OCU ATHLETIC COMPLEX IN PROGRESS     

 

Did you know?

The OCU Athletic Complex will have 18,160 square feet under roof with a multi-purpose gym floor.

When Johnson Center was completed in 1987, OCU fielded 4 sports.  Today, 13 sports teams are fielded.

The OCU Athletic Complex will house a classroom, a concession stand, restrooms, reception area, laundry, and storage for all sports equipment.

The OCU Athletic Complex will have approximately 300 feet of highway frontage on Hwy 57.

VOLUME LXI NUMBER 4

PAGE 7

New Opportunities for Gifts from IRA’s

The new Pension Protection Act, which became effective 8/17/06 provides some potential tax savings to donors 70 ½ years of age or older during 2006 and 2007.

 

The law now permits outright gifts from traditional and Roth IRA’s directly to qualified charities without the gift amounts being added to taxable income.  Also, the gifted amount can count towards the Required Minimum Distribution (RMD) mandated by IRS rules.  Failure to take the RMD after age 70 ½ causes a 50 percent tax penalty.

 

Making direct tax-free gifts also would be an important advantage for tax payers who do not itemize their Federal Form 1040 returns.  Not being taxed on income is the equivalent of a deduction.  Reducing taxable income may also cause fewer Social Security benefits to be taxed.

 

While no charitable deduction is allowed for such gifts, the distribution is not taken into account in determining the amount of allowable charitable deductions for the year.  Further, no goods or services may be exchanged for such gifts. Even a token gift, (rubber chicken dinner, trinket, etc.) would disqualify the transfer.

 

To enjoy the benefit of this 2007 opportunity, transfers must be completed prior to December 31, 2007.  Therefore, IRA trustees/custodians must be contacted well in advance to ensure gift delivery to the charity before December 31^st.

 

Donors wishing to bring maximum support to Oakland City University may choose to share their tax savings by increasing charitable giving accordingly.  Be sure to consult with your tax advisor as everyone’s circumstances are different and state as well as federal tax laws may affect your plans.

For more information, contact:

Jack Tichenor  jticheno@oak.edu

Ryan Edrington  redrington@oak.edu

Give Thanks

VISIT ONLINE: www.oak.edu

First, the Dream...

Now, the Reality!

8/20/07