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Seminary Highlights Special Giving Opportunity

December 19, 2014

This week, the US Congress voted to extend the IRA Charitable Rollover through 2014.

This provision, originally enacted as part of the Pension Protection Act of 2006, allows owners of a traditional or Roth IRA to instruct their IRA custodian to distribute directly to a public charity up to $100,000 without the distribution being included in federal taxable income, and that distribution will count toward the IRA owner's mandatory withdrawal amount, says  Robert Knoor, the seminary’s director of development.

For seminary supporters who are at least 70 years and six months old, the act includes an extension which provides a renewed opportunity to give from your IRA to Calvin Seminary through Dec. 31, 2014, says Knoor.

“This two-week window is small, and our development team is available to help in any way we can,” says Knoor.

Additionally, this fall a group of Calvin Seminary supporters committed $400,000 to the Annual Formation Fund as a matching gift.

Every dollar given to this Fund between now and June 30, 2015 will be matched, dollar for dollar, by this group of supporters.

Requirements for IRA qualified charitable distributions:

  • Gifts are tax-free up to $100,000.
  • Gifts will qualify for all or part of one’s Required Minimum Distribution.
  • IRA holder must be at least 70 years and six months old at the time of the gift.

Call Knoor at 616-957-6039 or email him at [email protected] for more information.