Some of us may remember how attending college was not only a matter of having the grades and aptitude to gain acceptance, but also a matter of whether our families had the resources to enable us to do so.
Today, although there are more scholarships, grants and other programs to help with post-secondary education, it is also a sad fact that tuition costs have escalated to an unprecedented high throughout the United States. That has put the cost of continuing their education and pursuing their dreams out of reach for many McKinley students.
Those of us who were fortunate enough to have benefited in our personal and professional careers from the solid educational foundation we received at McKinley have the opportunity to help more McKinley graduates to realize this same benefit.
Those of us who are 70 ½ and older and have an IRA from which we are required by law to take annual required minimum withdrawals (RMD) can take advantage of a provision in the federal tax code that will enable us to make a charitable donation that will satisfy our RMD requirement without having to report additional income. The provision, referred to as a qualified charitable distribution (QCD) , allows retirees to donate up to $100,000 tax free from their IRA each year. Generally, this distribution is treated as taxable income, but under the QCD provision, those assets are excluded from income if the distribution is made directly to charity. If you see yourself in this category, we urge you to consult with your financial or tax advisor about taking advantage of QCD to make a donation to the McKinley High School Foundation to enable it to continue its 25+ years of providing scholarships to McKinley graduates.
In addition to QCD, we hope you will also consider one of the following:
- Name the McKinley High School Foundation as the revocable beneficiary of your life insurance policy. Its simple to do and you retain the right to change the beneficiary in the future if you have a change of heart.
- Donate appreciated stocks with low or unknown cost basis to the Foundation. You would not only avoid paying capital gains taxes, but you can also claim a tax deduction if you itemize for your taxes.
Please consider helping the many deserving students of McKinley High School achieve their dreams by supporting the McKinley Foundation through the alternative opportunities listed above.