Perpetuating the Gift of Education

I have been a part of University Advancement and the Fredonia College Foundation for two and a half years. Throughout that time, I have met with alumni all over the country. What I see and hear consistently from Fredonia alumni is a sense of pride and a feeling of satisfaction when they speak of their alma mater. That stated, some visits with alumni are more memorable than others, such as in the case of Richard and Arlene (West) LoGuidice '65. Exuberant would be a better description of our meeting.
Richard and Arlene have established the LoGuidice Scholarship Fund for students majoring in elementary education. Currently, they send an annual gift to the foundation, and in turn, we direct the funds to the School of Education.

During my first visit with the LoGuidices, Richard made the comment, "Fredonia is in our plans." Being the curious sort, I asked what he meant. He replied, "The notes that Arlene and I receive from the young men and women who have been granted our scholarship are just incredible. Knowing that we have had a positive impact on students' lives is a real source of joy. This has become so important to us that we never want to see the scholarship end; so we have created in our will a bequest ensuring that our scholarship will go on long after we are gone."

Richard and Arlene told me that the scholarship and bequest are ways of showing their appreciation and gratitude for their Fredonia experience. "If it were not for our education at Fredonia, we would never have been presented with such wonderful teaching opportunities and rewarding careers, "said Richard." By helping current students to fulfill their goals as teachers-in-training, we are reliving a most satisfying college experience-one that laid the foundation for many years of happiness."

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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