By Kim Johnson, MBA'18
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LONGTIME MOUNT ST. MARY’S UNIVERSITY DONOR JOHN MCKEE, C’65, shared that his giving to the Mount is rooted in gratitude. “A college education was possible for me while I pursued my passion for athletic competition,” he recalls. Recruited by the late track coach, Jim Deegan, and with help of what John refers to as creative financing (scholarships), John packed his bags and left Connecticut for Emmitsburg, Maryland. Losing his parents at a very young age, John lacked stability and a strong sense of family. He found that classmates and teammates at the Mount became family. Like many alums, John stays connected to them and to the Mount to this day. In the years since his graduation, John learned more about the Mount’s rich history and her contribution to the American Catholic Church. “I could not be prouder to be associated with this fine institution and the people who represent her so well,” he says. As we know, there are many ways to fund donations. As a financial advisor for more than 35 years, McKee was aware of the tax benefits allowing taxpayers to make gifts from Individual Retirement Accounts (IRAs) directly to qualified charities, minimizing impact on taxable income. McKee has made multiple gifts to the university through his IRA accounts. As he says it “made great sense to donate funds directly to a charity and not have to pay taxes on the gift.” For many retirees over 70 ½ years of age, the federal government requires those with an IRA to have a minimum annual distribution. The age is 72 if you reached the age of 70 ½ after December 31, 2019.
John McKee, C’65
This material has been prepared for informational purposes only, and is not intended to provide, tax, legal or accounting advice. Please consult your legal or tax professionals for specific information regarding your individual situation.
Learn more Office of Development 301-447-5916 development@msmary.edu
Making gifts from an IRA may seem difficult, but the Mount has simplified the process. Thanks to our partnership with FreeWill, you can make your qualified charitable distribution (QCD) quickly and hassle-free by beginning the required forms online. You can also choose to print out blank forms to complete by hand, or transact the gift over the phone with your financial custodian. Some companies now allow fully online submissions. Visit msmary.edu/qcd for more information and to access the forms. As you decide your giving priorities, please consider the Mount in your giving decisions.
SPRING 2021 MOUNT MAGAZINE
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