Instructions to Transfer IRA Assets
Transferring IRA assets to Hampton Roads Community Foundation
To roll over funds from an Individual Retirement Account please contact your IRA's administrator to request a distribution to the Hampton Roads Community Foundation.
If you are using the Charitable IRA Rollover option, you can transfer up to $100,000. If you are at least 70 1/2 years of age, those assets will transfer directly without counting as taxable income.
IRA assets can be added to any of our existing designated, field-of-interest, scholarship or unrestricted funds. Or, if the amount transferred is $25,000 or more, you can start a named designated, field-of-interest, scholarship or unrestricted fund using IRA assets. (Note: For now, the Internal Revenue Service does not allow IRA transfers to donor-advised funds.)
Three options for the transfer
- The IRA administrator can mail a check directly to the Hampton Roads Community Foundation. The check must be payable to "Hampton Roads Community Foundation". On the memo line, your administrator should add your name, the purpose of your gift and that the transfer is a distribution from your IRA – or enclose a note to that effect. The plan administrator can mail the check to: Kay Stine, vice president for development, Hampton Roads Community Foundation, 101 W. Main Street, Suite 4500, Norfolk, Virginia 23510. Please let us know your gift is coming: call (757) 622-7951 or email Kay Stine at firstname.lastname@example.org.
- The IRA administrator can send the check to you, but the check must be made payable to "Hampton Roads Community Foundation". You can then mail the check (as above) or we can arrange a meeting to receive it.
- The IRA administrator can make a wire transfer from the account directly. He or she should email Kay Stine, vice president for development, or call (757) 622-7951 to let her know the transfer is pending.
If you or your IRA administrator have questions, please email Kay A. Stine. You can also call her at (757) 622-7951.
Here's a sample letter to send your IRA plan administrator requesting a charitable transfer.