Giving in Retirement
Support students and educational advancement
Required Minimum Distribution
You cannot keep your retirement funds indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 73. Your required minimum distribution is the minimum amount you must withdraw from your account each year thereafter. You can withdraw more than the minimum required amount, typically with tax implications.
Enacted legislation now allows you to share your retirement funds with the Bay College Foundation tax-free. It is known as an IRA Charitable Rollover or Qualified Charitable Distribution. You can make annual gifts from your retirement accounts to the Bay College Foundation and avoid taxes you would have paid for such distributions. Students at Bay College will receive your gift of education, making a positive impact on their lives and futures.
What Else You Need to Know
- You must be 73 or older at the time of the gift
- You can transfer up to $100,000 directly from your IRA
- Funds must transfer directly to qualified charities, legislation does not permit direct transfers to charitable trusts, donor-advised funds, charitable gift annuities or supporting organizations
- Retirement plans with minimum distribution rules include: Traditional IRAs, SEP IRAs, SIMPLE IRAs; 401(k) plans, 403(b) plans, 457(b) plans, profit sharing plans, other defined contribution plans
- Designate tax deductible gifts to the Bay College Foundation IRS#38-2161915
Naming Bay as a Beneficiary
Consider making the Bay College Foundation a beneficiary of your IRA, other retirement account, trust, estate or insurance policy. Naming a charity as beneficiary of all or part of your assets supports a great cause and avoids taxes to your heirs. Your gift of education will help ensure that Bay College flourishes now and well into the future. If you have questions about Planned Giving or naming the Bay College Foundation in your estate plans, please contact the Foundation office.
About
Department
Advancement
906-217-1700
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Contact
Kim Carne
Vice President of Advancement
CB 201C
906-217-4027
Email Kim
Vicki DeGrand
Advancement Specialist
CB 201B
906-217-4048
Email Vicki
Profile
For several decades, Dr. Glendon Brown has played an essential part on the Bay College Foundation Board.
Glendon Brown
Foundation Board Member