The following can be attributed to Dr. Joseph Savoie, University of Louisiana at Lafayette president.
Alumni and supporters of the University of Louisiana at Lafayette can take advantage of a new giving opportunity that lies within the B.I Moody III College of Business Administration.
The matching gift program is made possible by the Moody Family Foundation, Donors have the opportunity to have gifts of $5,000, $30,000 or $300,000 matched to establish endowed scholarships, faculty development funds, endowed professorships and endowed chairs.
Donors will be allowed to select the name that will be forever carried by their endowment fund despite the fact that it is a matched gift. The program does have a maximum amount that will be matched, so please contact the UL Lafayette Development Office at (337) 482-0922 for more information on this gift opportunity.
In addition, alumni and supporters who are aged 70 1/2 are eligible to participate in a new gift incentive through the Pension Protection Act of 2006. This plan provides opportunities for tax-free charitable giving from Individual Retirement Account funds, which are potentially taxable.
For 2006 and 2007, persons with traditional or Roth IRAs are being allowed to make tax-free gifts directly to qualified charities such as the UL Lafayette Foundation. Donors may choose to make charitable distributions in any amount up to $100,000 per year.
IRAs provide an avenue for charitable giving that would save the donor, loved ones and survivors from having to pay additional taxes should the donor withdraw from the IRA during his lifetime or should the IRA be left to someone other than the donors spouse.
“ The primary benefit to the donor of making a Charitable IRA Rollover gift is that the donor does not have to recognize the gift distribution as income, therefore, the donor does not have to pay income taxes on the gift distribution,” David Comeaux, UL Lafayette’s director of planned giving, said.
To qualify, charitable gifts must be made directly from a traditional or Roth IRA. This opportunity is only offered for the next two-years, meaning that transfers must be completed prior to December 31, 2007.
Typically, a person aged 70 1/2 and above is required to take a minimum distribution from his IRA each year, however this amount taken is taxable. “Essentially, this is freeing up an asset held by many of our alumni and donors that can be used to make a gift and possibly establish a named endowment at the University,” Comeaux said.
For those who are over the age of 59 1/2, funds may not be distributed directly to charity but funds can be withdrawn from the IRA or other retirement funds and then donated to charity without the donor having to pay the 10 percent penalty for early withdrawal.
For more information on any of these giving opportunities, call UL Lafayette’s Development Office at (337) 482-0922.