Empowering Future Generations: Pat and Bill Nickles Create a Lowell High School Legacy Scholarship at GLCF
Pat Santos Nickles ‘68 (Keith Hall) and Bill Nickles ‘69 (Lowell High School) have been married for 50 years. Both are career professionals – Pat a 35-year teacher in the Billerica school system and Bill 35 years with the US Postal Service in finance, management and later with financial planning. Early on, they lived in a small apartment, saving for their dream home. In 1978, when a piece of land in the Upper Highlands became available, they were in a good position to purchase it and build their dream home – where they have lived for the past 46 years.
Having been a scholarship presenter for the Class of 1969 and Friends of Tyler Park at the annual LHS Honors Night, Bill had been thinking about creating a scholarship and wanted to give back to his community meaningfully.
When Bill reached out to Jay Linnehan, Greater Lowell Community Foundation (GLCF) President and CEO, to fund a Lowell High scholarship with his required minimum distribution (RMD), it was one of the first of its type scholarships GLCF had done. “This is an easy way to create a scholarship. Once you turn 73, you have to take this distribution. Save it; re-invest it; spend it on that dream vacation or give it away to family, friends, or a nonprofit organization like GLCF with a simple transfer from one’s custodian to us to avoid it being taxable income,” according to Jay.
How does it work? A required minimum distribution is the minimum amount that IRA and/or retirement plan account owners must withdraw annually. The IRS assesses penalties if not taken.
Example: If you turn 73 by the end of 2024, you must take your RMD by April 1, 2025 (for your 2024 distribution). You will have to take an additional RMD by December 31, 2025 (your 2025 distribution). Subsequently, each annual distribution will be taken by the end of the year after that.
You can take your RMD out of one account or from numerous accounts as long as you take the required minimum. Most retirement funds are applicable. Additionally, a qualified charitable distribution (QCD) can be made directly from your IRA to a charity at age 70 1/2 under certain circumstances. A QCD will count towards your RMD and will not be taxable income. Talk with your financial advisor or go to the IRS Uniform Lifetime Table https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds to calculate your distribution.
Pat and Bill directed their RMD funded scholarship for a student pursuing education and they will eventually create a second scholarship for nursing in 2025. Pat, although a seasoned educator, believes strongly that nurses are the front line, work horses when lives are at stake having experienced it through her family’s health journey. “With nursing shortages, our hope is to encourage young people to pursue this reputable career.”
And what advice would the donors give their recipient? “Pay it forward,” said Bill. “Get involved with your graduating class and have fun every 5 years with a reunion. Raise money so that your class can have its own scholarship award like my class of 1969 has set up. Alternatively, if you can’t donate money right away, volunteer.”
GLCF provides opportunities for donors to create a fund and establish a lasting charitable legacy. To learn more about these empowering opportunities at GLCF, contact Jay Linnehan or to learn more about creating your own LHS Legacy Scholarship, contact Barbara Dunsford at 978-970-1600 or info@glcfoundation.org.
About the Greater Lowell Community Foundation Established in 1997, the Greater Lowell Community Foundation (GLCF) is a philanthropic organization comprised of more than 450 funds dedicated to improving the quality of life in 21 neighboring cities and towns. With financial assets of nearly $65 million, GLCF annually awards grants and scholarships to hundreds of worthy nonprofits and students. It is powered by the winning combination of donor-directed giving, personal attention from Foundation staff, and an in-depth understanding of local needs. The generosity of our donors has enabled the Community Foundation to award more than $40 million to the Greater Lowell community.
###
CAPTION: Pat Santos Nickles ‘68 (Keith Hall) and Bill Nickles ‘69 (Lowell High School) at the LHS 55th Reunion in August.
