An Impossible Possibility

Taking advantage of two time-limited offers enabled John Kemp and wife Linda Kelso to do something in 2013 that they previously thought impossible — endow a Gate of Opportunity Scholarship at Berry College while saving on taxes.

The couple combined the benefits of the federal government's popular IRA charitable rollover provision with a matching gift from Berry's Donor Opportunity Fund to establish a long-lasting legacy of helping students attend Berry.

"Linda and I wanted to fund at least one Gate of Opportunity Scholarship, and we knew we needed to get serious about doing it in 2013," said Kemp, a 1964 graduate of Berry College.

The IRA provision allows people age 70½ or older to rollover up to $105,000 directly from an IRA to a qualified charity without paying income tax on the funds. This tax-saving option, often utilized with required annual IRA distributions expired Dec. 31, 2013, but may yet be renewed by Congress.

"For people who have money from an IRA, it's the ideal way to contribute to Berry," Kemp said, adding, "Without the match, we wouldn't have been able to underwrite the whole scholarship. We are thankful to the anonymous donor for establishing the matching fund."

Kemp and Kelso are avid Alumni Work Week participants, and the scholarship gift is in honor of his upcoming 50th class reunion.

"Berry provided me with a lot of basic things to get my life started," Kemp emphasized. "It was there when I needed it. This is one small way I can contribute to Berry's future and to the future of its students."

For more information about the current status of the IRA charitable rollover provision, contact Helen Lansing at [email protected] or 877-461-0039 (toll free).