Here is a tax-smart way to make an impact to Brown University using your traditional or Roth IRA. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to Brown University and satisfy your Required Minimum Distribution (RMD). If you are not required to take an RMD but no longer itemize your deductions, then a QCD may be right for you as well.
How can I make an IRA Charitable Rollover?
To make a gift from your IRA, contact your IRA administrator (for example Fidelity, Merrill Lynch, Schwab, Vanguard, etc.) and ask the representative to send a check in the amount you desire (up to $100,000) payable to Brown University. You can download a sample letter and instructions (PDF) for requesting a charitable distribution from your IRA administrator.
Checks should be mailed to:
Providence, RI 02912
Contact the Office of Philanthropic Strategies and Planned Giving at +1 (401) 863-9119 or Planned_Giving@brown.edu with any questions. It is helpful if you can provide the following:
- Your name and Brown class year (if applicable)
- The amount of your check
- The name of the IRA administrator (Fidelity, Merrill Lynch, Schwab, Vanguard, etc.)
- If the gift is unrestricted (to The Brown Fund), restricted (if so, please describe the details), or a combination.
How Do I Qualify?
The IRA charitable rollover (QCD) offers multiple benefits for making gifts from your traditional or Roth IRA.
- You must be 70 ½ years or older at the time of the gift.
- Gifts must go directly from your IRA to Brown University.
- Gifts must come from a traditional IRA or Roth IRA account.
- Gifts cannot exceed $100,000 per donor per year.
Benefits of an IRA Charitable Rollover Gift
- If you don’t itemize deductions and are not yet required to take your RMD, a QCD offers all of the benefits of an itemized income tax charitable deduction
- If you are age 73 or older and must take your RMD, a QCD can satisfy your RMD without increasing your income taxes.
- You may direct your gift to a program or area of your choice.
- It is a wonderful way to create an immediate impact on Brown University.