St. Olaf College

IRA Charitable Rollover

As of December 2015, the IRA charitable rollover has been permanently reinstated. Under this federal measure, individuals age 70 1/2 and older can make distributions up to $100,000 to organizations like St. Olaf College.

Qualified gifts are tax free and can count toward one’s required minimum distribution, resulting in a distinct tax advantage. A gift must come in the form of a direct distribution from an IRA.

If you are considering making a direct distribution from your IRA to St. Olaf, please remember these important points:

  • Contact the custodian of your IRA and follow the necessary steps to make a direct distribution to St. Olaf College.
  • Contact the St. Olaf Development Office at 800-776-6523 or at development@stolaf.edu to alert us of your transfer.

Tax identification numbers

St. Olaf Federal Tax ID: 41-0693979
St. Olaf Minnesota State Tax ID: 20133

Sample IRA Custodian Letter (.docx)

[Name of IRA Administrator]
[IRA Administrator Address]

RE: Letter to Custodian of IRA account to authorize a direct rollover distribution to St. Olaf College

Please make a direct distribution from my Individual Retirement Account #________________________ payable to:
St. Olaf College
1520 St. Olaf Ave.
Northfield, MN 55057

Federal Tax ID: 41-0693979

Note: The Charitable IRA Rollover provision allowing an individual age 70 1/2 or more to make a tax-free direct transfer of IRA assets (up to $100,000) to a 501 C-3 qualified charitable organization was reinstated in mid-December 2015 and was made permanent for 2016 and beyond.

Please issue a check from the IRA account referred to above in the amount of $________________ payable to St. Olaf College and send that check directly to the following address:

St. Olaf College
Attn: Mark Gelle, Assistant Vice President & Chief Investment Officer
1520 Saint Olaf Avenue
Northfield, MN 55057

If issuing an electronic check or electronic funds transfer, the bank information for St. Olaf is as follows:

Wells Fargo Bank NA
700 Water Street
Northfield, MN 55057

Account Number: 1490010006
Routing Number: 091000019

Please identify me as the IRA account holder and include my name and address on the distribution check and in the cover letter to St. Olaf College.

I intend that this transfer to St. Olaf College will be complete for Federal income tax purposes before December 31, 20___. Please contact me immediately if you have questions, need more information or if there are any additional procedures I must follow to enable you to carry out my directions.

Thank you for your prompt attention to this matter.

Sincerely,

_________________________________

Print Name: _____________________________ Date: ___________________________________

More information

If you have any questions about this giving opportunity, please contact us at any time, 800-776-6523 or development@stolaf.edu.