The Triangle Education Foundation is pleased to announce that our suite of financial aid program applications are now open. The Foundation offers over $80,000 in scholarships to undergraduate and graduate students, emergency student loans with 0% interest and income share agreements. These programs help to offset the rising cost of education and ensure that our members have access to financial tools that will help them pay for school. More information about our programs can be found HERE
It is with great sadness that we acknowledge the passing of Brother Charles “Chuck” Bowman ps56, who joined Chapter Eternal on August 17, 2020 at age 84. He passed away in College Station, TX after a short illness and a long battle with Parkinson's Disease. In addition to his loving wife, children, and grandchildren, Chuck is survived by a brotherhood whose admiration and gratitude will endure forever.
Chuck’s dedication to Triangle Fraternity is clearly evidenced by his outsized legacy, which continues to enrich Triangle Fraternity generally as well as the Penn State chapter specifically. Br. Bowman earned his spot on the Triangle Wall of Fame in 1997 and was recognized as a Penn State Distinguished Alumnus in 1996 — 40 years after his initiation. He channeled his time and energy back into the organization by serving on the Triangle Education Foundation’s Board of Directors from 2002 to 2014. In 2014 the Foundation honored him as a Director Emeritus. In 2012 he created the Chuck Bowman Chapter Endowment Fund for the Penn State chapter.
After earning his Bachelor’s degree in Petroleum Engineering at Penn State and then his M.S. and Ph.D. at Texas A&M University, Chuck took his industry by storm. He rose through the ranks of Gulf Oil: first as a research engineer and supervisor in the 1960s, then General Manager, Vice President, Executive Vice President, and President. Subsequently, he moved to BP America in 1985 to reprise his meteoric climb to the top job as Chairman and CEO.
If anything, Chuck’s accomplishments following his retirement in 1996 were even more outstanding. His contributions to Texas A&M University include serving as the head of the Department of Petroleum Engineering, securing a $20M endowment for that department, and creating an international campus for A&M in Qatar. In recognition for these efforts, the University named him a Distinguished Alumnus in 2016. Chuck also created several Penn State endowments for energy and petroleum engineering students and early-career professors.
Outside of academia, Chuck funneled his energy into a wide range of worthy causes, serving as Director or Trustee for all of these organizations: Case Western Reserve University; the Cleveland Ballet; the Metropolitan Transit Authority of Harris County, TX; the Center for Strategic and International Studies, a Washington think tank; Cleveland Tomorrow, a nonprofit helping shape the city’s economic policy; the Greater Cleveland Roundtable, dedicated to minority inclusion and multiracial relations; the Cleveland Initiative for Education; and the Cleveland Orchestra and Cleveland Opera.
Those Triangle members who had the chance to meet Br. Bowman were always struck by his positive attitude and his support for the fraternity. He will be deeply missed, even as his lasting contributions to our organization’s success will forever be remembered.
You can learn more about Chuck’s life and legacy in his obituary:
Did you know that you can make your year-end gift to the Triangle Education Foundation with appreciated stock?
This is one of the easiest and tax advantageous ways to donate- you can claim the full, fair market price of the stock and you avoid
paying the capital gains tax on the share growth!
If you are interested in making this type of gift to the Foundation, please give Amy Buchheit, CFRE, Senior Director of Development a call at 317-203-7759 / email her at firstname.lastname@example.org to get more information or click here to download our form to give to your stock broker.
Don't forget to let us know that you've made your gift so that we can properly thank and acknowledge you for your donation!
As always, if you have any questions about your giving or the work we're doing, please contact Scott Bova, CFRE, President at email@example.com or 317-837-9641.
Thank you for your support of Triangle!
Congress last month sought to jump-start charitable giving by offering rank-and-file taxpayers access to a charitable deduction for up to $300 in donations. The goal was to help groups affected by the coronavirus and the economic crisis.
Nonprofits have long been asking Congress to extend deductions to people who don’t itemize their returns — a group that includes about 85 percent of Americans.
In the days since passage of the deduction measure, included in the CARES stimulus act, many donors and nonprofits have expressed confusion about how the deduction works. Here are some questions and answers from experts in the nonprofit field. As always, if you have questions about your donation to the Triangle Education Foundation, contact Amy Buchheit, CFRE, Senior Director of Development at 317-203-7759 or email her at firstname.lastname@example.org
Who is eligible to take the deduction?
Only taxpayers who don’t separately itemize their deductions are allowed to claim the new deduction. Alexander Reid, a Washington tax lawyer who served as legislative counsel for Congress’s Joint Committee on Taxation, notes that when the tax overhaul was passed in 2017, the threshold for the standard deduction was doubled. For individuals it is now $12,200.
Are couples who file jointly allowed to claim a $600 deduction?
The legislation is not clear on this point, experts say.
Reid says the deduction is allowed for each tax form that is filed, meaning that the $300 deduction limit applies whether taxes are filed by either an individual or a married couple.
Howard Gleckman, senior fellow at the Urban-Brookings Institute, says, "It’s not really clear" whether it works that way or if a couple filing jointly can claim a $600 deduction. This is probably going to require IRS guidance." said Gleckman.
Is the $300 deduction permanent?
The deduction appears to be only good for tax year 2020 — though Gleckman noted that Congress did not specifically say that it expires in December.
One thing is clear: If you haven’t filed 2019 taxes, you can’t claim it this year.
Can a taxpayer claim a deduction for giving a car or other material goods to charity?
Only cash gifts are eligible for the $300 deduction. Gifts of stocks, clothes, vehicles, and land are all off the table.
Congress followed the "keep it simple, stupid" rule when limiting the deduction to cash gifts, says Ken Kies, managing director of the Federal Policy Group and former chief of staff of the Joint Committee on Taxation.
If other types of gifts were included, tax accountants and Internal Revenue Service staff would get bogged down in calculating the correct value of the gift for tax purposes, Kies says. He adds that in future debates, Congress may address whether to include non-cash gifts to make the deduction more attractive.
Can gifts to any nonprofit be used to claim the deduction?
No. Gifts to establish or add to a donor-advised-fund account do not qualify. Nor do gifts to supporting organizations — charities that are set up to aid one specific nonprofit.
Is there additional paperwork required to claim the deduction?
No additional paperwork is required, but charities should acknowledge these gifts just like they acknowledge any other donation. Taxpayers should be prepared to substantiate their gifts in case they are audited. "Let’s be honest: The IRS isn’t going to expend a lot of audit resources to figure out if someone made a $300 contribution," Kies says. "Still, taxpayers shouldn’t be reckless."
The Triangle Education Foundation is pleased to announce that an anonymous donor has agreed to fund an additional round of COVID Micro-grants for the fall semester! Undergraduate brothers can apply for up to a $500 grant to help meet their educational needs for the 2020 fall semester. Eligibility requirements and the application can be found here:
The Triangle Education Foundation is pleased to announce that a donor has made a generous gift to ensure every undergraduate member will have a Triangle mask to wear on campus and keep themselves and other safe this fall.
"I am so pleased to share this good news!", remarked Scott Bova, President of the Foundation.
"This donors commitment to Triangle is unmatched. He recognizes all that Triangle provides to undergraduates and alumni and if making this gesture is what ensures that young members can continue to stay on campus, he was happy to provide the funding to do so. Once again, I am reminded that our alumni care about undergraduates and want to give them all the tools they need to be successful."
Masks will be distributed the last week of August, ensuring that they are at chapters before Labor Day.