The IRA Charitable Rollover passed! On the afternoon of December 17, 2010, the President signed into law The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This bill restores the IRA Charitable Rollover for 2010 and permits its use in all of 2011.

If you own an IRA and are over age 70½, you may transfer up to $100,000 directly from your IRA to the Wichita Community Foundation because we are a qualified public charity. The advantage to the IRA rollover is that by making the distribution directly to the Foundation, you do not pay income tax on the distribution. Please be aware that there is no charitable tax deduction accompanying this transaction.

Please note that an IRA rollover distribution may NOT be used for a donor-advised fund, a supporting organization, a charitable trust, a charitable gift annuity, or a private foundation. Here are some ways you can make an IRA rollover gift to the Foundation:

• to establish a designated fund that makes an annual grant to one or more of your favorite charities
• to support the Foundation’s work in the community by making an unrestricted gift. Grants will be made in Arts & Culture, Environment, Education, Health, or Human Services.
• to support any of our programs, or community funds.

You may make your 2010 IRA Charitable Rollover distributions any time between now and the end of January 2011. The rollover opportunity is also available for 2011 for the period of January 1 through December 31, 2011. As this process takes some time, you may want to get started by contacting your IRA custodian to request the proper details, forms, and deadlines.