With PLANNED GIVING, you can provide long-lasting support for Christian Brothers College High School while enjoying financial benefits for yourself.
Bob and Molly Schulze
Bob Shulze's mother wanted her boys to get a good education and worked hard to make that happen. Bob and two of his brothers attended CBC. "I'll never forget how CBC helped a young widow provide a Catholic education to her sons." said Schulze. Bob and his wife Molly recently returned to St. Louis to honor his mother after her passing last year.
Convert a Burden to Benefit
If you are 70½ or older you are likely familiar with the IRA required minimum distribution (RMD). Each year, the IRS requires you to withdraw a certain amount from your IRA whether you need the funds or not. And you pay income tax on every distribution you take. For many IRA account holders, the taxes can be a significant and an undesirable annual burden.
Major Gift with Minor Effort
Many people are discovering that they can make a big difference to help further our mission with an IRA rollover gift. For an added benefit consider designating our organization as a beneficiary of your IRA.
Reduce Taxes Increase Impact
The IRA charitable rollover provides several benefits. It allows you to transfer up to $100,000 from your IRA directly to a nonprofit this year. You pay no taxes on the transfer and your gift counts dollar-for-dollar to support our important work. You can also count the gift against your required minimum distribution, which lowers your income and taxes this year.
Bob and Molly have established and endowed the Robert W. Schulze Scholarship Fund with a gift to CBC. "Molly actually was my inspiration and encouraged me to give back to CBC in a way that I hadn't yet considered. I thought it was time to give back to a place that was so pivotal to my success and that of my brothers. That's why my wife and I decided to endow a scholarship at CBC for young men with financial need."
Bob used assets from his IRA to create the scholarship. Since he is at least 70½, he is eligible to rollover up to $100,000 to a charity or charities of his choosing. Bob's rollover also counts as part of his required minimum distribution. By making this gift, he reduces his taxable income by the amount of the gift.