How to make an IRA Charitable Rollover Gift
1. Contact your IRA custodian and request the necessary forms to make the gift. If the custodian does not have a specific form, you may send a letter similar to this example:
The American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213) permits a rollover directly from an IRA to a qualified public charity. As the owner of IRA account #123-456789 that is in the custody of your organization, I request that you transfer from that account the sum of $(x,xxx) to Biblica, c/o Planned Giving, 1820 Jet Stream Drive, Colorado Springs, CO 80921. The Treasury Tax ID Number for Biblica is 84-1194554.
It is my intention to make a Qualified Charitable Distribution (QCD) to Biblica from my IRA, which may fulfill part or all of my IRA required minimum distribution for this year.
This letter is sufficient authorization for you to make this QCD gift. However, if you require any further documents, please forward those to me for my signature.
2. Most IRA custodians will issue the gift by check or electronic funds transfer directly to Biblica. Do be advised, some custodians will send a check to the donor, payable to Biblica. This transaction will still qualify as long as the payment is made to directly to Biblica and not the donor.
If the check is sent to you, please mail to:Biblicac/o Planned Giving 1820 Jet Stream Drive Colorado Springs, CO 80921
3. Notify Biblica of your coming IRA gift. A special receipt will be drafted on an individual basis to comply with the requirements of the gift.
4. Your IRA custodian will provide you with a Form 1099 to report the full qualified distribution amount on your tax returns. Consult your tax preparer if you have questions concerning your specific tax situation.
Thank you for your prayerful consideration. God will use your gifts to reap a harvest that only eternity will fully reveal. If you have questions or need further information please contact us or call 1-800-448-0456.