IRA Charitable Rollover
Assets in a traditional individual retirement account (IRA) can make a wonderful gift to Notre Dame Academy.
The Charitable IRA Rollover is now permanent. If you or your spouse are age 70½ or older and must take distributions from your IRA, you are permitted to distribute up to $100,000 annually directly from your IRA to charity, without incurring income tax liability on the distribution. This distribution will count toward your required minimum.
Donors between ages 59 ½ and 70 ½ are permitted to take distributions from their traditional retirement plans with no early-withdrawal penalty. These funds can be used as a gift to Notre Dame Academy either outright or as a life income gift. The income tax liability you incur on this IRA withdrawal is partially offset by the charitable income tax deduction you will earn by making your gift. Please consult your tax advisor to make sure this type of gift works with your financial situation.
Please note that not every financial institution identifies the donor on the IRA Rollover check. Email Mary Maloney mmaloney@nda-worc.org to let us know to expect your gift, so we can acknowledge you promptly.
To make a gift:
● Contact your IRA administrator to request that a charitable distribution be transferred to Notre Dame Academy, Worcester. You must specify whether the gift is to be made before the end of the calendar year.
● To ensure gifts are properly recognized and recorded, instruct your IRA administrator to indicate your name on the check and specify that the gift is an IRA charitable distribution.
● Instruct your IRA administrator to send your check, made payable to Notre Dame Academy, Worcester, to:
Notre Dame Academy, Worcester
Attn: Advancement Office
425 Salisbury Street Worcester, MA 01609
Notre Dame Academy, Worcester Tax ID: 04-2143534
Note: The IRA charitable rollover is federal law; state and local law may not provide the same benefits.
To assist donors interested in making a charitable gift from their IRA, we have provided the following sample letter templates:
Sample Request from Plan Owner/Donor to IRA Administrator
Sample Letter from Donor Informing Notre Dame Academy, Worcester of IRA Transfer
Notre Dame Academy, Worcester, is an educational institution and does not provide tax, legal, or financial advice. Any document or information shared by our staff is intended to be educational. Notre Dame strongly encourages all of our benefactors to seek counsel from their own legal and financial advisers. Please know that any information or documents shared by Notre Dame cannot be used to avoid tax-related penalties.
