A mutual love for the University of Oklahoma brought Roger Clapp and Patti Taylor together. As their lives and family grew, they kept a special place in their hearts for the university that has given them so much.
After meeting on a blind date as freshmen at OU, they married in 1966 and moved to north Texas. Today, they are using their success to help fund higher education success for future generations by endowing a scholarship.
“I went to school on scholarships, loans and by working my way through and he paid most of his own way,” said Patti Clapp. “My scholarships gave me assurance and confidence that I would finish college and we hope this will make a difference for someone to be able to focus on their education. When we sat down to look at where to give, OU was a quality experience for the two of us together. We liked the opportunities to get involved on campus as students and we developed a lot of friends we still keep in contact with today.”
As the future of education is tied to private funding more and more, alumni and friends who give to the College of Arts and Sciences are vital to helping students and to continuing excellence in education.
“When you are looking at giving to education you are helping to ensure the future,” said Clapp. “It is a really good feeling to know you are helping the next generation to make sure we have educated people to move the country forward. You are making a down payment on the future.”
Beginning in 2015, the IRA Charitable Rollover provision became a permanent method of giving from an IRA to a qualified charity. Donors may take advantage of this program at any time and satisfy the required minimum distribution from an IRA without incurring a taxable event. The requirements for such a gift are listed below. To make a donation effective this tax year, a qualified distribution must be made by Dec. 31, 2016.
“Obviously, you come to a point where you have to take an IRA distribution and if you give that to an organization you can do it tax-free,” said Clapp. “Since we had been giving to OU it made sense so our dollars would go further. Now was the the time for us.”
If you are interested in giving the gift of education through your IRA Charitable Rollover, please contact Sharon Alexander, director of Stewardship and Donor Relations, at (405) 325-6201 or email firstname.lastname@example.org.
The requirements for such a gift are below:
- If you are 70.5 or older, you may make gifts directly from your IRA to charities such as the University of Oklahoma Foundation.
- The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
- The transfer may be made in addition to any other charitable giving you have planned
- You may transfer any amount up to $100,000 directly from your IRA.