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IMPORTANT NOTICE:  TAX-Free IRA Rollover Opportunity Renewed!

The Emergency Economic Stabilization Act of 2008 extends for 2008 and 2009 an expired provision permitting IRA owners age 70 ½ and older to make distributions to Oberlin and other qualified organizations of up to $100,000 per year.

This giving opportunity is available through December 31, 2009.

Can I take advantage of this giving opportunity?

You must be 70½ years of age at the time of gift, and your gift can only come from a traditional or Roth IRA.  Other retirement plans, such as pensions, 401(k) plans and others are not eligible.

How does making a gift from my IRA benefit me?

Is your Required Minimum Distribution from your IRA more income than you need?  Consider transferring the portion of the distribution you do not need directly to Oberlin.  Why?  You will still meet the minimum distribution requirement and will not have to pay any tax on the portion you gift to Oberlin because it won’t be included in your gross income.

Are you unable to itemize your deductions for income tax purposes?  Taking advantage of the IRA rollover provision allows you to transfer money directly from your IRA to Oberlin without including the distributions in your taxable income, thus eliminating the need to offset income with a deduction.

Are the bulk of you assets in an IRA? This is a great opportunity to use some of your hard earned money to support Oberlin’s educational mission without incurring additional income tax and reduce the size of your taxable estate.

Have you made significant charitable gifts this year and run into the 50% of AGI ceiling? You can now transfer money directly to Oberlin from your IRA. Direct rollover gifts aren’t subject to this limitation and won't be taxed as distributions.

Further explanations of the Act's provisions can be found at the Planned Giving Design Center and PGCalc websites.

How do I make a gift from my IRA to Oberlin?

1. Contact your IRA custodian and inform them you want to make a charitable distribution from your IRA to Oberlin.  Only the IRA custodian can transfer gift amounts to a qualified organization.  Distribution checks should be issued in the name of Oberlin College, not to you to avoid inclusion of the distribution in your gross income. 
2. Ask that the check be mailed directly to: 
   Oberlin College–Office of Gift Planning, 50 West Lorain St., Oberlin, OH 44074
3. Contact the Office of Gift Planning at (440) 775-8599 to let us know to expect your gift and where you would like the gift directed.  It is important to let us know the gift is coming as some IRA custodians do not identify the donor on the check.

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