One couple’s Mother’s Day gift lifted Akron Community Foundation to a new record – 50 new funds established in a year at the close of its fiscal year on March 31. This new record beats the previous record of 41 new funds established in a fiscal year from two years ago.
The 50th fund was established in March by Sandy Auburn and her husband, Mark, in memory of Sandy’s late mother, Pearl Leeper Korman. The Pearl Leeper Korman and Sandy Korman Auburn Fund at Akron Community Foundation was established using the newly-permanent Protecting Americans from Tax Hikes Act of 2015 that allows people age 70-½ and older to transfer up to $100,000 of their IRA assets tax-free to an approved public charity like the community foundation.
Couples can transfer up to $200,000. The annual provision became permanent and guaranteed in December of 2015.
“Mark and I have been planning for this, and it worked exactly as we had hoped,” Sandy said.
The fund was established as a designated fund to support one of Sandy’s favorite charities. It will support the community foundation’s Women’s Endowment Fund in Sandy and her mother’s honor forever, since the Auburns chose to endow the fund.
“It’s wonderful when we can help people like the Auburns accomplish so many of their goals with one fund,” said John T. Petures Jr., president and CEO of Akron Community Foundation. “They were able to create a legacy for their loved one, reduce their taxable income and, most importantly, give back to the community they love.”
Korman grew up in Akron during the Great Depression, forgoing college to work outside of the home, which was uncommon for women during this time. She worked full-time, even with a chronic medical condition, and went on to make a number of sacrifices to provide an enriching life for Sandy, who remembers her mother hang drying and ironing clothes; the family didn’t have a dishwasher, either, until the 1960s, and her mother would often can food to sustain the family through leaner times. “We didn’t have the conveniences you do now,” she said. “Times were very different then. The tasks of life took a great deal more time.”
Now, with the fund’s connection to the Women’s Endowment Fund, Korman’s hard work will pay off for other women and girls for generations to come, who will hopefully not have as many barriers to success as Korman faced.
Sandy says she feels at peace knowing the Women’s Endowment Fund, which she’s supported for more than 20 years, will uphold the spirit of this fund, and she’s confident about the process that has been put into place. “This continues her name in our community,” she adds. “I think she would have been very pleased.”
For more information about starting a charitable fund in your or a loved one’s name, visit www.akroncf.org/giving. Or, to learn more about making a tax-free charitable IRA rollover, visit www.akroncf.org/IRArollover.
For more information about Akron Community Foundation or to learn more about creating your own charitable fund, call (330) 376-8522 or visit www.akroncf.org.