An Abiding Affection

It was as if the past 50 years were but a brief pause in the conversation. That’s the way Edward “Ted” McAniff describes the feeling he had last June when he returned to campus for his 50th reunion and picked up right where he left off with friends, reviving old jokes and chatting with classmates whose life experiences hadn’t changed them in any fundamental way. “It was like slipping on an old shoe. I fell right back into Ted McAniff circa 1956,” he said.

Not that he was surprised. When McAniff recalls his years on Mount St. James, the thing that stands out is the sense of camaraderie shared by everyone on campus, from classmates and professors to cops and kitchen staff. “I just remember enjoying myself and being happy. There has always been a certain warmth about Holy Cross, wherein people say hello to each other in the quads and in the dining halls. That may sound like a silly thing, but it isn’t the case at some other, larger schools,” he said—qualifying, “maybe it was just because we were always locked up together in Saturday classes.”

McAniff’s abiding affection for Holy Cross is based on more than friendships. He and his wife, Jane, are grateful to Holy Cross for the part it played in educating four of their six children: Maura (McAniff) Johnson ’84, John McAniff ’83, Kathleen McAniff ’92, and Peter McAniff ’89. McAniff credits Holy Cross for providing the intellectual and ethical foundation that served him well in his family life and in his career as an attorney specializing in the intersection between the securities and banking industries. He is currently Of Counsel at O’Melveny & Myers in Los Angeles, Calif., where he was a partner for nearly 30 years.

McAniff honored his warm memories last spring by contributing $80,000 to his class’ reunion gift, which funds a professorship in New Testament Studies. His gift was remarkable not only for the depth of its generosity, but also because of the unusual way it was structured. The contribution was made through a tax provision that enables people over the age of 70½ to withdraw up to $100,000 from their IRA accounts—tax free—in order to make a gift to a recognized charity. For many people at McAniff’s station in life, taking advantage of this provision is an attractive way to support an institution that is important to them, while also minimizing tax penalties on IRA income.

The provision is part of the Pension Protection Act of 2006, a temporary measure set to expire at the end of the year (see box for details). In the past, donors wishing to make this kind of gift from an IRA account had to report the withdrawal as income and then declare an offsetting deduction. Due to a variety of rules, the net effect usually was an increase in taxes.

McAniff is glad the provision enabled him to contribute to the professorship because it both reinforces Holy Cross’ focus on religious scholarship, and cultivates important interaction between faculty and students. He reflects fondly on the impact his Holy Cross professors had on him, and points to his Latin and English classes with Rev. Henry E. Bean, S.J., known both as a taskmaster and a colorful lecturer—as one of the most influential learning experiences of his life. Bean’s lessons on Cicero and the Lincoln-Douglas debates linger in Ted’s mind even today. “Whenever I was heading to class, I was never sure whether anticipation or dread prevailed,” he said. “They were two of the toughest classes I ever took—and two of the very best.”

Important points about the IRA provision of the Pension Protection Act:

  • Enables donors to withdraw up to $100,000 of otherwise taxable distributions from a traditional IRA or a Roth IRA to make a gift to charity excludable from gross income
  • Donor must be at least age 70½
  • Applies only to outright gifts (planned gift arrangements are excluded)
  • Gifts must be made before the end of 2007
  • Donor can direct the IRA manager to transfer funds directly to charity


For more details, contact Ana Alvarado at 508-793-2379 or aalvarad@holycross.edu

By: Laura Freeman ’96, a freelance writer from Wilbraham, MA