Make a difference at VCU (and save on taxes)

Convert a Burden into a Philanthropic Gift

If you are 70½ or older you are likely familiar with the Individual Retirement Account (IRA) Required Minimum Distribution. Each year, the IRS requires you to withdraw a certain amount from your IRA whether you need the funds or not, and you pay income tax on every distribution you take. For many IRA account holders, the taxes can be a significant and your required minimum distribution may push you into a higher income tax bracket.

The IRA charitable rollover provides several benefits. It allows you to transfer $1,000, $10,000, or any amount up to $100,000 from your IRA directly to charity annually. You can also count the gift against your required minimum distribution, which lowers your income and taxes this year.

Major Gift with Minor Effort

You can further the mission of the VCU College of Humanities and Sciences with an IRA charitable rollover gift. You pay no taxes on the transfer and your gift counts dollar-for-dollar to support the College of Humanities and Sciences or school, department or program important to you. You may even be able to create a student scholarship or provide support for faculty members.

To benefit this year, your IRA charitable rollover gift must be made before December 31.

Here is how it works:

  • Contact your IRA plan administrator to make a distribution directly from your IRA to the VCU Foundation (VCUF) #54-0757884 for the benefit of the VCU College of Humanities and Sciences. Gifts should be directed to VCU Foundation, 111 North Fourth Street, Box 842039, Richmond, VA 23219
  • Let us know that you requested your IRA plan administrator make a distribution to the VCU Foundation for the benefit of the College of Humanities and Sciences and tell us the amount and how you want us to use your gift. Contact Bethanie Constant, CFRE, Senior Director of Development, VCU College of Humanities and Sciences, to share those details. Bethanie can be contacted at (804) 828-4543 or constantb@vcu.edu.
  • The gift may be used to pay a pledge, but the gift may not be used to fund a gift annuity, charitable remainder trust, donor advised fund or private foundation.
  • In addition to a current IRA charitable rollover gift, you may also want to consider designating VCU College of Humanities and Sciences as a beneficiary of your IRA.