Scholarship challenge and IRA rollovers
New scholarships ease tuition burden
A major donor is joining Purdue alumni and friends in an effort to increase scholarships for the best and brightest students.
The donor, who has asked to remain anonymous, will contribute $2.5 million in unrestricted funds over five years to Purdue's Presidential and Trustees scholarship programs. The gift, combined with $2.5 million from other donors, will be used to create the $5 million Presidential and Trustees Scholarship Challenge, aimed at attracting high-achieving high school students to Purdue.
The scholarship challenge is part of Purdue's $304 million Access and Success campaign to expand student aid and programs. Purdue has raised almost $70 million toward the campaign goal to date.
"This challenge gift will essentially give donors the chance to double the money they provide for these scholarships," Purdue President France A. Córdova said. "If a donor gives more than $25,000, we will double that amount up to $5 million. We are very grateful to the donors who have already come together to make this challenge possible. Their generosity will make it possible for Purdue to dedicate even more money to scholarships that support the futures of our best students."
Contact the College of Technology Office of Advancement at (765) 494-7967 to learn more.
Read the full news release.
IRA charitable rollovers can benefit Purdue
Recent legislation contains a provision that allows an exclusion from gross income for certain distributions of up to $100,000 to Purdue University or the Purdue Research Foundation in 2008 and 2009 by individuals age 70 1/2 or older from their traditional individual retirement accounts (IRAs) or Roth IRAs, which would otherwise be counted as income. It should be noted, however, that there is no charitable contribution deduction for the distribution. Read more about this benefit.