Despite Uncertain Economy, Native Oklahomans Find Unique Way to Give to MBA Students at OSU

IRA rollover enables OSU alumni to give back to business students

Thomas and Mary Tatum had wanted to give back to Oklahoma State University since they attended in the 1960s; however, it was not until they learned about individual retirement account rollovers that they found a method for doing so.

“Wanting to give to the university had its first germ back when we were students,” Tom said. “We both come from families of modest means, and we felt very privileged to be able to attend a university in the first place.  And that was something that stuck with us.”

Tom hails from Tulsa, and Mary is from Antlers, Okla. They met on a blind date while attending OSU. Tom earned a bachelor’s degree in marketing in 1961 and an MBA in 1962. Mary earned a bachelor’s degree in home economics in 1961. The couple enjoyed many successes throughout Tom’s human resources career and for years, they steadily invested money into an IRA.

In 2000, Tom retired and in 2007, when distribution payments from his IRA were mandatory, the Tatums made an IRA gift of $30,000 to OSU. Their gift created the Thomas and Mary Tatum MBA Scholarship Fund, providing scholarships for full-time MBA students at OSU.  

“We had already established that we wished to do something, but we hadn’t picked a particular time.  It was just in our plans,” Tom said. “I reached the age where distributions are required from IRAs and found that directing a distribution to OSU was a tax-efficient method to fund an endowment.”

This academic year marked the first year for the endowment to provide financial assistance and two deserving students were awarded scholarships.

“In large measure, we feel that our education at OSU allowed us to enjoy some advantages in life and have career successes, and we hope that our endowment will allow others to have those same advantages,” Tom said.

Under the Emergency Economic Stabilization Act of 2008, which is also available for 2009, individuals who are at least 70 ½ years old may make a tax-free transfer of up to $100,000 annually from an IRA directly to the OSU Foundation.

For more information about IRA rollover, including benefits and forms, visit OSUgiving.com/irarollover or contact the OSU Foundation at (800) 622-4678 or giftplanning@OSUgiving.com.

The OSU Foundation serves as the private fundraising organization for OSU, as designated by the OSU Regents. Its mission is to unite donor and university passions and priorities to achieve excellence.

Oklahoma’s only university with a statewide presence, Oklahoma State University is a five-campus, public land-grant educational system that improves the lives of people in Oklahoma, the nation, and the world through integrated, high-quality teaching, research and outreach.  OSU has more than 32,000 students across its system and nearly 21,000 on its Stillwater campus; with students from all 50 states and around 110 nations.  Established in 1890, OSU has graduated more than 200,000 students who have made a lasting impact on Oklahoma and the world. 

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