IRA Distributions

IRA-Qualified Charitable Distributions

If you are 70½ or older, you are able to make tax-smart gifts to the University of Richmond through your IRA. By authorizing a Qualified Charitable Distribution from your IRA, you can donate up to $100,000 each calendar year to eligible charities like the University of Richmond.

Qualified Charitable Distributions can only be directed from a Traditional IRA (not from a retirement plan such as a 401(k), 403(b), etc.), and Qualified Charitable Distributions cannot be made from a donor-advised fund or private foundation or used to fund a Charitable Gift Annuity. 

You’ll find that Qualified Charitable Distributions offer many benefits. They:

  • Satisfy all or part of annual required minimum distributions and provide a charitable giving strategy for donors who do not need the additional income
  • May be used to fulfill any outstanding pledges
  • Minimize tax liability and can put donors at a lower threshold for Medicare premiums by reducing income

Contact your IRA administrator/custodian for instructions on how to authorize a Qualified Charitable Distribution to the University of Richmond. Please let us know if you plan to make a gift this way, as some IRA administrators mail checks with no identifying donor information. Sharing details of your Qualified Charitable Distribution will ensure that we are prepared to receive your gift. 

The University can provide a sample letter to your plan administrator.