Record $4M Gift Makes Commitment to Future Teachers
- Foundation Focus
- December 15, 2022
- News Articles
The MC Foundation recently celebrated receiving the largest gift in its history. The $4 million gift, made by donors who prefer to remain anonymous, will impact the future of countless secondary teachers studying science, technology, engineering, and mathematics (STEM) and their students.
By targeting the scholarship toward MC students studying science and math, the donors reflect their understanding of the growing need for qualified educators in these subjects. For example, in the Nation’s Report Card by the National Assessment of Educational Progress, only 39% of fourth graders in the United States were marked at or above proficient, underscoring the need for qualified math teachers.
By supporting students in MC’s teaching programs, the donors are helping to grow the local workforce. “In the last five years, 72% of students who graduated from Montgomery College’s teacher education programs were former Montgomery County Public Schools (MCPS) students,” says Dr. Eric Benjamin, collegewide dean of education and social sciences.
In addition to scholarship support for tuition, the gift will also cover student fees and provide transfer scholarships for eligible students who attend four-year institutions that prepare them to teach the physical sciences and/or mathematics.
“We are in awe of the donors’ foresight to create such a powerful gift,” said Craig Eozzo, acting executive director, Montgomery College Foundation. “It reflects a lifelong commitment to education and its impact on future generations.”
Winning Charitable Strategies
Make a gift in your will or trust.
You can leave money to Montgomery College Foundation in your will or living trust and have the flexibility to change your will in the event that life circumstances change. This is a simple way to help ensure that MC continues our mission for years to come.
Make a gift that gives back.
There is a way for you to support Montgomery College Foundation and feel confident that you have dependable income in your retirement years. A gift annuity can provide you with regular payments for lifeand allow Montgomery College Foundation to further our mission. You can also qualify for a variety of tax benefits, including a federal income tax charitable deduction if you itemize.
Make gifts of appreciated securities.
Securities and mutual funds that have increased in value and been held for more than one year are popular assets to use when making a gift to Montgomery College Foundation. When you donate appreciated securities or mutual funds, you can reduce or even eliminate federal capital gains taxes on the transfer. You may also be entitled to a federal income tax charitable deduction based on the fair market value of the securities at the time of the transfer.
Make a gift through a beneficiary designation.
You may prefer the increased flexibility that a beneficiary designation provides. It is very simple to name Montgomery College Foundation as a beneficiary: Request a change-of-beneficiary form, make your desired changes, then return the form to your plan administer to establish your gift. Use IRAs and retirement plans, life insurance policies, donor advised funds, and commercial annuities.
Make gifts by “bunching” charitable gifts.
To assure the deductibility of your charitable gifts, consider “bunching” them in predetermined years so that in those years your total deductions exceed the newly increased standard deduction. Defer gifts in years when you plan to rely on the standard deduction. You can support Montgomery College students through a donor advised fund charitable giving account which can help with these types of gifts.
For more information, visit montgomerycollegefoundation.planningyourlegacy.org or contact Craig Eozzo, 240-479-1300, Craig.Eozzo@montgomerycollege.edu or Francene T. Walker, CFRE, 240-393-2118, Francene.Walker@montgomerycollege.edu.