Alumni Newsletter

Keeping our Alumni informed of Atlantic Cape activities

IRA Distributions Provide New Way to Give to ACCC

ACCCers have shown their generosity to the college in many ways—by setting up scholarship funds, establishing endowments, supporting special events and giving to the Annual Appeal. Now, under a provision of the Pension Protection Act, there is another way for alumni and friends to make a gift that can benefit the college and its students.

If you are taking mandatory distributions from a Roth or Traditional IRA, you can now make an entirely tax-free gift to the college’s Foundation. Your IRA charitable distribution will satisfy all or part of your required minimum distribution for the year.

But you need to act promptly--the incentive is temporary and is in effect for the 2007 tax year, requiring that contributions be made by Dec. 31, 2007. Some restrictions apply:

  • You must be at least 70 1/2 years of age
  • Tax benefits apply for gifts up to $100,000 per person per year
  • You can make these IRA charitable distributions in 2007 only
  • You must instruct your IRA account administrator to make the distribution directly to the charity, in this case the ACCC Foundation.
  • Only outright charitable gifts are eligible; life-income gifts such as charitable gift annuities do not qualify.

For more information on making an IRA charitable distribution to the ACCC Foundation, contact Kathy Corbalis, (609) 343-4907, associate director, ACCC Foundation.