Make a Gift From an IRA

The charitable IRA rollover allows you to make a distribution from your Traditional or Roth IRA as a charitable gift and count towards your required minimum distribution. The disbursement to Sherman Library & Gardens will be excluded from your taxable income.

Specifically:

  • You, as the plan owner, must be at least 70½ years of age on the date of your gift.
  • You may gift up to $100,000. This limit applies to each person, meaning that if both spouses have IRA plans, each may make gifts up to that limit. Please note that 401(k) plans and other non-IRA retirement plans do not qualify.
  • With respect to a traditional IRA, the gift will be counted against your required minimum distribution and that portion of the distribution will not be subject to income tax (in exchange, you forego the ability to claim the gift as a deduction). Roth IRAs are not subject to minimum distribution rules and amounts distributed are not included in income.
  • The gift must go to a qualified public charity, such as Sherman Library & Gardens.

 

Steps for Making a Gift

The process for making a gift using your IRA is straightforward – but it is important to exercise care to assure that your transaction is completed correctly. It is especially important that you avoid having the funds distributed to you personally, as that could trigger an income tax.

If you have any questions about the following steps, please contact the Sherman Foundation office at (949) 642-1626. We are always happy to work with you to ensure that your gift reflects your passions and priorities for Sherman Library & Gardens.

To Make a Gift From Your IRA

  1. Contact your IRA administrator requesting the distribution.  They may have a form for you to complete or you may be able to use the sample letter below.
  2. Notify Sherman Library & Gardens at (949) 642-1626 so we can expect the distribution check and direct it as you have requested.
  3. A confirmation will come from Sherman Library & Gardens when we receive your distribution.

Sample Letter to an IRA Administrator

{Date}

To Whom It May Concern:

You are requested and authorized via this letter to make a charitable distribution from my Individual Retirement Account {#______}.

I request that a check be issued in the amount of {$______} payable to:

Sherman Library & Gardens
567 San Nicolas Drive, Suite 220
Newport Beach, CA 92660-6510

This distribution made to Sherman Library & Gardens (federal tax identification number 95-2672431) is to benefit Sherman Library & Gardens’ {department or program of your choice}.

Please include my name as the donor of record in connection with this charitable distribution.

I am requesting a copy of your transmittal to Sherman Library & Gardens be sent to me.

Sincerely,
{Your Name}
{Address}

For information about a bequests and estate planning opportunities, contact:

Scott LaFleur, Garden Director

949-673-2261 Ext. 301

scott@slgardens.org

 

 

Additonal Ways to Give

Donate TodayMake a Tribute