Worley Makes IRA Gift

Jim Worley (’66) celebrated the 55th anniversary of his graduation from Midwestern State University with the establishment of the Worley Family Scholarship. Since then, he has grown the scholarship awards by making a tax-free gift with a qualified charitable distribution (QCD), also known as an IRA charitable rollover, impacting 38 MSU Texas students to date.

As an undergraduate at what was then Midwestern University, he remembers reporting each semester to a banker in downtown Wichita Falls to review the terms of his scholarship and realizing how fortunate he was. If not for a four-year scholarship, Mr. Worley said he would not have been able to afford college or earn a bachelor’s degree with a double major in chemistry and physics. He would not have been able to earn his doctorate from the University of Illinois, travel the world, or start his own chemical consulting company.

Now, he is happy to provide the same opportunities to today’s students. An added bonus is that he is able to continue his generous giving in a tax-beneficial way. By making a gift directly from his IRA to the University, he is able to satisfy his required minimum distribution (RMD) and minimize his tax liability.

Worley said he had wanted to create this scholarship for some time. “I am happy to help some students launch their careers as my mine is ending. I’m simply paying it forward,” he said.