Put Your IRA to Work for Wells
Susan Hemmersley Homestead '61 and her husband, Jack viewed the IRA contribution as a great way to assist Wells while making a meaningful gift in honor of her 50th Reunion.
Susan Hemmersley Homestead '61 and her husband, Jack, took advantage of this provision in past years. Sue viewed the IRA contribution as a great way to assist Wells while making a meaningful gift in honor of her 50th Reunion. "After Reunion, the emails were flying back and forth among my classmates!" she remarked. " So many people were so excited about what was happening at the College." Regarding the possibility of a permanent rollover provision just in time for her 55th Reunion, Sue adds "Jack and I would certainly utilize it again. We are delighted to see growth at Wells and feel the College is headed in the right direction."
Jack recognized the financial benefits of using the IRA to make a more significant gift than may have been possible otherwise. "Contributing from an IRA is a very attractive way to give money," he said. "We must take mandatory distributions starting at age 70½, so by donating instead, we do not have to count this as part of our income. It would have thrown us into a higher tax bracket. Wells is a great school and a beautiful place," Jack continued. "We want Wells to be successful and we are happy to support it."
IRA rollovers are subject to the following criteria:
Retirement assets in a 401(k) or similar plan must first be rolled into an IRA, and then transferred by the plan provider from the IRA directly to the College. While the donor will not receive a charitable income tax deduction for the distribution, it is important to note that gifts from an IRA to Wells will not count toward the annual deduction limitation for charitable gifts.
Donors younger than 70½ needn't feel left out. A withdrawal from an IRA or other type of retirement plan can be used to make an outright gift to Wells or can fund a life-income gift. Either scenario will generate a charitable deduction for the donor while helping to secure the future of the College.
For more information, contact Pamela Sheradin, Director of Leadership and Planned Giving, at 315.364.3200 or advancement@wells.edu. Please note that Wells College cannot render tax or legal advice and recommends consultation with a professional advisor before making a charitable gift.
The gift planning information presented on this site is intended as general. It is not to be considered tax, legal, or financial advice. Please consult your own personal advisors prior to any decision.
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