Wesleyan Receives $600,000 Thanks to Blake Reynold’s Estate and Retirement Planning

December 4, 2007

Photo by Bill Burkhart.

The late Blake Reynolds ’36 bequeathed Wesleyan $600,000 from his Individual Retirement Account in support of Neely Bruce music scholarships, enabling him to substantially build upon the $1 million he had given through charitable remainder unitrust gifts to endow the three Wesleyan Scholarships.

In 2005, Reynolds made Wesleyan the sole beneficiary of his IRA because he (and his financial adviser) knew that the IRS imposes multiple taxes on inherited IRA accounts that significantly diminish their value. Up to 75 percent of IRA funds left to heirs may be forfeited to taxation, but a nonprofit institution such as Wesleyan can receive these funds tax-free. Leaving his hard-earned IRA asset to Wesleyan ensured that opportunities will be available in years to come for deserving students who share his passion for music.

Blake, who died in 2007, was a mathematics major at Wesleyan, received Phi Beta Kappa honors, and was a member of Sigma Xi, The Scientific Research Society. He was a fourth generation member of Eclectic. His great-grandfather, George Greenwood Reynolds 1841, grandfather Frank Reynolds 1868, and father, George Greenwood Reynolds II 1905, were all Eclectics and all prominent in affairs of the fraternity for more than 150 years. He also competed in football and track. While his schedule left little time to study music, Blake was an avid music lover, and as a student, was able to take one course: Music Theory, with the late Professor Joe Daltry. He also played trumpet in the field band during his last three years.

Thanks to Blake’s generosity and his dedication to the University, Wesleyan is better able to fulfill its commitment to a reduction in student debt for the neediest students.

(A special thanks to William B.B. Moody ’59 for his assistance with the history of the Reynolds family’s enduring relationship with Eclectic.)

Related

Gift from Blake Reynolds ’36 Establishes Neely Bruce Scholarships (March 25, 2005.)