In 2015 I was shocked by how much my taxable income increased with the addition of my IRA required distribution. That was the year I turned 70 ½ years old, the year Congress enacted a permanent extension of the IRA charitable rollover.
For several years I had considered creating a scholarship to assist SUNY Delhi hospitality students but was unsure how to take the first step. My great grandparents inspired me to pursue a career in hospitality, and my education at SUNY Delhi resulted in a successful career with Sheraton Hotels. The IRA Rollover was the incentive I needed to create a scholarship to honor my family and to assist an aspiring student to pursue a rewarding career.
In my case the IRA Rollover was beneficial to my philanthropic interests and helped me to avoid an increase in my taxable income. With the guidance of the SUNY Delhi Advancement Office, in July 2016 I created an endowed scholarship for hospitality students with documented financial need. I look forward to hearing from the Seymour G. & Elizabeth Potter Bowman scholar each year, and I am pleased that I was able to create a scholarship that honors my family and helps a Delhi student to succeed.
Great Grandson of Seymour & Elizabeth Potter Bowman