NEW IRA CHARITABLE ROLLOVER EXTENSION BENEFITS TAXPAYERS, COLLEGE
On Dec. 18, 2015, the President of the United States signed federal tax legislation that includes a permanent extension of the IRA charitable rollover.
That’s great news for you as taxpayers and for Silver Lake College as a nonprofit institution of higher education.
The tax bill, Protecting Americans from Tax Hikes Act of 2015, retroactively reinstates and makes permanent several tax incentives.
Most notable is the tax rollover, which allows individual taxpayers 70 ½ and older to make tax-free charitable gifts of up to $100,000 per year directly from their Individual Retirement Accounts to eligible organizations such as Silver Lake College, thereby reducing their individual taxable income.
Charitable giving to higher education is on the rise and it is likely that this new, now permanent, federal tax incentive will continue to fuel the upward trend, according to national educational associations.
For more information on the tax bill and its incentives, visit the websites of the U.S. House of Representatives' Ways and Means Committee and the United States Senate Committee on Finance.
For more information on making a charitable gift to Silver Lake College and taking advantage of this new tax incentive, contact Marc R. Barbeau, Vice President of Advancement and External Relations, at 920-686-6176 or email@example.com.
Touhey Family Makes Gift in Sister’s Memory
By Amy Hanson / Assistant Director of Communications and Web Management
Veronica “Vonnie” Touhey Verkuilen and Sister Patricia Touhey recently walked the halls where the memory of their sister, Glenna Touhey, will live on as students set out to blaze their own trails at Silver Lake College and beyond. During a June 2016 tour, the sisters were impressed with what they saw in the Nursing Wing, then under construction, as President Chris E. Domes explained what was to come.
A gift from the Touhey family, made through Veronica’s IRA, was given to the College in memory of Glenna for Nursing scholarships. A student will benefit from the family’s generosity this fall.
“We knew we wanted to do something in her memory. This was an easy way,” Veronica shared of the process, adding the suggestion came at the advice of her financial adviser as a way to make a tax-free charitable gift.
Glenna, one of six children in the family, was a second-grade teacher who enjoyed helping students learn to read, her sisters shared. She attended the University of Wisconsin-Milwaukee and later moved to the Huntington Beach area of California. Glenna taught for 35 years before tutoring disadvantaged children. She also took up an interest in preserving the Bolsa Chica Conservancy, a land trust that is now a bird refuge. According to Veronica and Sister Patricia, the ecology of the area intrigued Glenna and she often took her students there on field trips.
“We went on tours with her. That was just awesome,” Veronica recalled.
Sister Patricia, who also taught and was a principal for 25 years, now resides at St. Thomas the Apostle Catholic Church in Newton where she works as a member of the Care Ministry Team. She is a 1958 graduate of Silver Lake College, has a master’s degree in Administration from Clarke University in Dubuque, Iowa and also is a graduate of Loyola University in Chicago where she received her master’s in Pastoral Studies. She has been a Sister for 62 years.
Veronica and another of her sisters, Mary Ellen Touhey Christensen, had careers in nursing. Mary Ellen, now living in Texas, attended Holy Family Hospital School of Nursing, with classes through Silver Lake College. She also has made a gift to the College in Glenna’s memory.
Veronica, a nurse for 53 years, received her bachelor’s degree from the University of Wisconsin-Green Bay and her master’s degree from UW-Oshkosh, she practiced for 30 years and retired a year ago after teaching at Northeast Wisconsin Technical College.
The family encourages others to consider making a gift to Silver Lake College through an IRA rollover because of the flexibility and ease of the process.