IRA Frequently Asked Questions

To make an IRA Charitable Rollover transfer, contact the division of Advancement to discuss your gift and obtain a letter of instruction to send to your IRA custodian or administrator.

I’ve already named WCU as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?

By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work and it gives the University the opportunity to recognize and thank you during your lifetime.

I have several retirement accounts; some are qualified retirement plans and some are IRAs. Does it matter which retirement account I use?

Yes. Direct rollovers to a qualified charity can only be made from an IRA.  Under these circumstances, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and make the transfer from the IRA directly to WCU.  To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

I have two charities I want to support. Can I give $100,000 from my IRA to each?

No. Under the law, you can give a maximum of $100,000.  For example, you can give each organization $50,000 in a year or any combination that totals $100,000 or less.  Any amount greater than $100,000 in one year must be reported as taxable income.

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