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The IRA Gift Incentive

Information for You and Your Advisers

On October 3, 2008 Congress passed the 2008 Emergency Economic Stabilization Act, which included an extension of the charitable IRA rollover provision. This extension is retroactive and applies to IRA distributions made between January 1, 2008 and December 31, 2009.

The key provisions of this new law are:

You may contribute up to $100,000 from your IRA to publicly supported charities like Colonial Williamsburg in 2008 and 2009. Note: Married couples may each contribute up to $100,000 from their separate IRA accounts annually.
The transfer must be made directly to Colonial Williamsburg from your IRA administrator. You cannot withdraw the funds yourself and then write a check to the Foundation.
You must be at least 70 ½ at the time of the gift.
Only outright gifts qualify. Charitable remainder trusts, gift annuities and the pooled income fund are not covered.
Only IRA transfers are covered under the Act. Gifts from a 401k, 403b or SEP are not eligible.
Qualifying distributions count towards the Minimum Required Distribution amount for your IRA accounts.
You may not receive any benefits in exchange for the gift.

The following individuals are likely to benefit from this IRA gift incentive:

Individuals subject to the mandatory minimum withdrawal provisions who do not need additional income.
Contributors who do not itemize deductions.
Donors who itemize, but have exceeded their ability to claim a charitable income tax deduction.
Those wanting to make gifts that have a significant portion of their net worth in IRAs.
Friends who are leaving a portion of their IRA to Colonial Williamsburg under their estate plan as a charitable bequest.

Your IRA administrator will need the following information in order to make a qualifying distribution to Colonial Williamsburg under the Act:

Our legal name: “The Colonial Williamsburg Foundation”
We are a qualified charitable organization under the Emergency Economic Stabilization Act of 2008 as described in Section 170(b)(1)(A) of the Internal Revenue Code.
Our tax identification number: 54-0505888.
Our mailing address for the IRA distribution check:
- Ms. Margaret McGraw
  Special Gifts Coordinator
  The Colonial Williamsburg Foundation
  Post Office Box 1776
  Williamsburg, VA 23187-1776

Sample Paperwork

For more information , please contact Margaret McGraw at 1-888-CWF-1776 or email: Gifts@cwf.org.

For more information please call
the Planned Giving Office at 1-888-CWF-1776
or e-mail goodwinsociety@cwf.org

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