Get Involved > Donate

Planned Giving

Use Your IRA as Never Before
On August 17, 2006, President Bush signed into law new tax incentives for charitable gifts from donors who are 70½ or older. The Pension Protection Act of 2006 encourages financial support of charitable organizations across the United States.
Under the law, you can make a lifetime gift using funds from your individual retirement account (IRA) without undesirable tax effects. Previously you would have had to report any amount taken from your IRA as taxable income, and then take a charitable deduction for the gift, but only up to 50 percent of your adjusted gross income. In effect, this caused some donors to pay more in income taxes than if they didn't make a gift at all.

Fortunately, now these IRA gifts can be accomplished simply and without tax complications. Plus, you can make the gift now-while you are living and able to witness the benefits of your generosity.
You may contribute funds this way if:

• You are age 70½ or older
• The gift is $100,000 or less each year
• You make the gift on or before Dec. 31, 2007
• You transfer funds directly from an IRA or Rollover IRA
• You transfer the gift outright to one or more public charities, but not supporting organizations or donor advised funds

How to Make a Gift of an IRA
Prior to making a gift, contact the Delmarva Discovery Center 410-957-9933 for instructions. Then contact your IRA custodian to transfer your desired amount.