Bridget Hoffman, Director of Development for the University of Iowa College of Nursing, The University of Iowa Foundation
Barbara Csomay (M.A., 1956) wanted to improve health care for aging Iowans. And she wanted to make that happen through the University of Iowa College of Nursing, which has a top-ranked gerontology program. Thanks to Csomay’s vision and generosity, the college has been able to enhance its services for older adults.
Through a total gift commitment of $2.65 million, made through the UI Foundation, Csomay has helped establish the Barbara and Richard Csomay Center for Gerontological Nursing Excellence, as well as four scholarships for graduate and undergraduate students and the Gerontological Nurse Practitioner program.
Csomay’s commitment will help the UI College of Nursing—whichU.S.News & World Report ranks first in the field of gerontological nursing for public institutions throughout the country—lead the way in meeting the needs of older adults, their families, and their caregivers.
Her gift also illustrates the use of an estate-planning tool that may be unfamiliar to some of you. The Pension Protection Act of 2006 allowed alumni and friends like you, for a limited time, to “roll over” part of your IRAs to qualified charities without having to report the amount distributed as taxable income. This was great news for those of you who wanted to offer immediate and generous support, through the UI Foundation, for the UI College of Nursing’s people and programs.
Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, the charitable IRA rollover has been extended through December 31, 2011—so you have even more time to take advantage of this opportunity. As in recent years when similar legislation was in place, the rules for making these IRA gifts are:
- You must be at least age 70½ at the time the gift is made.
- You may transfer up to $100,000 in 2011 from your IRA directly to a qualified charity.
- The distribution must be made no later than December 31, 2011.
- The gift must come directly from your IRA, not from any other type of retirement plan.
- You do not include the distribution in your income, nor will you take a deduction for the gift. The effect will be a “tax wash.”
- The distribution will count towards your annual required minimum distribution from your IRA.
- You may not receive anything in exchange for the gift, including athletic seating priority
If you wish to take advantage of this charitable-giving opportunity, you will need to take the following steps:
- Contact your IRA custodian for specific instructions. You may need to fill out a form provided by your IRA custodian, or you may simply be required to send a letter to the custodian.
- Provide your IRA custodian with our full legal name, taxpayer ID number, and mailing address:
The State University of Iowa Foundation
P.O. Box 4550
Iowa City IA 52244-4550
Taxpayer ID number (42-0796760)
- The IRA custodian will make the check payable directly to The State University of Iowa Foundation.
- Notify the UI Foundation of the pending transfer and tell us how you would like the gift to benefit the College of Nursing.
As Barbara Csomay’s generous investment demonstrates, gifts such as these can make a lasting difference for the people and programs in the UI College of Nursing
For additional information about supporting the college, please contact Bridget Hoffman, the UI Foundation’s director of development for the University of Iowa College of Nursing at bridget-hoffman@uiowa.edu or at 319-335-3305 or 800-648-6973.
To learn more about a variety of gift-planning options for the UI College of Nursing, through the University of Iowa Foundation, visit: www.uiowafoundation.org/giftplanning
To make a gift for the college online today, please go to: www.givetoiowa.org/nursing
NOTICE: The State University of Iowa Foundation is a 501(c)(3) tax-exempt organization soliciting tax-deductibleprivate contributions for the benefit of The University of Iowa. Please review its full disclosure statement. (link goes to http://www.uifoundation.org/about/disclosure/)
