Advancing the
MISSION INCARNATE WORD ACADEMY FOUNDATION NEWSLETTER
SPRING 2016
The McComb Family Memorial Scholarship: Founded on Love and Remembrance Moved by the tragic events of the Wimberley flooding in May 2015, which affected the Charba, McComb, Schultz, and Carey families, people throughout South Texas responded in caring and compassionate ways. They provided support for those grieving the loss of their families and friends. One of the meaningful ways they showed their thoughtfulness was through the establishment of the McComb Family Memorial Scholarship at Incarnate Word Academy as a means of honoring the memory of Laura McComb and her children, Andrew and Leighton, who were lost in the Wimberley disaster. Prior to the flooding, the McComb family had been a significant part of the IWA school community for a number of years. Laura was a dedicated mother who was involved in the education of her children. She and her husband, Jonathan, were strong supporters of Incarnate Word Academy. Andrew, 6, was an active Montessori student who loved attending school and taking care of his younger sister. Leighton, 4, was also a Montessori student. She loved her teachers and looked forward to going to school each day. “She loved making progress in her ‘big book’ of math and language,” her teacher, Sister Elizabeth Close, said. “Her smile warmed the hearts of all around her.” Reflecting on his experiences at IWA, Jonathan McComb, the lone survivor of the Wimberley disaster, stated, “What the family enjoyed most was the energy and love that the teachers and aides showed the children every day; the communication between the faculty, staff, and the parents; and the feeling and knowledge that the teachers actually wanted to be there to make a difference in the lives of the children by producing an exciting, safe, educational environment.
“Most importantly, it was being able to look into the eyes of my children and see their excitement and love for their teachers and school every time I dropped them off or picked them up.” In less than six months from its inception, the McComb Family Memorial Scholarship reached permanent status and Incarnate Word Academy was able to grant the first award to a qualifying IWA freshman. “I am thankful and honored for all the donations that have come in for this scholarship,” Jonathan noted, “and I am excited to know that there will be children who will benefit from it and discover the wonderful school, teachers, and learning atmosphere IWA has to offer.” When asked what he would want to say to students who will receive the McComb Family Memorial Scholarship, he responded, “This scholarship is built on love and remembrance and continued education for future generations. Never take one thing for granted. Live life to the fullest. Never give up on your dreams and your pursuit of happiness.” As the McComb Scholarship is awarded each year to an IWA student, Laura and her children, Andrew and Leighton, will be remembered by the school community and by the student recipient who will benefit from the generous gifts of caring donors.
70 1/2 or Older? IRA Charitable Rollover Is Back, and This Time It’s PERMANENT! The Protecting Americans from Tax Hikes (PATH) Act of 2015, which was passed by Congress and signed into law by the president on December 18, 2015, was made permanent. It is popularly known as the IRA charitable rollover. Charitably minded taxpayers have enthusiastically embraced the IRA charitable rollover as an opportunity to transfer up to $100,000 each year to charity without it being treated as a taxable distribution. Despite its popularity since being introduced in 2006, the IRA charitable rollover has faced extinction several times and had actually expired on December 31, 2013. Now it has been reinstituted and made permanent. Here are the requirements and restrictions for making an IRA charitable rollover gift: The donor must be 70 1/2 or older.
You do not itemize your deductions. In that case a personal IRA distribution increases your taxable income without the benefit of an offsetting deduction. An IRA charitable rollover will not be included in your taxable income even if you do not itemize other deductions. You would like to make an additional charitable gift, but it would not be deductible because of the annual limitation of 50 percent of adjusted gross income for charitable contributions. The IRA charitable rollover is equivalent to a deduction because it is not included in taxable income. Here are the steps to take to make a gift: If you want to make a qualifying transfer, contact your IRA administrator and instruct that person to transfer funds to the Incarnate Word Academy Foundation. If you have any questions, please contact Sister Martha Ann Snapka at snapkam@iwacc.org, (361) 883-8229, ext 106, or (361) 877-1232.
Sisters of the Incarnate Word and Blessed Sacrament Elect New Leadership
The gift must be made directly from the IRA to an eligible charitable organization.
Sister Annette Wagner '64 was elected Superior General of the Sisters of the Incarnate Word and Blessed Sacrament, Corpus Christi and will begin Gifts to all charities combined cannot exceed a total of her four-year term after installation on Friday, June 10, 2016. Also elected $100,000 per taxpayer for the year. to the congregation’s leadership team for the term 2016-2020 are Sister The gifts must be outright, and no material benefits can Maria Irma Gonzalez, Councilor and Assistant General, and Councilors Sister be received in return for the gifts. Thus a transfer for a gift Colette Brehony, Sister Barbara Netek, and Sister Marilyn Grace Springs. annuity, charitable remainder trust, or pooled income fund is not permitted.
Every four years, Sisters of the Incarnate Word and Blessed Sacrament convene to celebrate what is known as a General Chapter. Their Constitutions describe a Chapter as “an ecclesial event through which the Holy Spirit The gift is not included in taxable income, and no works. It is a privileged moment in time in which the Lord is present in a charitable deduction is allowed. The gift can only be made special way to the Community and to the Church.” Gifts cannot be made to a donor advised fund, supporting organization, or private foundation.
from an IRA. Gifts from 401(k), 403(b), and 457 plans are not permitted. If you meet the above conditions and made a transfer in 2015 from your IRA in anticipation of the legislation being extended, your transfer will be treated as a qualified rollover. This may be the right gift for you to make if: You want to make a charitable gift and your IRA constitutes the largest share of your available assets. You are required to take a minimum distribution from your IRA, but you do not need additional income.
The IWBS New Leadership Team (left to right) Sister Marilyn Grace Springs, Sister Colette Brehony '54, Superior General Elect Sister Annette Wagner '64, Assistant General Sister Maria Irma Gonzalez, and Sister Barbara Marie Netek
SCHOLARSHIP RECIPIENT STUDENT SPEAKERS Representing all scholarship recipients, student guest speakers Alexsander Villagomez and Catherine Schultz thanked donors at the 13th Annual Donor Appreciation Luncheon for their generous support to the IWA Scholarship program and for helping to make their Catholic education possible.
Alexsander Villagomez
Catherine Schultz
Class of 2016
Class of 2017
“The support the IWA community extends to all of us is what keeps our heads up and allows us to be challenged in receiving such a well-rounded education.”
“I would like to thank each and every one of the benefactors for the gift of Catholic education you have given me. Without you, I would not have the blessing of attending Incarnate Word Academy.”
– Alexsander Villagomez
A Few of the 135 Scholarship Recipients Show Their Gratitude.
– Catherine Schultz
13th ANNUAL SCHOLARSHIP DONOR APPRECIATION LUNCHEON On April 14, 2016, the Incarnate Word Academy Foundation hosted the 13th Annual Donor Appreciation Luncheon for the Scholarship Recognition Society. Approximately 200 student recipients, generous contributors, and Sisters joined in celebrating the gift of a Catholic education. This special event allows scholarship recipients to meet and interact with the contributors who have made their education possible through the scholarships they support. The program featured student speakers, a recognition ceremony, and a special presentation. A recognition ceremony was held for honorees: Estate of Aneda Shead Zablocki '43, Jerri Hatch Paquette '50, Dr. Bob Bezdek, Carol and Tom Losier, Jeanette Flusche Mullenix '54, and Dean and Mary Kuntscher Berry '56 for their cumulative giving to the IWA Scholarship Program. A special signing ceremony was conducted, recognizing the McComb Family Memorial Scholarship as a permanent fund. In keeping with tradition of the past four events, IWA President, Sammie H. Grunwald presented a generous contribution to the Foundation. These funds were a result of a successful annual fund and Gala benefit. The donation brought two previously established scholarships to permanent status — the Charles D. Imbergamo Scholarship and the Mary Esther Espinosa '68 Scholarship. A description of all scholarships can be found online.
(left to right) Stephen Schultz, Lois Schultz, Joe McComb, Mary McComb, Sister Michelle Marie Kuntscher '60, and Jonathan McComb
(left to right) Kyle Pekar, Sister Michelle Marie Kuntscher '60, Sammie H. Grunwald, Sister Annette Wagner '64, and Angela Hubbard
Sisters of the Incarnate Word and Blessed Sacrament Elect New Leadership– Page 2 70 1/2 or Older? IRA Charitable Rollover Is Back, and This Time It’s PERMANENT! – Page 2 McComb Family Memorial Scholarship: Founded on Love and Remembrance – Page 1 INSIDE THIS ISSUE 5201 Lipes Blvd. Corpus Christi, Texas 78413-5501 www.iwacc.org
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