Upon reflection, Ann ’75 and Jim Prock, having both enjoyed careers in financial services, each acknowledge and cherish the impact that non-academic experiences had on their lives.
To ensure future Miamians enjoy similar extracurricular opportunities, Ann and Jim recently established a scholarship and a student support fund to benefit future Miami instrumental music majors.
As Ann thought about her time at Miami, the decision to support music students quickly emerged as the top choice. “Obviously Miami is known for a fantastic education. But like so many others, I found great inspiration in my experiences in activities and groups, like marching band,” she says.
Ann played the trumpet, and has fond memories of marching in the band during football games, playing in the varsity band at basketball games and traveling to campuses throughout Ohio to perform.
An appointment to update their estate plans, along with a discussion with Miami’s Office of Gift Planning staff, inspired the Procks to consider how they might create similar experiences for students. Knowing that distributions from IRAs would be taxable to their heirs made naming an endowment at Miami University Foundation as a beneficiary of those accounts a great strategy for creating a legacy and making an impact.
“Our attorney pointed out that IRAs would be taxable to our non-spousal beneficiaries, so making it non-taxable as a charitable gift to Miami made the most sense. That way our heirs wouldn’t be responsible for those taxes someday and 100% of our IRA funds can be used to support Miami through an endowment at Miami University Foundation,” says Ann.
Making Miami University Foundation beneficiary of their IRAs will endow their funds in the future. However, Ann and Jim have also chosen to see the impact of their funds now with current gifts.
“We like knowing that Miami students will benefit while we are alive,” Ann says.
They look forward to supporting their gifts with qualified charitable distributions (QCDs) once they are eligible. IRA owners can make non-taxable gifts up to $100,000 annually directly from their IRA to charity starting at age 70½. These QCDs can be used to satisfy required minimum distributions and, while supporting charities of choice, they also reduce income.
The Office of Gift Planning team at Miami University Foundation is happy to talk to you about making an impact, just as Ann and Jim did, with a gift in your retirement account, but there are many giving options. Contact Miami's Office of Gift Planning at 513-529-1286 or GiftPlanning@MiamiOH.edu to find out more.