Frequently Asked Questions

On August 17, President Bush signed into law the Pension Protection Act of 2006, which provides (through the charitable IRA rollover provision) another mechanism for funding charitable gifts to UB. To take advantage of this new temporary giving opportunity, contact the Office of Planned Giving.

What does this all mean?  Included in the Pension Protection Act of 2006 is a Charitable IRA rollover provision, which allows individuals who are 70 ½ years of age and older to make a gift of up to $100,000 per year, to charities like the University at Buffalo, free of federal income tax.  

Can more than $100,000 be given in a single year?  No, under the Pension Protection Act of 2006 each individual taxpayer can roll over no more than $100,000 in a given year; however, if you have a spouse with his or her own IRA, he or she can gift up to $100,000 in 2006 and 2007.

Can you give a gift to more than one charity?  Yes. Keep in mind that your yearly limit is $100,000, which you may divide your gift among different organizations.

How long can I take advantage of this?  The time to act is now!  At this time, the Charitable IRA Rollover provision is temporary and will expire on December 31, 2007.

Can you withdraw money from an IRA and forward the proceeds to UB?  No, in order to qualify, the assets must be rolled over directly to the University at Buffalo Foundation, Inc.

How can I make a gift from my IRA to the University at Buffalo?  You should contact your IRA administrator and ask him or her to issue a check payable to the University at Buffalo Foundation, Inc. to the address below:

University at Buffalo Foundation, Inc.
P. O. Box 900
Buffalo, NY 14226-0900

UB’s Office of Planned Giving would be happy to answer any questions you may have.  Please call us toll free at (877) 825-3422 or e-mail us at dev-pg@buffalo.edu.