By David Battles
Senior Vice President
Oklahoma United Methodist Foundation

Last year, President George W. Bush signed the Pension Protection Act of 2006 permitting IRA charitable rollovers for current gifts.  With this new bill, rollovers may be made in any amount up to $100,000 during 2006 and 2007, with the following requirements:  

IRA charitable rollovers must be made to public charities by IRA owners at least 70.5 years old.  
IRA charitable rollovers may not be made to private foundations, donor advised funds, supporting organizations, or to deferred gift plans (such as charitable gift annuities or charitable remainder trusts).  However, you may designate the charitable purpose or field of interest for the gift.  For instance, the IRA charitable rollover could be designated to an endowment fund for the benefit of your church.
Only regular and Roth IRAs qualify for the charitable rollover.  Donors with other qualified retirement plans may roll them over to an IRA and then use the IRA charitable rollover to make a gift.  
The IRA charitable rollover is effective immediately.  IRA owners should contact their IRA custodian to direct transfers to qualified public charities.  
The IRA charitable rollover will not be included in the donor’s federal taxable income and therefore will not be a charitable income tax deduction.  This will simplify the donor’s tax return.  
An IRA charitable rollover made by Dec. 31 of this year will qualify for all or part of the IRA owner’s required minimum distribution for 2006.   
To take advantage of the two-year opportunity, the IRA charitable rollover must be complete prior to December 31 of 2006 and 2007.  
Check with your financial advisor for the best way to take advantage of this new giving opportunity.  
If you have any questions please contact:
David Battles at the Oklahoma United Methodist Foundation, 800-259-6863
or
Louise Glass at the church office 405.562.3212