As Naval Academy alumni far and wide will attest, the education they receive influences their lives far beyond Graduation and Commissioning Day.
"Attending the Academy is a life-changing event," said Commander Jack Parry '67, USNR (Ret.). "The real impact is the values that it teaches. They resonate and you feel them more intensely as you get older."
Parry, a naval aviator, and his wife, 'Nita, returned to Annapolis to live after retiring from long careers in Richmond, VA. They wanted to find a way to give back that reflected his regard for his alma mater. The Parrys have sponsored midshipmen for more than a decade and looked for other ways to stay involved with the Academy's culture and community, but they believed charitable contributions to the Academy represented a new way of honoring the importance of the Academy in their lives.
"At some point in life, you develop a sense of wanting to give back," said Parry. "The Academy connections have always felt like our extended family."
By using IRA rollovers to fund annual gifts and including a bequest in their wills to benefit the Academy, the Parrys are able to support their charitable interests and their personal financial needs, as well as enjoy membership in the Robert Means Thompson Society, which recognizes those who have included the Naval Academy Foundation in their estate plan.
"There's nothing out of our pocket right away," explained Parry. "We still have use of our assets. It was a no-brainer for us."
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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.