Fred Tarbell

Fred Tarbell (68BBA) has always been good with numbers.

What started as an interest in mathematics during his teenage years developed into a successful 42.5-year career as an accountant. "My accounting degree from the University of Iowa was extremely helpful—I had very marketable skills and a degree from a strong business school," says Fred, of Denver, Colorado.

When Fred retired, he was left with one more number-crunching decision—what to do with his IRA required minimum distribution.

Fred decided to use what is called the charitable IRA rollover, which allows individuals age 70.5 and older to give up to $100,000 directly from an IRA to a charity—such as the University of Iowa Center for Advancement, the preferred channel of support for the university—without having to pay income taxes on the distribution. The transfer—which can satisfy all or part of a required minimum distribution—generates neither taxable income nor a tax deduction, so you will still benefit even if you don't itemize your tax deductions.

"You can either take the distribution and pay taxes to the federal government, or you can donate it to a charitable institution," says Fred. "I decided to create a scholarship to help young women get a quality education at Iowa and find great careers in business."

Amanda Rostenbach (19BBA, 20MAc), a native of Davenport, Iowa, received the Fred E. Tarbell Graduate Accounting Scholarship for Women during her time at the University of Iowa. Amanda says that scholarship support made a big difference in her Iowa education.

"Scholarships helped me focus on my future by allowing me to dedicate more time toward my education," says Amanda, who is now working in Chicago at Deloitte as an international tax consultant. "Because I had financial support, I was able to work less, be better prepared for my courses, and participate in Alpha Kappa Psi, a business fraternity. I truly admire Fred's willingness to help so many individuals accomplish their goals of obtaining a higher education."

For Fred, he's seen the benefits of helping Iowa's accounting students, and he encourages other Hawkeyes to use this simple way to give back.

"If you're in a situation to be able to give back—through your time or your finances—you should support the University of Iowa," says Fred.

To learn more about how your IRA can make a difference for the University of Iowa, please contact Susan Hagan, JD at 319-335-3305 or susan.hagan@foriowa.org. You may also see other options on our planned giving website.