November 15, 2018
As has been recently announced, TIAA will be discontinuing operations, and to that end, our Board has sought legal and tax advice on how best TIAA, as an Arizona based 501c3 entity, handle paid membership contributions. Paying respect to the commitment and dedication of TIAA’s Members is of utmost importance. Therefore, based on the advice received, we plan to proceed as follows.
The total balance of membership dues TIAA has received is US$143,553. To show the continued support of the membership, the TIAA Board will contribute a like amount to Thunderbird to fund a scholarship called “The TIAA Scholarship”. We will request this scholarship be managed by the Dean and Director General of Thunderbird, Dr. Sanjeev Khagram.
This will allow all TIAA paid Members who are subject to US taxation, to take a full US IRS tax credit for their contribution and will not complicate tax filings for Members who claimed a tax deduction for their TIAA membership in prior years.
For clarity, membership dues have been fully utilized to fund TIAA operations and conferences. The US$143,553 referenced above, will be donated by the TIAA Board as an additional contribution in respect of the membership contributions you have made. We closed TIAA with the belief that alumni alignment was critical to Thunderbird’s future and we trust “The TIAA Scholarship” we are proposing here will further assist Thunderbird’s return to success and will be recognized as a valued contribution made possible by you, TIAA’s members.
And once again, I want to express our Board’s gratitude and say what a pleasure it has been to serve TIAA’s members, all Thunderbird Alumni, and Thunderbird.
Doug Deardorf ‘84
TIAA Board Chairman