IRA Charitable Giving

You can use your Traditional IRA today to make charitable gifts to Remy Bumppo or any other non-profit company. By giving directly from your IRA account, you can avoid federal (and sometimes state) taxes on your required withdrawal.

How does it work?

  • Donors aged 70½ and older are able to make gifts directly from their IRA accounts to Remy Bumppo Theatre Company and other qualified charities.
  • Donors may contribute all or a portion of their IRA distribution to charity, up to a total of $100,000 each year. The transfer will count toward the required minimum distribution rule for IRAs in the year in which the gift is made.
  • There is no federal income tax liability on the withdrawal; there may also be state income tax savings.

 

What are the rules and restrictions?

  • The gift must come from a Traditional IRA—no other retirement plans qualify.
  • The distribution will be free of income tax liability, but you will not receive a charitable income tax deduction. This means that, even if you do not itemize your tax deductions, you can still benefit.
  • In order to receive this special tax treatment, a new IRA gift must be transferred directly to Remy Bumppo Theatre Company from your IRA administrator, not from your IRA to you and then to the theatre.
  • IRA administrators do not always include the donor’s name on the check, so please let us know in advance so that we can identify your gift and properly thank you.
  • IRS guidelines prohibit you from receiving tangible benefits in exchange for contributions from an IRA Rollover gift; however, you may receive invitations to events and other activities we host for our donors throughout the year.

How do I initiate a gift?

You will want to reach out to your plan provider to start the rollover process. You can use this sample letter as a draft of what to send to them. Also, be sure to contact us and let us know that we should keep an eye out for a gift from your IRA plan, in the instance they do not add your name to the check.

Administrative Office

3717 N. Ravenswood Avenue
Suite 237
Chicago, IL 60613
773.244.8119

Performance Venue

Theater Wit
1229 W. Belmont Ave.
Chicago, Illinois 60657
Box Office: 773.975.8150

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