBER] that is in the custody of your organization, I request that you transfer from that account the sum of $____________ to Westchester Country Day School, 2045 N. Old Greensboro Road / High Point, NC 27265. The Tax ID Number for Westchester Country Day School is: 560891598.

It is my intention to make a Qualified Charitable Distribution (QCD) to Westchester Country Day School from my IRA, which may fulfill part or all of my IRA required minimum distribution for this year.

This letter is sufficient authorization for you to make this QCD gift. However, if you require any further documents, please forward those to me for my signature.

Sincerely,
[Your Name]