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IRA Rollover Provision Creates Scholarship Opportunity

Dr. Jane BettsDr. Jane Betts, UW-Eau Claire professor emerita of English, from Afton, Minn., has stayed connected to UW-Eau Claire since her retirement in 1997 by keeping in touch with former colleagues and contributing to funds that support the university. She often pondered the possibility of establishing a scholarship like those initiated by other former faculty members.

"I thought it was a good idea but I also thought you had to be really well off to give money to a scholarship. Now I understand that it's not about the amount of the contribution," Jane says. "It's about recognizing and honoring talent and perseverance."

Jane says the timing of the IRA rollover provision this year was "almost like fate." The required minimum distribution of her IRA was very near the amount she would need for an accumulated endowment with an annual award of $500.

Helping Those Who Have Overcome Challenges

The Jane Colville Betts English Scholarship will be available to English majors in the near future. Jane is interested in targeting students who have overcome difficulties in achieving their college goals. Applicants will be asked to write a personal essay, story or poem about their inspiration for becoming an English major and the challenges involved.

"This really is about creating an opportunity and encouragement for someone else," says Jane, who attended Wilson College, a school for women in Chambersburg, Penn. She went on to earn a master's degree from Columbia University and a doctorate from the University of Minnesota.

"It concerns me when I realize that the financial questions are much more burdensome now than they were for my family, because I remember how college gave my life real meaning and joy."

Jane taught creative writing, world literature, freshman composition and modern British literature. Since her retirement, she has published a book of poems spanning 60 years of her life.

Change a Student's Life

Contact Michele Olson at 715-836-3526 or olsonmma@uwec.edu to learn how you can change a student's life by creating a scholarship.

Watch how it works

Next Steps

  1. Contact Michele Olson at 715-836-3526 or olsonmma@uwec.edu for additional information on making a gift from your IRA.
  2. Seek the advice of your financial or legal advisor.
  3. Ask your IRA administrator about making a direct transfer to the University of Wisconsin-Eau Claire or have the administrator send a check from your account to us. (To be tax-free, the donation must go directly from your account to the University of Wisconsin-Eau Claire without passing through your hands.)

Legal name: University of Wisconsin-Eau Claire Foundation, Inc.
Address: 127 Roosevelt Avenue, P.O. Box 1208, Eau Claire, WI 54702-1208
Federal tax ID number: 39-0972350

A charitable bequest is one or two sentences in your will or living trust that leave to the University of Wisconsin-Eau Claire a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to the University of Wisconsin-Eau Claire, a nonprofit corporation currently located at 127 Roosevelt Avenue, P.O. Box 1208, Eau Claire, WI 54702-1208, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the University of Wisconsin-Eau Claire or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the University of Wisconsin-Eau Claire as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the University of Wisconsin-Eau Claire as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the University of Wisconsin-Eau Claire where you agree to make a gift to the University of Wisconsin-Eau Claire and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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