Donor's retirement fund benefits Big Bend
Bill Bonaudi
MOSES LAKE - An anonymous donor's gift to the Big Bend College Foundation is valued at $1.1 million.
The anonymous donor named the Big Bend Foundation the beneficiary of their retirement plan.
The IRS requires minimum distributions from people's retirement accounts when they turn 70?. Because the donor turns 70 this year, minimum distributions begin this year to the beneficiary, the Big Bend Foundation, of approximately $40,000 per year.
The donor is still employed and adds to the retirement plan with every paycheck, said Big Bend President Bill Bonaudi.
"This extraordinary gift reflects the donor's continuing dedication to current and future generations of students," he said. "It is like having a $1 million endowment, and the timing could not be better for the college."
Income from the retirement plan will be distributed every year, said Bonaudi. The balance of the fund will be donated to the Foundation upon the donor's passing.
"This is a source of funding the college can count on as we plan for the future," he said.
Discussions between the donor, the college and the foundation will take place to decide how to use the funds to meet the interests of the donor and the needs of the college, said Bonaudi.
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