Peter and Dolly Franklin Wallenborn ’44 believe that quality education is such an important investment that they created an endowed scholarship this year instead of waiting to make this substantial gift through their estate. The octogenarian couple wanted to assist the young women and men at Randolph College now and for many years to come and so they took advantage of a way to use their IRA as a vehicle for achieving their philanthropic goals.
In 2004, the Wallenborns established a scholarship with proceeds from their IRA. As time passed, they realized their IRA value was declining. They decided that now was the time to have an impact on the lives of students so they made a direct transfer of $100,000 from their IRA to the endowed scholarship fund. The Wallenborns gained the added benefit of avoiding income tax on the charitable distribution.
Peter said that by using the IRA option, they hope to encourage Betty’s classmates and other alumnae to do the same. Peter and Dolly have been long-time supporters of Randolph-Macon Woman’s College and now Randolph College. Their daughter, Betty Wallenborn Green, is a member of the Class of 1970.
For additional information about utilizing an IRA charitable rollover, please contact the development office at 434-947-8127.
Click this link to the CASE website for more information about the IRA Rollover option.