Retired Business Faculty Member Establishes Scholarship
Thursday, December 10, 2009
A former professor has taken advantage of a special federal program to establish a scholarship fund at Pennsylvania College of Technology.
Patricia J. Rambo, who retired as a professor of business administration in 1994, recently established the Robert and Patricia Shoff Rambo Scholarship. The endowed fund is expected to generate in excess of $1,000 annually for scholarship awards.
Penn College Foundation Executive Director Robert C. Dietrich said Rambo took advantage of provisions in the Pension Protection Act of 2006.
"The law can help eligible individuals minimize taxes on IRA distributions while accomplishing their charitable objectives," Dietrich said. "It includes incentives for individuals who may take a distribution from potentially taxable IRA funds."
Dietrich noted that, while these provisions expire at the end of this year, eligible supporters can still act through the end of 2009 to use their IRAs to make a gift to Penn College.
The Robert and Patricia Shoff Rambo Scholarship, which memorializes Rambo's late husband, will serve as a permanent source of scholarship awards at Penn College. The scholarship gives first preference to full-time students who are juniors or seniors in Penn College's accounting or legal assistant/paralegal studies bachelor-degree majors who maintain a grade-point average of 3.0 or higher.
Supporters interested in taking advantage of the Pension Protection Act of 2006 to make a gift to Penn College can contact the Institutional Advancement Office by calling 570-320-8000, or toll-free 866-GIVE-2-PC, or by sending e-mail . The telephone numbers and e-mail address may also be used to contact the Institutional Advancement Office for information on other ways of establishing a scholarship fund at Penn College.
Penn College is a special mission affiliate of The Pennsylvania State University, committed to applied technology education. With more than 6,500 students enrolled in bachelor-degree, associate-degree and certificate majors, the college has the second-largest enrollment in the Penn State system.
For more information about any of Penn College's more than 100 fields of study, visit online , e-mail or call toll-free 800-367-9222.