CAROLINA PROFILES IN GIVING
Giving to Carolina with heart
I " ~don't care how many times
I come in here, I always feel a thrill.
illove books, and I love the Library. "
So says Mary Morrow MA ' 50, long-time friend
of the Academic Affairs Library and volunteer extra-
In the early 1980s Mary Morrow and her late
husband Charles, then University provost, helped
raise money for the brand-new Library endowment.
When Charles died in 1989, Mary established in his
memory an unrestricted endowment fund to benefit
the Library. And after Mary's retirement in 1994
from her job as mathematician on a medical
research team, she stepped right into a volunteer
job at the Library helping to track its endowment
funds and how the income is spent.
Now she has made the Library part of her estate
plan in a smart, tax-wise way.
Mary Morrow has designated the John Charles
Morrow Endowment for the Library as the benefi-
ciary of her tax-deferred IRA, to which she con-
tributed throughout her working years. Why leave
to the Library her IRA assets instead of another
asset from her estate?
Taxes. After her death, the combination of estate
tax and income taxes due on her IRA is expected to
reduce the value of those IRA assets to 25 cents on
the dollar or less, if
she leaves them to her
But by designating
the IRA assets to benefit Carolina, which is a tax-
exempt organization, 100 cents on the dollar will go
to her beloved Library. There will be no tax. (She
plans to leave her children other assets that won't be
taxed nearly as much.)
CAROLINA ALUMNI REVIEW