Impact Students While Reducing Taxable Income

Ed VonderBrink graduated from St. X in 1962 and went on to a very successful career in public accounting.

Joe and Linda Staneck feel proud of the young man that their son, Joe '94, has become as a result of his time at St. Xavier.

Carolyn Scheve's late husband, John Scheve '53, operated a successful business and felt deeply about the impact that St. X had for him and for his two sons, TJ '86 and Eric '89.

What do Ed and John have in common? St. Xavier has profoundly impacted their lives and they all make gifts to St. X through their IRAs using a strategy that is available to those 70½ and older.

When individuals turn 70½, they must begin taking the Required Minimum Distribution from their IRA. In December of 2015, the IRA Charitable Rollover was signed into permanent law, allowing taxpayers age 70½ or older to transfer up to $100,000 annually from their IRA accounts directly to charity without having to recognize the distribution as income.

"That is when we decided to fund a scholarship at St. Xavier High School," says to Joe Staneck. "Transferring money directly from our IRA helped us and allowed us to give the school more money than if we took the IRA distribution ourselves and then made a gift." Staneck adds, "It is really important that the distribution from the IRA goes directly to the charity. It can't hit your account, or it is taxable."

VonderBrink, retired Managing Partner of the Grant Thornton accounting firm office in Cincinnati recalls, "St. Xavier changed my life. It is very personal for me and makes me very emotional. I was not an outstanding student, but through St. Xavier's connections and opportunities, doors were opened. This school truly raises you up. I chose to give utilizing the IRA Charitable Rollover because I made a pledge to the Class of 1962 Scholarship and the IRA Rollover makes the most sense for my circumstances."

Carolyn Scheve gives from her IRA to St. Xavier to honor the memory of her late husband, John '53. "He believed so much in St. Xavier education and the Jesuit philosophy. We really appreciate St. Xavier's Cura Personalis approach, how they take the time to care for each student in their own way."

Linda Staneck reflects, "It was important for us to send our children to schools that worked in partnership with us. St. Xavier has always owned a piece of our hearts. We wanted our son to be at a place that didn't just care about grades, but that nurtured every part of him and they do that at St. Xavier in spades. When Joe graduated, he was set for college. But more than that, he was ready for life."

For more information about making a gift from your IRA, or to learn about other ways you can support St. Xavier High School, please contact one of our Major and Planned Gifts Officers at 513-618-3229 or (cell) 513-607-0198. As in all financial matters, please consult your financial advisor to determine how the IRA Charitable Rollover affects your personal circumstances.