His Giving Is a Win-Win
After graduating from Bryant University in 1972 with a bachelor’s degree in economics, Gary Bower ’72 went to the University of Rhode Island for a master’s in accounting and became a Certified Professional Accountant (CPA). Not long after, he began teaching accounting at the Community College of Rhode Island while building a private CPA practice on the side.
“I loved teaching, loved going to work, loved interacting with students,” he says.
In the classroom, Bower liked to tell stories about his clients to help supplement the curriculum and give real-world examples to his students. With a teaching career that spanned over 40 years, he had learned a thing or two about how to keep students engaged.
“Any subject can be boring,” he says. “Or, it can be brought to life, depending on how it’s presented. It’s not just what’s in the book.”
Bower continued teaching for more than four decades, ultimately retiring in 2020. Today, he continues managing a small clientele as a CPA.
“Around 1976, I did my first tax return for a client,” he says, “and I still have that client today.”
While he is no longer teaching, Bower continues to think about creating engaging student experiences, and how those experiences are influenced by activities both in and out of the classroom. Because of this belief, Bower has focused his philanthropic giving to Bryant University on the men’s basketball team. He understands that a well-rounded college experience helps students get the most out of their education.
Coming together as a community to cheer on the men’s basketball team is “part of the student experience,” he remembers.
The team has enjoyed success in recent years, including a first-ever appearance in the Division I NCAA Tournament in March 2022. Bower, a member of the freshman basketball team during his time at Bryant University, believes the Bulldogs’ increasing prominence benefits the entire University by raising its profile nationwide.
Bower says he also advises his clients to do something he himself does — support nonprofit causes that are meaningful to them by making gifts from their retirement savings accounts, which is a tax-advantaged method of giving.
“I think it’s very important when you’re giving advice — is the person who’s giving that advice following it?” he asks. “If you’re not walking the talk, then maybe that really isn’t good advice.”
Once he reached 70 ½ years of age — the minimum age to utilize IRA charitable giving — Bower began directing funds from his own IRA directly to Bryant University, making a gift commonly known as a qualified charitable distribution.
By giving in this way, Bower can reach his annual Required Minimum Distribution (RMD) while ensuring his giving to Bryant University is tax-free. If he were to withdraw the funds from his IRA before writing Bryant University a check, the funds would be subject to federal and state income taxes, where applicable. By making direct distributions to Bryant University, Bower maximizes the impact of his giving*.
Though the tax benefits of giving through IRA withdrawals can be substantial, Bower says they are not what motivated him to give back to Bryant University.
“Ask yourself, ‘What are your philanthropic interests?’ The answer should guide you,” he says. “My number one thing is that I want to see the men’s basketball team do well.”
Bower sees his support of men’s basketball as a part of the Vision 2030 strategic plan, which provides the roadmap for Bryant University’s next decade through academic excellence, outstanding student life, competitive athletics, and positive student outcomes.
“That foresight makes me want to continue to give to Bryant University,” he says.
You can join Gary by making your own planned gift to support Bryant University. Contact Bob Ferrell and 401-232-6171 or rferrell@bryant.edu to learn more.
*This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. State law may further impact your individual results.
