John Looney, Jr.

Boston

Professor Emeritus Jack Looney Supports University by Giving Through His IRA

For Dr. John “Jack” Looney, Jr., a State College of Boston Class of 1960 alumnus and professor emeritus at UMass Boston, giving back to his alma mater has always been on the top of his list—well, right below his family and grandchildren.

“UMass Boston has been a big part of our family’s life,” said Dr. Looney, adding that he thinks of UMass Boston as a “generational education destination” for his family.

Dr. Looney taught at Boston State from 1968 to 1981 and then in the Department of Environmental, Earth, and Ocean Sciences at UMass Boston from 1981 to 2009.

“My children have studied here at UMass, and some of my grandchildren have had the same opportunity as their parents,” said Dr. Looney. “I am both happy and proud that they were able to avail themselves to some of the world-class faculty that I was able to work with here on Columbia Point.”

Dr. Looney and his wife, Maureen, help to financially support the education of their grandchildren, two of whom are currently in college. Because of these added tuition expenses, Looney said his annual contribution to UMass Boston varies and that he chooses to donate to the university through an IRA Rollover gift.

“There are benefits—financial tax benefits—to contributing through your IRA. On one hand, it decreases your income,” said Dr. Looney, adding that this is especially beneficial for tax-reporting purposes. “When you reach my age, you have to take a required minimum distribution (RMD). So, you get a double bang for your buck.”

By choosing to donate some or all of his RMD to UMass Boston as a charitable gift—rather than claiming it as income, Dr. Looney does not need to pay income tax on this portion of his RMD.

For those who are on the fence about donating through their IRA, Dr. Looney recommends they act now rather than later. He points out that making an IRA gift is incredibly easy but does require some planning to get the most benefits from this giving vehicle and to ensure the gift is made before the end of the calendar year.

In 2017, Looney combined family with philanthropy by sponsoring 10 seats in the University Hall’s auditorium as part of the university’s “Make Your Mark” initiative. Using funds from his IRA, Dr. Looney dedicated one seat to each of his grandchildren and one for himself.

“So much of me was tied in to UMass Boston, and so much of my children and their children were tied into UMass Boston that is a valued part of our lives. Our family is not the only one that has achieved generational success from this amazing university,” said Dr. Looney.

Over the last several years, Dr. Looney’s contributions have benefited student scholarships and other areas of the campus as well, including Athletics, Marine Operations, Veteran Affairs and the Retired Faculty Endowed Fund.

“We send one IRA distribution to the university, then direct the fundraising office to sprinkle it around evenly to these different parts of the campus,” said Dr. Looney. “That’s one of the nice things about it. You can choose where your gift is going.”