Personal Giving Stories
Tax-Free IRA Rollover Gift Provides Students Global Experience
Ray Huebschmann’s life was changed after study abroad trips while a college student, and now he is “paying it forward.” Like millions of other taxpayers, Ray is taking advantage of a relatively new law allowing individuals over the age of 70.5 to make a gift from their IRA and not have to report it as taxable income. “Using the required minimum distribution from my IRA allowed me to save on my taxes while also changing the lives of students. It’s really a win-win situation,” states Ray.
As a result of the transformative experiences Ray had studying abroad in 1967 and 1968, he was intent on giving current students similar enriching opportunities. His first study abroad trip to Germany, Switzerland, and Great Britain enticed him to go on a subsequent and longer trip to Lebanon, Cyprus, Turkey, Israel, Greece, and Italy the following year. “The cultural experiences I received during these trips led me to take many more trips and to this day I still travel abroad,” says Ray. Being a fitness enthusiast, these days many of his trips involve international swimming and weightlifting competitions.
Ray, who is a professor of psychology at Georgia State University, has been working with the UIS Global Experience Program staff on several projects over the course of 20 years. He knows that the support he provides gives students an enhanced education and broader career aspirations. In addition, it helps students increase their fluency in another language and gives them a more comprehensive cultural perspective as well as a more thorough understanding of the thoughts and opinions of others. “I have total trust and confidence that the staff of the Global Experience Program will be good stewards of the resources I give them,” he adds.
Ray plans to continue to support this life-changing program because of the benefits it provides to students. He says the tax savings are an added benefit and encourages others to take advantage of the IRA charitable rollover and make gifts to UIS in a way that’s meaningful to them.
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