IRA GIVING
Qualified Charitable Distributions (QCDs)
Why Make a Qualified Charitable Distribution (QCD)?
If you are over the age of 70½ and have an Individual Retirement Account (IRA), then Qualified Charitable Distributions may provide the most significant tax savings of any charitable contribution. While you are eligible to make a QCD starting at 70½, when you turn 72 you must take a Required Minimum Distribution* (RMD) from your IRA, and a QCD will count towards that RMD!
*As part of the CARES Act of 2020, RMD's are waived for 2020
How to Make a QCD to the Beta Theta Pi Foundation:
Have your IRA administrator send a check from your account to the Beta Theta Pi Foundation. (In order to be tax free, the donation must be transferred directly to the Beta Theta Pi Foundation. Do not take the distribution yourself, then try to make a gift to the Foundation as you will forfeit the tax benefit on the initial withdrawal.) See transfer instructions below.
TRANSFER INSTRUCTIONS TO SHARE WITH YOUR IRA ADMINISTRATOR:
Legal Name: Beta Theta Pi Foundation
Address: 5134 Bonham Rd., Oxford, OH 45056
Beta Theta Pi Foundation Tax ID Number 80-0296934
PLEASE CALL LAURA LEDNIK AT 800.800.BETA IMMEDIATELY AFTER YOU INITIATE THE GIFT WITH YOUR FINANCIAL INSTITUTION. TOO OFTEN GIFTS COME THROUGH WITH NO DONOR NAME ATTACHED. CALLING LAURA WILL HELP ENSURE YOUR GIFT IS DIRECTED TO THE APPROPRIATE FUND AND ALLOW US TO SEND YOU A GIFT CONFIRMATION.
*Please consult with your own legal and financial advisors for professional tax advice