September 6, 2018

Forty years ago, a handful of Texas A&M former students had the vision of establishing a Corps Scholarship Program to ensure that future generations of Aggies who joined the Corps of Cadets would benefit from financial support for their education.

In 2018, the Corps is stronger than ever with more than 2,500 cadets, the majority of whom benefit from hundreds of scholarships. As the Corps looks toward the future, it seeks donors to help establish 500 new endowed Corps scholarships over the next three years to support the projected growth of the Corps to 3,000 cadets by 2025.

There are many ways you can create Corps scholarships and support cadets, but the use of a charitable IRA rollover is a unique philanthropic opportunity that can also benefit you through significant tax advantages.

This year marks changes in the new tax law, meaning it’s less likely that you will itemize your deductions, instead opting to claim the higher standard deduction. That means it might be time to rethink your strategy in terms of minimizing your tax bill. Enter the qualified charitable distribution (QCD), also called a charitable IRA rollover. A QCD can allow you to benefit from your charitable donations even if you are not itemizing.

Using a QCD is a tax-savvy strategy that allows you to transfer up to $100,000 per year from your IRA directly to a qualified charity. It is only available to IRAs and for individuals who have reached required minimum distribution (RMD) age (70.5). Any amount processed as a QCD counts towards your RMD requirement and reduces the taxable amount of your IRA distribution. This lowers both your adjusted gross income and taxable income, resulting in a lower overall tax liability.

Consider using a QCD to support members of the Corps of Cadets through one of four available scholarships: a Keepers of the Spirit Scholarship, a Corps of Cadets 21st Century Scholarship, a General Rudder Corps Scholarship, or a Sul Ross Scholarship. Whether you would like to enhance your existing gift or establish a new gift altogether, your support will be instrumental in helping the Corps complete its mission.