On January 12, 2001, the IRS issued new rules governing distributions from qualified pension plans (IRAs, Keoghs, SEPs, 401(k)’s, 403(b)’s, etc.), making many simplifications and allowing greater flexibility for minimum distributions. Several of these changes could affect people who have already passed the age 70½ milestone.

These changes, the first significant ones since 1987, provide opportunities to set up “stretch IRAs” and allow for charitable beneficiaries that enable estates to save tens of thousands of dollars and more in federal estate, state inheritance, federal income, and state income taxes.

If you would like to know more about how these changes affect you or your planned gift, please contact the Development Office staff.

Capital Campaign
Gifts and Pledges as of March 1, 2001

University of Kentucky Campaign Goal:
$600,000,000

UK Campaign Commitments:
$376,561,817
Percentage of Goal: 62.76%

College of Agriculture Goal:
$54,500,000

College Campaign Commitments:
$35,286,628
Percentage of Goal: 64.75

Building Named for Barnhart

The Agricultural Engineering Building has been renamed the Charles E. Barnhart Building, in honor of the former College of Agriculture Dean. The University of Kentucky Board of Trustees approved the change at its March meeting.

In the recommendation to the trustees, Barnhart’s tenure as Dean and Director of the Agricultural Experiment Station and Cooperative Extension Service, 1969-1988, is cited as being one of tremendous growth and development for the College and its programs. In addition, Barnhart “inspired people across Kentucky to view the College as theirs, to freely give their time and resources, and to send their college-bound students to the University.”

Barnhart’s service and leadership spanned forty years in the College, beginning in 1948 when he was hired as an instructor in animal husbandry. Prior to becoming Dean, he was the Associate Dean for Research and Associate Director of the Ag Experiment Station.