Planned Giving

Make A Cash Gift Today

How Can We Help You?

Jennifer Destefani
Vice President of Institutional Advancement
Office of Institutional Advancement
Phone: 860-832-1767
Fax: 860-832-1768
Email: jdestefani@ccsu.edu

Disclaimer

The information contained herein was accurate at the time of publication. It is provided for informational purposes only and does not constitute legal or tax advice. Individuals seeking such advice should consult with a licensed attorney or qualified tax advisor. Any figures presented are intended solely for illustrative purposes. References to tax rates pertain exclusively to federal taxes and are subject to change. Please note that state laws may also influence individual outcomes.

IRA Charitable Rollover

A Smart Way to Give and Save on Taxes

Support Central Connecticut State University Through Your IRA

You can make a meaningful gift to Central and enjoy tax benefits by donating directly from your IRA, an option that's both impactful and efficient.

A Unique Opportunity for Individuals 70½ and Older

If you're age 70½ or above, you can give annually from your IRA directly to a qualified nonprofit like Central Connecticut State University up to the annual limit without owing income tax on the amount transferred. This giving option, often referred to as a qualified charitable distribution (QCD) or IRA charitable rollover, allows you to make a real difference now while enjoying valuable tax advantages.

Why This Type of Gift Makes Sense

  • See your impact immediately.

    Your gift goes to work right away, helping to advance Central's mission.

  • Satisfy your required minimum distribution (RMD).

    Starting the year you turn 73, your gift can count toward your RMD for the year.

  • Enjoy tax efficiency.

    Because the funds go directly to the university, they are excluded from your taxable income. You don't need to itemize deductions to benefit.

  • Potential to lower income-related costs.

    Keeping the gift out of your adjusted gross income could help reduce your Medicare premiums and the taxable portion of your Social Security benefits.

Frequently Asked Questions

  • I’m turning 70½ soon. Can I make this gift ahead of time?

    Not quite yet. You must already be 70½ on the date the gift is made in order to qualify.

  • I have multiple retirement accounts: IRAs, pensions, and others. Does it matter which one I use?

    Yes, it does. Only funds transferred directly from an IRA are eligible for this type of gift. That said, in some cases, you may be able to roll over assets from a pension, 401(k), 403(b), or profit-sharing plan into an IRA, and then make your charitable gift from the IRA directly to Central. Please consult your plan administrator to see if this is an option for your specific account.

  • Can this type of gift count toward my required minimum distribution (RMD)?

    Absolutely. Starting the year you turn 73, your qualified charitable distribution can be applied toward all or part of your RMD for the year.

  • Do I have to donate my entire IRA to receive the tax advantages?

    No. You can contribute any amount up to the annual limit per year. If your IRA is worth more than that, you’re welcome to transfer just a portion for your charitable gift.

  • What’s the deadline for making this gift?

    To have your gift count for the current tax year, it must be received by December 31. If you write checks from your IRA, we recommend mailing it by December 18 to ensure there's enough time to complete processing before year-end.

  • Can I give up to the limit to each of the charities I support?

    No, the limit applies across all donations of this type in a single year. However, you can split the amount among multiple charities. For example, you might give 50% to Central and 50% to another nonprofit this year, or any other combination that totals the annual limit or less, just ensure the total remains within the annual limit.

  • What if my spouse and I want to contribute more than the contribution limit together?

    If your spouse is also 70½ or older and has his/her own IRA, he/she can make a separate gift of up to the annual limit as well, doubling your giving potential as a couple.

  • I’ve already listed Central Connecticut State University as my IRA beneficiary. What’s the benefit of making a gift now?

    Making a gift during your lifetime allows you to see your impact firsthand. You’re starting your legacy now and enjoying the opportunity to witness the difference your generosity makes. Plus, any outstanding pledges can be fulfilled through this type of gift, as long as they fall within the annual  limit.

If You're Age 59½ or Older

Once you reach age 59½, you can take a distribution from your IRA and then make a charitable gift without incurring a penalty. If you itemize deductions, you may also be eligible for a charitable income tax deduction for the amount you give.

At Any Age

Regardless of your age, you can name Central Connecticut State University as the beneficiary of all or a portion of your IRA. After your lifetime, this gift will transfer to us tax-free. It's a simple process, just request a change-of-beneficiary form from your IRA administrator or download it directly from their website.

A Helpful Tip

Please be sure to inform us of your gift. Many retirement plan administrators do not notify charities of beneficiary designations, nor do they ensure that your gift is distributed according to your wishes. We would be honored to talk with you about your intentions to ensure they are fulfilled and to thank you for your generosity.

Next Steps

  1. Contact Jennifer Destefani at 860-832-1767 or jdestefani@ccsu.edu for additional information on planned giving.
  2. Seek the advice of your financial or legal advisor.
  3. If you include Central in your plans, please use our legal name and federal tax ID.

    Legal Name: CCSU Foundation, Inc.
    Address: PO Box 612, New Britain, CT 06050-9921
    Federal Tax ID Number: 23-7354328