We are delighted to announce that the Tax Relief Act signed by President Obama on December 17th includes the wonderful news that the IRA charitable rollover for up to $100,000 has been extended for 2011. All donations from your IRA can be rolled over through December 31, 2011.

The Rollover allows individuals aged 70 ½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) and Roth IRAs to public charities without having to count the distributions as taxable income.

IRAs are the most heavily taxed assets that can be left to your heirs, with the exception of your spouse, since income, estate, and excise taxes can lead to a loss of more than 75% of your plan’s assets.  Therefore, taking advantage of this Rollover not only allows you to exclude up to $100,000 in IRA gifts from ordinary taxable income, it also removes these assets from your estate and enables you to leave lesser-taxed assets to your heirs.

The following are key provisions of the Charitable IRA Rollover:

• You must be age 70½ at the time the gift is made.
• Your charitable gifts must be  made directly from your IRA to the City College 21st Century Foundation, a 501C3 public charity.  To do so, just instruct your IRA Administrator that you wish to make a gift to the City College 21st Century Foundation and provide the Tax ID# 13-3850823. You can give a maximum of $100,000 per year.  Your spouse can give an equal amount from his/her IRA. 
• You can make as many gifts from your IRA in any amount to as many charities as desired as long as the total does not exceed $100,000 for the year. 
• Your gift may NOT be made in exchange for a charitable gift annuity or to a charitable remainder trust.  
• If you have reached age 70½ and are required to make minimum required distributions, you can direct the entire amount to charity in satisfaction of your minimum required   distribution.

The Charitable IRA Rollover is an excellent way to support The City College of New York and, perhaps, make a larger gift to CCNY than you would have thought possible.  You can also join the Society of 1847, a special group for alumni and friends who support the college through planned gifts, at special events and receptions that honor you and recognize your support.

For further information, please contact Executive Director Rosemary Weiss at 212-650-7178 or rweiss@ccny.cuny.edu.