Compelled to Share...

Olga Cielnicky Leone smilingOlga Cielnicky Leone wanted to be an elementary school teacher. When she began her search for the right college, she sent letters to institutions across New York State, knowing that she came from an immigrant family of modest means and would have to work part time to support her dream. Over time, responses from 11 state schools made their way back to her mailbox.
One particular response stood out from the group. Friendly, personal and understanding of her situation, administrators at Fredonia expressed their hope that Olga would attend their school. She decided that Fredonia was, in fact, right for her. Although she didn't know much about the State University system at the time, she was truly grateful that she ended up at Fredonia. She went on to have a memorable experience at college before she graduated with her degree in elementary education.

That was 1947. Over the next 58 years, Olga enjoyed her career as a fourth grade teacher, writer and art instructor, but she never forgot her days at the old Fredonia State Teachers' College.

"It was the place to be if you were going to be a teacher," reflected Olga, who toured the Fredonia campus this past summer. "My teaching experience after graduation was most rewarding because of the solid preparation. The emphasis was not on facts but on people, on how children learn and think."

Olga marveled how the Fredonia campus has grown since her undergraduate years, but she still wants to make sure other students have the same sort of memories she has of her own college days. Although Olga had originally planned to leave her entire estate to her children, she felt that making a charitable gift to help continue the admirable work of her alma mater was a good example for them. Because she wants the dreams of young teachers to keep coming true, Olga has established a charitable gift annuity at Fredonia.

"It is my pleasure to be making this gift," Olga said. "I wish to take part, in some measure, in the continuing admirable endeavors of Fredonia."

A charitable gift annuity allows an individual like Olga to make a sizable donation to Fredonia that will be invested through the Fredonia College Foundation. Olga will receive a quarterly income from the annuity, which was an important factor in her decision to choose an annuity as a vehicle for her gift. In addition to fulfilling her desire to have a lasting relationship with Fredonia, it also allowed her to make a significant donation and receive needed return.

Olga's gift has been earmarked for the needs of Fredonia's students- an appropriate gesture for a woman who has spent her life supporting the educational needs of others.

"The older I get, the more I realize how lucky I was to have attended Fredonia," said Olga. "I think its basic values are still intact, and I feel compelled to share some of whatever I do have with Fredonia."

A charitable bequest is one or two sentences in your will or living trust that leave to 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, [name], of [city, state, ZIP], give, devise and bequeath to Fredonia College Foundation [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 gift 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 receive an immediate federal income tax charitable deduction. 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 receive an immediate federal income tax charitable deduction. 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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