Planned Giving

Gift Helps Dunn Today, Ramapo College Tomorrow

Kathy SchulzTom Dunn has been a steadfast supporter of Ramapo College since it was established in 1969.

"The community at that time was small, with a large amount of land, and I thought the intellectual spirit that would come with the college would be good for Mahwah," Dunn says. "I knew the college would bring cultural resources to the community and students for our workforce."

Dunn, a practicing attorney for 40 years and counsel to Beattie Padovano, LLC, in Montvale, N.J., served on the Ramapo College Board of Trustees for 12 years, including three years as Chairman of the Board. He currently serves on the Ramapo College Foundation Board of Governors. An adjunct faculty member at Ramapo, Dunn also teaches American Legal History.

Dunn serves on the Foundation's planned giving committee and assisted in setting up the gift annuity program. He is proud to be the first person to establish a charitable gift annuity (CGA) with Ramapo College.

"My gift guarantees me a lifetime return of 6.1 percent annually based on my age, which is more than I could get from a CD," Dunn explains. "When I'm gone, the remainder will go to the Dan Cronin Memorial Scholarship Fund. It gives me money for retirement and does something good for Ramapo. I also received an immediate charitable deduction for a portion of my gift."

Dan Cronin was a Ramapo graduate and disabled Vietnam-era veteran. He returned to the community to work as an attorney with Bergen County Legal Services. He passed away following an infection in 2005. "Dan helped a lot of people who otherwise wouldn't have been able to afford a lawyer," Dunn says. Dunn's wife of 40 years, Joan, and his children fully supported his decision to establish a CGA, and he encourages other faculty and friends of the College who are aged 55 or older to consider this type of planned gift.

"A CGA is a great way to make sure your money is safe and you are getting a good return," Dunn says. "Ramapo provides an accessible and affordable education grounded in the liberal arts, and I want to see that continue."

Learn more about how a CGA could benefit you and Ramapo College by contacting Cathleen Davey, Vice President, Institutional Advancement, at 201-684-7611.

A charitable bequest is one or two sentences in your will or living trust that leave to The Ramapo 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 Ramapo College Foundation, a nonprofit corporation currently located at , 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 The Ramapo College Foundation 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 The Ramapo College Foundation 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 The Ramapo College Foundation 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 The Ramapo College Foundation where you agree to make a gift to The Ramapo College Foundation 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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