When Steve Chesebro's dad dropped him off at Mines, he patted his son on the back, gave him $500 and wished him good luck; their next contact was years after graduation. Although that was a large amount of money at the time (Chesebro's parents were separated, and his mom was a bank teller who brought home $210 a month), Chesebro' '64 was grateful to receive an athletic scholarship for playing baseball and football, which enabled him to attend Mines.
Now, with a successful career in the oil and gas industry that Chesebro' credits to his education at Mines, Chesebro' and his wife, Dollie, have given back to the university by using a charitable IRA rollover. They are pleased that Congress has permanently extended the provision that allows them to make tax-free gifts from their IRA accounts to benefit Mines.
Recently, the Chesebro's donations from their IRA rollover helped support the completion of the Clear Creek Athletics Complex. Other gifts from the couple provided funding for Darden Field, Stermole Soccer Stadium, Campbell Field, endowments and scholarships, along with the creation of the Chesebro' Athletic Development Fund, which provides financial support for the athletic department. "Athletics played a key role in my education," says Chesebro'.
Like the Chesebro's, alumni and friends can use tax-advantaged funds from their IRA's to support the programs they care about at Mines. Once a person reaches age 70 ½, they are required to take minimum distributions from their IRA. Being able to direct a gift to Mines directly from an IRA reduces taxable income, satisfies the distribution requirement and benefits both the donor and the university.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.