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Put your intentions in writing

If you are considering a bequest to the University of Mary Washington Foundation (Taxpayer Identification Number: 54-0169627), please include the following language:

“I hereby give and bequeath the specific amount of $________ (or ____ percent of my  estate) unto the University of Mary Washington Foundation, Inc., 1119 Hanover Street, Fredericksburg, Virginia 22401, to provide funding for the _____________________ [Fund for Mary Washington, program, department or endowment] at the University of Mary Washington OR a program as determined by University administrators.”

Once your plans are finalized, please be sure to notify the Office of Gift Planning so that the University can honor your intentions and recognize you as a member of the Heritage Society.

Contact Jan Clarke at jclarke@umw.edu or 540-654-2064 for more information.

Plan now to optimize charitable giving and reduce taxes

Fall is the season when retirees with IRAs are considering how to manage required minimum distributions (RMDs). This age-related requirement means you have to take a distribution, even if you would prefer not to withdraw money, even if the economy has not been kind to your investments, and even if you are in the position to increase your IRA.

The good news is that you have alternatives:

You have the option to direct a portion of your RMD to charity. Contact your IRA administrators and ask them to make a qualified charitable distribution (QCD) directly to Mary Washington.

• You can distribute up to $100,000 this calendar year, and the QCD satisfies your RMD up to $100,000. (NOTE: Your spouse also may be able to contribute at the same level.)
• You will not be able to claim a charitable tax deduction on this directed gift, but you will not owe income tax on the withdrawal.

You also may opt to fund a charitable gift annuity at Mary Washington.

• This plan will provide income for life and reduce the value of your taxable estate.
• Payments from charitable gift annuities are taxed as income and do not qualify for income tax deductions. On the other hand, you will not pay income tax on the immediate transfer of the distribution.

There are important restrictions on how to transfer funds from your IRA for a QCD or to establish charitable gift annuities. Contact your financial advisor and the UMW Office of Gift Planning at jclarke@umw.edu or 540-654-2064  for information.

Dear Alumni and Friends:
In this season of gratitude, I’d like to thank you for your generous support of the University of Mary Washington and our students. We recently announced our most successful fundraising year at UMW to date. That achievement was made possible because of the meaningful investments you continue to make in our students, faculty, and programs.

This fall, we celebrated our Washington and Alvey Scholars – exceptional students who have received full tuition, fees, and room and board to attend Mary Washington – with a reception in their honor. Among them was Adelaide “Ada” Gill ’26, whom you’ll read about in this issue. The recipient of the A. Ray Merchent Washington Scholarship, Ada truly embodies the power of a liberal arts and sciences education, as a chemistry major who plays the harp. I hope you’ll also be inspired by the story of Diana Hamilton Cowell ’66, a Heritage Society member who has funded a scholarship for French students and is creating one for students who participate in theatre while majoring in other subjects.

I wish you and your family a happy, healthy, and restful holiday season.