Thiel College
Giving
Graduates walking to Commencement

Donations to the College impact students’ lives in very real and tangible ways. These funds provide resources for academic, athletic and student life programs. The generosity of our alumni, friends and partners allow us to provide a quality, faith-based education with relevance and flexibility for a lifetime.

At the heart of the mission of Thiel College is our commitment to educating young men and women for well-rounded lives filled with intellectual curiosity, professional accomplishments and service to the world. The Thiel community strives to be a place that values our members, stimulates critical thinking and provides a pathway for personal growth.

The Charitable IRA Rollover Gift Opportunity for 2014

On December 16, the Senate passed HR 5771, which included a one-year extension of expired tax provisions retroactive to January 1, 2014. This reauthorizes the IRA charitable rollover through December 31, 2014. Donors age 70 1/2 and older may transfer up to $100,000 from their IRA to a qualified public charity, such as Thiel College. The transfer will be made free of federal income tax and the gift qualifies for the donor's 2014 required minimum distribution (RMD).

Important Features

  • Donors must be age 70 1/2 or older on the date of the distribution.
  • The maximum distribution is $100,000 per person. It is possible that spouses can gift $200,000. The deadline for a qualifying 2014 gift is Dec. 31, 2014. This makes it easier to use IRA assets, during lifetime, to make charitable gifts.
  • Distributions can be made ONLY from a traditional or Roth IRA. Other retirement plans, such as pensions, 401(k) plans and others are not eligible. However, it may be possible to make a tax-free transfer from such other accounts to an IRA, from which a charitable rollover can then be made.
  • The distribution must come directly to Thiel from the IRA administrator.
  • This gift qualifies toward your annual minimum required distribution.
  • The charitable rollover distribution can be used as an outright cash gift. It cannot be used to establish life income vehicles such as Charitable Gift Annuities or Charitable Remainder Trusts.
  • There is no charitable deduction, but the amount sent to Thiel College is excluded from your adjusted gross income. If donors receive any goods or services (e.g., tickets to a fundraiser) that would have reduced their charitable deduction had they made an outright gift to the charity, the rollover of assets from an IRA will not qualify for the tax-free treatment under this provision.

This important provision is only open until December 31, 2014, and action would need to be taken as soon as possible to insure that the transfer takes place by this date.

If you have any questions or would like to discuss this further, please contact Mario Marini ’91 at 724-589-2022 (office phone), 724-456-4067 (cell phone) or mmarini@thiel.edu.