Legacy. Encouraging the Extraordinary. volume 6 Winter 2015

Transcription

1 volume 6 Winter 2015 Legacy Randolph-Macon College: Building Extraordinary Encouraging the Extraordinary Lila Irby is not an alumna of Randolph-Macon College nor is she a native of Virginia, yet the story of how Lila became associated with the College goes back generations. ContinueD

2 Cover Story Encouraging the Extraordinary Lila s late husband, Moreland Irby, lost his father when he was just 8 years old. For years, Moreland was intrigued about how his father ended up becoming a country doctor in North Dakota. Moreland s search revealed that his father, originally from Vontay, Virginia, attended R-MC in 1896 for one year before going to medical school in Philadelphia. also received a charitable income tax deduction when the charitable gift annuity was established. Sadly, Moreland passed away in 2011, but the annuity payments will continue for the rest of Lila s life. The assets remaining in the fund when the annuity ends, will ultimately endow the Lila and Moreland Irby, Jr. Scholarship. More importantly, the Irbys legacy will continue and deserving students will receive financial assistance for decades to come at Randolph- Macon College. Lila and Moreland recognized the importance of education and had previously funded scholarships at several universities, so it was natural that they would want to do something in honor of Moreland s father at Randolph-Macon. In 2010, Moreland approached Diane Lowder, Vice President for Advancement, to explore the benefits of a Charitable Gift Annuity that would ultimately fund the Lila and Moreland Irby, Jr. Scholarship. This Charitable Gift Annuity provided the Irbys with quarterly payments, thereby increasing their retirement income. They Doing For Others Lila has always been about doing things for others as demonstrated by her 33 years of service on the Board of Richmond Home for Ladies. She was an integral member of that Board when the decision was made to use the endowment as leverage to build what is now Covenant Woods, a thriving continuing care retirement community in Mechanicsville, Virginia. This spirit of doing for others was demonstrated again when Lila decided to fund an annual award to a Randolph- Macon College student to help with expenses. Lila meets the recipient of this award each year and enjoys hearing about their aspirations, plans and view of the world. She finds their youthful optimism infectious and recognizes that education is critical to the future of society. Raven Brown is the current recipient of Lila s generosity. Raven aspires to be a doctor and appreciates Lila s generosity in helping her to realize her dreams. 2

3 STUDENTS TODAY Dream the Extraordinary Raven Brown, Class of 2017 Biology and Spanish double major Hometown: Hampton, VA Raven Brown 17 has ambitious goals and the drive and commitment to be successful in achieving her dream to go to medical school. Raven grew up in Hampton Virginia, the older of two daughters whose mother set an example that inspired her children to work hard and aim high. Financial aid, in the form of scholarships and student loans, enabled Raven to enroll at R-MC during the fall of When asked why she picked R-MC, Raven said on her second visit the admission staff remembered who she was and greeted her by name. This personal attention and the natural friendliness that she encountered from staff and students alike, convinced her that Randolph-Macon College was where she wanted to be and where she belonged. With an aptitude for the sciences and a love of languages, Raven is a double major in Biology and Spanish. Raven studies hard but finds time for extracurricular activity such as Relay for Life, a campus organization that raises money for cancer research. On weekends Raven can be found in Brock Commons with friends. She expresses gratitude to Joan and Macon Brock 64 for the generous gift that allowed R-MC to build a place for students to gather, study, meet other students and feel safe. Raven has a wonderful sense of community and recognizes the importance of friendships and getting involved. Healthy Goals To increase her chances of getting into medical school to become a cardiac surgeon, Raven is availing herself of the opportunities offered within the pre-health science program. She meets regularly with Josh Quinn, Pre-Health Advisor, who monitors her progress and offers advice on classes and activities. He is always available when she needs help navigating the path to apply to medical school. Raven receives scholarship assistance, including a scholarship award from Lila Irby. But for the generosity of Mrs. Irby, in addition to other scholarships, Raven At Randolph-Macon College you are not in a world by yourself could not attend R-MC. Raven s future is bright and Randolph-Macon College is proud to be a part of helping to make her dreams a reality. 3 4

4 Charitable Gifts Made Before December 31, 2014 result in paying less tax when you file in April 2015 We have all heard the saying Christmas in July but Christmas in April might be a concept you will want to embrace. What I am referring to is making your charitable gifts before December 31, 2014 to realize the tax savings in April of Last year many of you may have experienced surprise at the increased taxes you had to pay. Some of these taxes could have been offset through charitable giving while at the same time helping Randolph-Macon College. Consider the following: n A cash gift to Randolph-Macon College of $2,000 before December 31, 2014, for someone in the 25% income bracket would save the donor $500 in taxes. This varies with income bracket and the amount donated. n For a gift of appreciated stocks directly transferred to Randolph- Macon College, you may deduct the fair market value of the stock as a charitable deduction bypassing applicable capital gains. n Life insurance policies may be given to Randolph-Macon College providing a charitable deduction for the donor. Please call for details. Planned gifts are also a tax effective way to provide retirement income. n Charitable Remainder Trusts funded with assets such as appreciated stock can provide substantial tax savings while at the same time providing annual income to you and your family. The assets can appreciate within the trust tax-free. The payout grows as the trust assets increase, thereby providing a hedge against inflation. n Charitable Gift Annuities funded with cash or appreciated stocks provide an income stream for one or two lives while at the same time providing a charitable deduction the year the gift is made. Please refer to the annuity chart on the back panel for details. For any questions or needs please contact: Nancy Denton Director of Planned Giving (804) Toll free: nancydenton@rmc.edu 5

5 Non-Profit Org. U.S. Postage P A I D Richmond, VA Permit No P.O. Box 5005 Ashland, VA HOW to: 1. Support Randolph-Macon College 2. Increase retirement income, and 3. Get an income tax deduction! A Charitable Gift Annuity can do all of these things. The chart below illustrates what your rate of return would be on a $25,000 gift annuity, funded with cash or stock. The amount of the quarterly payment is based on the amount of the annuity and the age of the person receiving the payments (the annuitant ). At the end of the annuitant s life*, the balance in the fund will benefit Randolph-Macon. *An annuity can also be paid out over the life of the donor and a loved one, for example, a husband and wife. Age Rate Annual Payment to Annuitant Potential Income Tax Deduction % $ 1,275 $ 10, % $ 1,450 $ 11, % $ 1,700 $ 12, % $ 1,950 $ 14,054 Disclaimer The information should not be construed as legal or financial advice. We are happy to work with your attorney or financial advisor to determine whether any of the planning ideas offered herein are suitable to your own situation.