How to Make a Gift Using a Qualified Charitable Distribution

• You do not receive a tax deduction for a QCD from a regular IRA. However, the transfer is not recognized as taxable income. Because a QCD reduces income and is not an itemized deduction, the gift benefits even those donors who do not itemize.
• The withdrawal may not exceed $100,000 annually per individual for all such gifts. A married couple with separate IRAs may each transfer as much as $100,000 annually.
• Contact your IRA administrator to request a QCD or call the MMA Advancement Office at 207-326-2232.

Spotlight

Your Gift to MMA Can Have Lasting Importance and Recognition

HAVE YOU EVER wanted to honor a favorite faculty member, a mentor, or a loved one? Have you ever thought about having a favorite spot on campus carry your name?

Now it’s easy to do just that. The Advancement Office has put together a list of naming opportunities throughout our Castine and Bucksport facilities. Donors who have done this will tell you it’s rewarding to give a lasting tribute to a person who means so much, while also helping fund campus improvements. Your visible generosity will inspire other alumni to consider their own named gift. These giving opportunities range from $750 to $5 million and be made outright or as a pledge payable over five years.

Your visible generosity will inspire other alumni to consider their own named gift.

Another opportunity is to name a position around campus. These can include coaches, faculty, regimental staff, ship’s crew, and others. For these endowed positions, donors make either a one-time gift or a pledge not to exceed five years and name the position. The gift is placed in MMA’s endowment and the Academy uses the earned interest to fund that position’s salary and benefits in perpetuity. Naming rights for endowed positions range from $1 million to $4 million. An endowed position is the highest academic award that MMA can confer, and lives on as long as the Academy endures. It is both an honor to be the named holder of the appointment and an enduring tribute to the donor who establishes it.

For more information on naming opportunities in Castine and Bucksport or endowing a position, please contact Christopher Haley, VP for Advancement, at 207-326-2232 or chris.haley@mma.edu.

Spotlight

The “B” in IBL Means Bakery

Cheryl (Sokol) Maloney ’02 grew up in Chicago and came to MMA to become an oceanographer. After her first semester, she switched to International Business and Logistics. “I decided quickly that I liked oceanography better as a hobby than a profession,” she explained. “I joked with my friends that I didn’t think it would buy me the shoes I wanted.”

Almost immediately, Maloney knew IBL was the place for her.

“It was a very good, very well-rounded business program,” Maloney said. “I loved every minute of it.”

After graduation she worked nights in Louisville, Kentucky, dispatching barges before returning to Chicago to join the Canadian National Railroad. She found herself the only person under forty, and one of the few women who wasn’t a secretary. “My parents were thrilled,” she recalled. “They said railroads are for life and a pension. But I knew there was no way I could commit my whole life to it.”

Her boss had a friend in the transportation department at Constellation Brands, one of the world’s largest premium beer and wine suppliers. He told her she needed to interview for a transportation analyst job open at Constellation. “I think they would love to
have you,” he said. “You’ll be so much happier there.”

Maloney got the Constellation Brands job, and it was a much better fit. She started as a transportation analyst but hit her stride in category strategy and sales data analytics. She switched to wine sales and had an epic year, becoming responsible for wine sales at Whole Foods and Target for the entire country.

She and her husband, Shawn, welcomed their son in 2016 and she stayed home for five years. Just as she was thinking about returning to work, everything was shutting down for Covid. They started to reevaluate where they wanted to be. Her actuary husband received permission to work remotely, and Maloney suggested they move to Iowa where her sister and her mother’s side of the family were. In fall 2020 they bought a house in Solon, between Cedar Rapids and Iowa City.

Eighty-five years ago, Maloney’s great aunt opened Mary Ann’s Eat Shop in Cedar Rapids and ran it with her five sisters for fourteen years.

“People in my family love to bake,” said Maloney, “myself included.”

Once settled in their new place, Maloney began baking more and sharing with friends. Word of mouth about her delicious rolls created demand, and soon she was selling her baked goods from her home. She quickly developed a following, and as she watched her sales grow, she knew she would hit the $35,000 limit of what could legally be sold from a home kitchen.

“My aunt in Cedar Rapids told me Solon needed a bakery,” said Maloney, “but I wasn’t convinced.” She knew her high-quality ingredients and handwork would require a high price. Her aunt remained confident that people would pay for good food, and Maloney took the plunge, opening The Eat Shop as a high-end, boutique bakery. In some instances, price points were double those of other bakeries. But Maloney’s aunt was right. “We sold over 20,000 cinnamon and pecan rolls the first year, and our second-year sales are up over 20 percent.”

When an opportunity arose recently to bid on a food retail spot on the University of Iowa campus, Maloney was ready.

“It’s a huge opportunity,” she said. “Solon has 3,000 people and there are that many students just in the dorm next door to our location.”

Maloney credits MMA and her corporate experience in Chicago for the skills she’s needed to build a successful business. “I never even knew I wanted to be a business owner,” she said with a laugh. “Now I can’t imagine life any other way.”

The Alumni Association receives nominations for Wall of Honor, Outstanding Alumni, and the Humanitarian Award. These awards are established to recognize alumni accomplishments to serve as inspiration to students and alumni—current and future—to strive for excellence.

Ed Harmes, MMA class of 1964, 23-year U.S. Coast Guard career, was awarded the Humanitarian Award for dedicated affiliation with Habitat for Humanity, having participated on the construction of over one hundred homes in the Williamson County, Texas, area and twelve international builds.

For his commitment to his alma mater, Tom Lord, MMA class of 1987, was awarded Outstanding Alumnus. In his service to MMA, Tom’s contributions are significant and numerous. He initiated the highly successful MMA Career Fair in 2002, which continues today, now twice a year. He is an active participant of the Admissions Department’s Blue and Gold Ambassador Program and represents MMA at student recruitment events in the Philadelphia area. After being named its president in 2020, he rejuvenated the Delaware Valley Alumni Chapter (covering the Pennsylvania and New Jersey alumni) and initiated the annual Mid-Atlantic Golf Tournament (partnering with the D.C. Chapter) to strengthen MMA’s connection in various industry sectors in the area. Tom was also a strong promoter and supporter of the “Mariner Football Challenge” to bring football back to MMA.

Wall of Honor recipient Gerald W. “Jay” Harris, MMA class of 1973, is the president of Komar Distribution Services and chief operating officer of Komar Brands, a global leader in the design, sourcing, manufacturing, and distribution of apparel. Komar Brands manages a diverse portfolio consisting of owned, licensed, and private label brands. His professional journey encompasses pivotal roles at North Sails and Komar Brands, where he drove both companies to a commanding 60 pct. market share. Over the past 40 years, Jay has propelled Komar from a $20 million company to a $1.2 billion dollar powerhouse.

Wall of Honor recipient Richard “Dickie” Balzano, MMA class of 1989, served 29 years of dedicated service in the U.S. Navy, retiring as a captain. In 2017, he was appointed by President Donald Trump as Deputy Administrator, Maritime Administration, of the U.S. Department of Transportation. Soon after Balzano’s arrival at MARAD, the Department of Transportation received funding for the National Security Multi-Mission Vessel (NSMV) program, a class of five ships to train mariners and respond to natural and other disasters for the nation. Creating and chairing an Executive Steering Group (ESG) to find savings, Balzano and the ESG worked with Congress, directing MARAD to procure the ships using commercial processes, resulting in a firm, fixed-price, fixed-delivery contract of $323 million per ship, nearly two-thirds less than original government estimates, making the initiative feasible.