There is a way for you to support the George Washington University and feel confident that you have dependable income in your retirement years. If you are age 55 or older, you can do this with a charitable gift annuity. 

With a charitable gift annuity you agree to make a gift of $10,000 or more to GW and, in return, the university agrees to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life. The balance is used to support students, programs, research, or another area of your choice.

This type of donation can provide you with regular payments for life, guaranteed by the endowment and assets of the university, and allow GW to further its mission. You can also qualify for a variety of tax benefits depending on how you fund your gift.

If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.

And now, you can fund your gift using your IRA assets. If you are 70½ and older, you can make a one-time election of up to $53,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distributions.