A gift from a Fairmont native will provide scholarship funds for Fairmont State University students.
The Fairmont State Foundation, Inc. received an IRA distribution of more than $253, 600 from the estate of James E. Walton of Salem, S.C.
“Support from the Fairmont State Foundation and thoughtful donors such as Mr. Walton provides much needed scholarship funding. With this help, Fairmont State University continues to meet students’ needs for financial aid and to provide opportunities for students to meet their personal and professional goals,” said FSU President Maria Rose.
The Fairmont State Foundation has received more than $1.4 million in bequests since July 1, and the Foundation’s assets have exceeded $20 million.
“Gifts made through planned giving make a significant impact on the lives of future Fairmont State students and their families,” said William Armistead, President of the Fairmont State Foundation, Inc.
The American Taxpayer Relief Act of 2012 has been extended through Dec. 31, 2013.
“This very popular Charitable IRA Rollover allows all taxpayers age 70.5 or older with a traditional or Roth IRA the opportunity to make a tax-free distribution of up to $100,000 per taxpayer before the year-end deadline directly from these accounts without incurring federal income taxes on the withdrawal. This provides donors with an excellent opportunity to make a tax-free contribution to support FSU and its students,” Armistead said.
For more information, contact the Fairmont State Foundation, Inc., at (304) 534-8786 or visit www.FSUFoundation.org.