Art Borden donates to EMU via his IRA

“For the past 6 years I have made my gifts to the EMU university fund, my church and other Christian ministries from my IRA. I ask my IRA custodian to send a check directly to EMU from my IRA. I avoid the income taxes and the gift counts toward my required minimum distribution since I am over 70 ½. By using my IRA I can get the equivalent of a tax deduction even though I do not itemize my income taxes. I have saved thousands of dollars in federal and state income taxes by doing this. If you are 70 ½ or older you may want to do the same thing.”

-Art Borden

IRA Gift Options

SPECIAL NOTICE: IRA Rollover expired December 31, 2011 and has not yet been renewed.

In 2011, you can make a gift to EMU from your Individual Retirement Account (IRA) tax-free, helping shape the education of future generations of peacebuilders, service workers, and leaders of meaningful change in the world.

As an added bonus, not paying the taxes could save you between 20¢ to 40¢ on each dollar you give. (Sadly, unless Congress renews it, you may not have this opportunity in 2012.)

An IRA Rollover is designed for:

  • Donors who take the standard income tax deduction rather than itemizing deductions.
  • Donors who have maximized their charitable deductions and/or are subject to the 2% limitation.
  • Donors who do not need the income from their required minimum distribution.
  • Donors who are planning to give the IRA to charity anyway.

Rules for 2011

  • You must be age 70½ or older when the transfer is made to EMU.
  • The gift must be from a traditional or Roth IRA. Gifts from a SEP IRA or other types of retirement accounts are not eligible.
  • Checks must be made payable directly to EMU by your IRA custodian. [Caution: Please do NOT have the check issued in your name.] If you choose to also have the custodian mail the check directly to EMU, please let us know since your custodian may send it without including your name.
  • The maximum amount you can give to charity from your IRA in one year is $100,000.
  • Your gift must be outright. [For example, it cannot be used to fund a charitable gift annuity or remainder trust.] It may be used to fulfill a pledge.
  • The gift cannot be made to a donor advised fund. [The Mennonite Foundation is not eligible to receive these gifts.]

Other gift information

  1. Send a letter to your IRA custodian giving them instructions for sending your gift to EMU, 1200 Park Road, Harrisonburg, VA 22802. [EMU’s EIN number is 54-057581]
  2. Either send a copy of that letter or a separate notification letter to EMU for our records.
  3. You may need to allow 2-6 weeks for processing depending on your financial institution.

Questions?

Robyn Hill, Director of Planned Giving: 540-432-4971 (office) or

Phil Helmuth, Executive Director of Development: 540-746-2068 (direct line) or

Or call our office toll-free at 800-368-3383 at your convenience.

Note: This material was updated January 4, 2012.