Pension Protection Act of 2006

On August 17, 2006 the Pension Protection Act of 2006 became law. This new law allows people who are age 70½ and older to make distributions from individual retirement accounts directly to non-profit organizations like WGUC free from federal tax.

There are only two other limitations – gifts are limited to $100,000 per year per individual and this provision is only valid until December 31, 2007. This is a rare opportunity – to contribute without having to claim the gift as federal taxable income.

Although the time frame is limited, it is also fortuitous. WGUC is at a turning point. In August 2005 WGUC became one of only a few dozen full-time classical music stations remaining in the country! Nationwide classical stations have struggled to survive as membership numbers have dropped. WGUC’s member numbers, while stronger than most, have followed suit. Only continued support from the community will allow WGUC to remain a full-time classical station.

For more information about making a gift to WGUC, please contact Len Sternberg at (513) 419-7116 or lsternberg@wguc.org. We also encourage you to consult with your tax advisor before making a gift.

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