After 36 years in the field of education, Patricia Boise Kemp ’69 retired from teaching AP computer science and calculus in Prince William County Schools. Today, she is applying those math skills to philanthropy by serving on the UMW Foundation Board of Directors and by maximizing her IRA rollover to support UMW students and programs.
Patti also is a member of the UMW Washington Society, Heritage Society, and President’s Council. Through the years she has contributed to the Fund for Mary Washington, UMW Athletics, two Class of 1969 scholarships, and a scholarship named for Professor Emeritus of Physics Bulent Atalay.
“When I was a young student from New Jersey, I technically did not qualify for financial assistance,” says Patti. “It was often a struggle to pay for everything, and I remember wishing I could get a scholarship based on my grades.” Recently, Patti utilized her IRA rollovers to create two Patricia Boise Kemp ’69 Scholarships for out-of-state students with high academic credentials.
“At my age, using my IRA for charitable purposes is a win-win,” says Patti. “I am required to take out a distribution every year, so I just designate a portion of my funds straight to Mary Washington. That way I don’t have to pay taxes on the qualified charitable distribution, and UMW gets the full amount to use for students.”
Patti maintains close contact with the University, previously serving as president of the Alumni Association and volunteering often for special events and committees. “I’m lucky to live close enough to interact and see firsthand all the amazing things our students are doing,” she says. “I am especially proud of our alumni who are leading fulfilling lives while pursuing successful careers. My gifts may help one or two students a year, but as they graduate and go out into the world, the impact continues to multiply.”
Making mandatory IRA distributions work for you and Mary Washington
If you are 70 1/2 or older and own an IRA or other qualified retirement plan, consider making an IRA charitable rollover gift. You can direct up to $100,000 per year to charitable organizations of your choice. An IRA rollover gift has several significant advantages:
- It allows you to give from pre-tax assets.
- It satisfies your annual required minimum distribution, or RMD, up to the amount of your gift.
- It simplifies the giving process.
- It helps avoid limits on charitable deductions and may prevent you from being pushed into a higher tax bracket.
Contact your IRA custodian or the UMW Office of Gift Planning at jclarke@umw.edu or 540-654-2064 for tools and strategies available to help you reach your goals.
Leave a Reply