From UW Foundation: Using an IRA to make a year-end donation

Donors who plan to use an IRA checkbook to make a year-end donation should plan ahead. Here’s why:

  • Only a custodian of an IRA can make a Qualified Charitable Donation not an individual
  • When an individual makes a donation with one of their IRA checks and mails it into the charity, a donation has not occurred until the charity actually deposits the check
  • If the charity does not deposit the check until the following year then the donor does not have a Qualified Charitable Donation for the current year but for the following year
  • AND the donor will be penalized since the Qualified Charitable Donation which satisfied RMD (required minimum distribution) did not take place in the current year

So what can you do? The UW Foundation advises people to be sure to send any IRA checkbook donation to them by December 23, 2019 to allow for mailing time and processing. Donations can be mailed to:

UW Foundation
U.S. Bank Lockbox 78807
Milwaukee, WI 53278-0807

For more information on year-end giving, click here.