One Couple's Desire to Do Real and Permanent Good

Annmarie (Woloszyn), '70, and Alan Nichter, '69, met at Fredonia as counselors during the 1968 Summer Freshman Orientation Program. They held fond memories, but had not been back to campus for some time. And then, as Alan writes, their relationship with Fredonia was energized...

In January 2007, we met with Fredonia Representative Karen West in Florida. She thanked us for our past giving to the Fredonia College Foundation and briefed us on the development of the university since 1970—it was then we began to renew our relationship with Fredonia.

During a trip to visit family in Buffalo during the summer of 2007, we included a drive to the campus. As Karen guided us through new facilities and shared a font of information about the school's plans and recent academic accomplishments, we were impressed with the many changes, along with its small-town ambience and the friendliness of the people.

During the Florida and campus visits, we learned that state financial assistance for Fredonia and for students had dropped dramatically. At the same time, tuition, fees, the cost of books and other related expenses were steadily increasing. This was disconcerting, as Annmarie and I both benefited from New York State's past excellent support for higher education. Annmarie's and my positive experiences in Fredonia, rising expenses and the plummet in New York State's financial support of students led us to establish the Dr. Kenneth E. Cutler Scholarship. At Fredonia I took several courses in ancient and medieval history from Dr. Cutler and admired him. The scholarship honors his contributions to university education. This is the first year Fredonia has awarded the scholarship Annmarie and I funded.

Andrew Carnegie once remarked that "the purpose of giving is to do real and permanent good." With the Dr. Kenneth E. Cutler Scholarship we hoped to support a deserving student who had financial need. Our hopes were more than fulfilled when we met Lara Herzellah at the Scholars Breakfast in October 2009. The breakfast is held on campus every year during Family Weekend to provide recognition of donors and the student recipients of scholarships-and also allow them to meet. Lara is a 17-year-old freshman history major from Blasdell, N.Y., whose parents emigrated from the Kingdom of Jordan 20 years ago. Lara is working at the college art gallery to help with her finances and she certainly could use the scholarship. We were delighted to meet Lara, her mother, Hannan, and her cousin at the event. The selection committee did an outstanding job in selecting Lara Herzellah as the first recipient of "our" scholarship.

We have been very pleased to see how well Fredonia is spending our money through the Fredonia College Foundation. The creation of the scholarship and its ability to help a deserving student has been a gratifying and rewarding experience. Helping current students is a good way for former students to express their appreciation for Fredonia and what it has meant to their lives.

—Alan Nichter, '69

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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