IRA Charitable Rollover a 'Win-Win'
For retirees Jim ’53 and Chris Scanlon, giving to Gonzaga from their IRAs allows them to support a school they love while fulfilling their financial goals.
“Eye Street has been our home for as long as I can remember,” says Jim, whose father went to St. Aloysius Grade School and whose two brothers, Dan ’42 and Jack ’47, are also proud Gonzaga graduates. Jim’s son, Michael, graduated from Gonzaga in 1988 and his grandson, Finn, is currently a junior.
“We love coming down for Finn’s lacrosse games,” says Chris. “We try to make every home game.”
In the 1990s, Jim was the head of the Peace Corps in the West Indies, and was stationed in St. Lucia. On two occasions, he and Chris hosted the Gonzaga basketball team on service trips, organizing opportunities for the players to teach basketball and life skills to local children.
“The lessons and values we learned from Gonzaga were real and sustained us and our families throughout our lives,” says Jim.
“Because of our deep connections and because we’ve seen time and again the difference a Gonzaga education makes in a boy’s life, Jim and I support the school’s mission the best we can,” says Chris.
For them, that means making a gift to Gonzaga using the required minimum distribution from an IRA. “The IRA charitable rollover law is now permanent, which means our gift to Gonzaga counts toward our minimum distributions and is not considered taxable income,” says Chris.
“It’s a win-win for us and for Gonzaga,” says Jim.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.