News

Expanding a legacy and empowering the next generation of pharmacists

October 25, 2024
Jay Mirtallo

Jay Mirtallo, MS '78, RPh, BCNSP, FASHP, professor emeritus at The Ohio State University College of Pharmacy, came to Ohio State in 1976 for the college’s Master of Science in Health-System Pharmacy Administration and Leadership (MS/HSPAL) program and never left. 

“When I came to Ohio State, I found a culture of excellence,” Mirtallo said. “I knew I wanted to do clinical practice, and while the MS/HSPAL program is most often seen as a path to leadership and administration positions, I just wanted to do better at taking care of patients. I didn’t think my undergraduate degree alone gave me enough training to do as well as I wanted to do.” 

Mirtallo said his time in the MS/HSPAL program was one of astronomical growth, due in part to mentorship he received from some of the most renowned names in health-system pharmacy. By observing and learning from these leaders, Mirtallo said things just “clicked” for him. 

“Dr. Clifton Latiolais had the motto, ‘Enthusiasm for excellence,’” Mirtallo said. “And if you took that pill, you took it hook, line and sinker—and I did. I am so thankful because it helped me accomplish my personal and professional goals. I wanted to help people and Ohio State gave me the tools to do that, so after graduation, I just never left.” 

Mirtallo was the first college graduate in his family and saw the success that a degree brought him – and the moments of generosity that made it possible. He received a health professions scholarship during his undergraduate years at the University of Toledo, allowing him to pursue a career in pharmacy. While in the MS/HSPAL program, Mirtallo received tuition reimbursement and a salary for his work as a resident. He credits his mentors, faculty and colleagues for their generosity of time and how much that set him up for his success.

It’s precisely because of the generosity of time, talent and treasure that Mirtallo experienced that he too wanted to give back.

“When I think about generosity, it’s not just money and resources,” Mirtallo explained. “It’s time, commitment and creating connections by truly seeing, hearing and caring for people. What better way can I commit a legacy of helping others than by providing a fund to advance pharmacy practice, offering opportunity to people like me who face barriers to their education?” 

In 2022, Mirtallo’s wife, an accomplished nurse practitioner, passed away and Mirtallo began looking into creating endowed funds in her honor. He also wondered about creating a legacy in the College of Pharmacy to continue his quest to improve pharmacy practice after his retirement. At first, he was unsure if he could afford to do it or how to establish meaningful funds. Partnering with the College of Pharmacy’s advancement team, he found that creating a fund was much easier than he thought.

To cement his legacy and commitment to improving patient care, Mirtallo created the Jay M. Mirtallo Pharmacy Practice Advancement Fund (“current use fund”) and the Jay M. Mirtallo Endowed Pharmacy Practice Advancement Fund (“endowed fund”) in 2022. The funds provide support to faculty, students and post-graduate trainees to advance pharmacy practice, and special consideration is given to first-generation higher education students or post-graduate trainees.

Mirtallo was able to structure his gift to make a fund available for immediate use while working to endow the fund by 2027. “By talking to the college’s Advancement Team, I learned that there is money in IRAs that could be used to endow funds without affecting my livelihood – money that I may not have gotten to use otherwise in my lifetime,” Mirtallo said. “And the best part is that I can watch as people start benefiting from it, which is so rewarding.”

In academic year 2023-24, three projects were funded through the first grant disbursements from the current use fund. A junior faculty member, Chris Hernandez, received funding for an HIV outreach program; Ligang Liu, a Fellow, received funding for a project on prescribing patterns for adolescents and Opioid Use Disorder; and Kara Marshall, a Class of 2024 PharmD graduate, received funding for a project working to develop a student internship program at The Ohio State University Wexner Medical Center’s Department of General Internal Medicine. 

“Just last week, I got a note from a student who received some of the funds,” Mirtallo said. “This student is working on a project that will improve pharmacy practice and, by extension, improve patient care. How cool is that? It is such a joy to see that the thing you’re providing is at work and hopefully will help someone learn how to make a difference and take that out in the world.”

Charitable Rollover FAQs

Question
What are the benefits if I make a gift now instead of after my lifetime?

Answer

By making a gift each year of up to $105,000 (indexed for inflation) from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you are not required to pay income tax on the gift.

Question
Can my gift be used as my required minimum distribution under the law?

Answer

Absolutely. If you have not yet taken your RMD, the IRA charitable rollover gift can satisfy all or part of that requirement.

Question
I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?

Answer

Yes. Gifts can be made from an IRA. Pension, profit sharing, 401(k), 403(b) and other forms of retirement funds are not eligible for the tax-free rollover under the law.

Question
Do I need to give my entire IRA to be eligible for the tax benefits?

Answer

No. You can give any amount under this provision, as long as it is $105,000 (indexed for inflation) or less each year.

Question
I have two charities I want to support. Can I give $105,000 from my IRA to each?

Answer

No. Under the law, you can give a maximum of $105,000 (indexed for inflation). You can give each organization
any combination that totals $105,000 or less. Any amount of more than $105,000 (indexed for inflation) in one year must be reported as taxable income.

Question
Can an IRA rollover gift count towards my membership in a donor society, such as President’s Club and Buckeye Club?

Answer

No. The donor of an IRA rollover gift is not eligible to receive any benefits or privileges in return for the gift, including membership in a donor society and athletic ticket points and benefits. Otherwise, the gift would not be recognized as a qualified charitable distribution.

Question
My spouse and I would like to give more than $105,000. How can we do that?

Answer

If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $105,000 (indexed for inflation) from his or her IRA.

The Ohio State University Foundation does not provide legal, tax or financial advice to its donors or their advisors.
We encourage you to review your gift plans with your legal and tax advisor to determine the best plan for you.

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