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Pension Protection Act 2006

A new tax-saving opportunity was signed into law by President Bush on August 17, 2006. The Pension Protection Act of 2006 gives new tax incentives for charitable gifts for donors who are 70½ or older, or will turn 70½ on or before December 31, 2007.

The new law allows you to use funds from your IRA to make a lifetime charitable gift, tax free.

The benefits to you:

  • You may be receiving minimum distributions from an IRA as part of your retirement income since you turned 70½. You may not need these IRA distributions, but by law you have to take them and pay income tax on them. Under the new law, if you transfer those minimum distributions to your favorite charity, you will avoid paying income tax on them.
  • Your transfer will not generate a tax deduction as your donation is excluded from your income, so you do not have to itemize this tax deduction to receive the benefit.
A couple of rules apply:
  • You are currently aged 70½ or older, or will be on or before December 31st, 2007
  • You make your gifts on or before December 31st, 2007
  • Your gifts do not total more than $100,000 for 2007
  • Your funds are transferred directly from an IRA or Rollover IRA
  • You make your gift to a public non-profit charity (such as Sigma Xi)
Making a gift to the charitable organization of your choice is easy - please contact your IRA custodian for the necessary transfer forms.

Are you experiencing problems with your IRA custodian? Click here.

Please consult your financial advisor for further information pertinent to your own specific circumstances.

And if you would like any further information on the Pension Protection Act of 2006 and how your gift could benefit your favorite charity, including Sigma Xi, please e-mail development@sigmaxi.org, or call 800-243-6534.

Sigma Xi is a 501(c)(3) not-for-profit. All donations made are tax-deductible.
EIN available upon request

 

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A Donor Bill of Rights

Philanthropy is based on voluntary action for the common good. It is a tradition of giving and sharing that is primary to the quality of life. To assure that philanthropy merits the respect and trust of the general public, and that donors and prospective donors can have full confidence in the not-for-profit organizations and causes they are asked to support, we declare that all donors have these rights:

I. To be informed of the organization’s mission, of the way the organization intends to use donated resources, and of its capacity to use donations effectively for their intended purposes.

II. To be informed of the identity of those serving on the organization’s governing board, and to expect the board to exercise prudent judgment in its stewardship responsibilities.

III. To have access to the organization’s most recent financial statements.

IV. To be assured their gifts will be used for the purposes for which they were given.

V. To receive appropriate acknowledgement and recognition.

VI. To be assured that information about their donations is handled with respect and with confidentiality to the extent provided by law.

VII. To expect that all relationships with individuals representing organizations of interest t the donor will be professional in nature.

VIII. To be informed whether those seeking donations are volunteers, employees of the organization, or hired solicitors.

IX. To have the opportunity for their names to be deleted from mailing lists that an organization may intend to share.

X. To feel free to ask questions when making a donation and to receive prompt, truthful and forthright answers.

Adopted by Board of Directors of Sigma Xi, The Scientific Research Society, on November 20, 2008.

Download a copy of Sigma Xi Full Gift Acceptance Policy