Charting a Course for Generations of Students

Charles “Chuck” Notaro smiling

Charles “Chuck” Notaro’s gift will help finance the education of students from his hometown.

Few people, if any, have had a longer and more enduring association with Fredonia than Charles "Chuck" Notaro. Soon after graduating from Fredonia High School in 1964, Chuck enrolled as a Psychology major, began working part time in the bookstore and never left the campus for the next 47 years until retiring as associate vice president and executive director of the Faculty Student Association.

But he's staying connected with the university in a truly meaningful way to benefit students.

In his nearly five decades of service, Chuck grew to appreciate how critically important scholarships and other forms of financial assistance are to students struggling to absorb higher education expenses that grow faster than the cost of living. It's hard to believe today, but Chuck remembers that bookstore paychecks — based on just $1.05 an hour - and a Regents Scholarship covered nearly four years' worth of tuition.

"It might have been $300 a semester," Chuck says of the tuition charges that he paid.

Gift Helps Fredonia Students
As a former executive director of FSA, which employs hundreds of students every year, Chuck knows that the financial challenges students are confronting today are far greater than anything he could have imagined. "Costs have escalated so much and I'm not sure financial assistance has kept up with those costs," he noted. Long gone is an era when a part-time job during the school year and summer employment are enough to pay for college.

That's why Chuck teamed up with the Fredonia College Foundation to create an endowment to support the new Charles M. Notaro Family Scholarship. Working with foundation staff, Chuck designed the scholarship to help finance the education of graduates from his high school alma mater.

"I felt very strongly that it would be nice to benefit an individual that was from Fredonia High School," he explains.

The scholarship will help a Fredonia student, regardless of his or her area of study, and will be based on academic achievement, extracurricular activities and financial need. Chuck is eagerly anticipating the selection of the first Notaro Family Scholarship recipient for 2014-2015. He's thankful to colleagues who contributed to the building of his fund at the retirement celebration held in his honor.

Extending His Support
In addition to beginning to fund scholarships in the near term, Chuck - known for his passion, attention to detail and strong people skills - has taken an extra step to help future students by designating the Fredonia College Foundation as a beneficiary of his retirement fund. That way he's charted a course to continue his support of Fredonia while also ensuring that the Charles M. Notaro Family Scholarship will assist generations of graduates in Chuck's hometown.

Through his endowment, Chuck is adding to the strong financial support that alumni extend to the university. "Private schools have very, very large endowments. I think Fredonia, as a public institution, has done very well raising scholarship funds."

And Chuck is helping to make sure that continues at Fredonia, where financial gifts of any size really do make a difference in the lives of our students.

A charitable bequest is one or two sentences in your will or living trust that leave to the Fredonia College Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to the Fredonia College Foundation, a nonprofit corporation currently located at Fredonia, NY, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Fredonia or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Fredonia as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Fredonia as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Fredonia where you agree to make a gift to Fredonia and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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