James Cotsana Uses His IRA to Fund a Doane Scholarship
As a proud alumnus of Doane University, I recently found a fulfilling way to give back to my alma mater and support the next generation of students. I discovered that I could use my required minimum distribution (RMD) from my IRA as a qualified charitable distribution (QCD) to support scholarships at Doane University.
The process was surprisingly straightforward. I contacted my financial advisor and had him directly transfer my RMD to Doane. With Doane being a recognized 501(c)(3) nonprofit, not only did I fulfill my yearly distribution requirement from my IRA, but I also reduced my taxable income and supported Doane. This method of giving proved to be efficient and tax effective.
I believe in the power of education to open doors and wanted to give students the same opportunities that I was fortunate enough to have. I established the James & Donna Cotsana Endowed Scholarship, which supports legacy students who have a parent, grandparent or family member who attended Doane.
This experience has been incredibly rewarding, and seeing the impact of these scholarships on students’ lives has given me a profound sense of fulfillment. I encourage fellow alumni and anyone with an IRA to consider this form of philanthropy. It’s a powerful way to make a meaningful difference while also gaining some tax advantages.
To those considering this path, I say: Your support can light the way for the future leaders emerging from Doane University. Let’s invest in them together.