Dr. Joseph Abram, Miami class of 1962, received support in the form of a scholarship while he pursued a degree in chemistry. That financial support launched him into a medical career specializing in pediatrics and helped him serve patients and families in his community for decades.
Yet looking back at his career with the benefit of the perspective gained from current scientific breakthroughs and progress, Dr. Abram sometimes wonders what might have happened if he had taken a different path.
"Chemistry and biochemistry in particular, is such an exciting field. There are whole avenues of research and discoveries to explore that were not yet part of the discipline when I was an undergraduate," Dr. Abram says.
Dr. Abram recently finalized his plans to endow a scholarship for students pursuing a degree in biochemistry. His hope is that students from Ohio will someday use what they learn in this field to make life better for all citizens.
"I loved my college years and the chemistry department helped me become who I am today. It is my pleasure to give back," Dr. Abram says.
When considering his options to fund this gift, several options came to mind. Dr. Abram ultimately chose to make qualified charitable distributions (QCDs) from his IRA.
Dr. Abram says, "The QCD is a great option if you don't want to give more to the government. You personally select and support a charity rather than paying taxes."
The qualified charitable distribution allows individuals over the age of 70½ to give up to $100,000 per year from an IRA directly to a qualified nonprofit, including the Miami University Foundation. These distributions do not count as income when distributed directly to charity and are therefore not taxed as income. Plus, QCDs count toward one's required minimum distribution, or RMD, in a given year.
If you would like to learn more about how you can support Miami students by making a gift of a qualified charitable distribution from your IRA, please contact Miami's Office of Gift Planning at 513-529-1286 or GiftPlanning@MiamiOH.edu.