Permanent IRA Charitable Rollover Signed Into Law

Academics,

A new law extends the IRA charitable rollover retroactively for 2015 and makes it permanent with no expiration date for future years.

To take advantage of the extension for 2015, donors need to arrange a direct transfer from their IRA to Lake Erie College by December 31 to count against their required minimum distribution for 2015. Direct transfers from IRAs to LEC made earlier in 2015 in anticipation of the IRA charitable rollover being extended will also count. 

To qualify, the IRA owner must be age 70½ or older. In addition, the annual limit is $100,000. 

As the IRA Charitable Rollover now has no expiration date, donors will have the ability to plan their IRA required minimum distributions for 2016 and future years with the knowledge that the IRA Charitable Rollover is available.

Please consider a gift from your IRA for Lake Erie College. If you have any questions after consulting and making arrangements with your advisor, please contact Scott Evans, senior vice president of institutional advancement and chief of the president's staff, at 440-375-7255

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