Planned Giving

Remembering a Legend: Dr. Milton M. Gittens

Dr. Milton M. Gittens smilingThe Ramapo College community mourns the passing of beloved management professor Dr. Milton M. Gittens. A respected member of the Ramapo College faculty in the Anisfield School of Business, Dr. Gittens has created a legacy.

Dr. Gittens joined the faculty in 1973 and taught management courses until his death in 2010. Unanimously elected by the Management Convening Group, he served as convener of the business administration/management major for several years.

He was well known for being a co-host and assistant producer of Issues and Education, a weekly cable TV program on the Manhattan Neighborhood Network, produced through Ramapo College. Among his publications was his 1977 paper, "The Black Perspective in Public Administration: The Development and Application of a Research Model for Minority Administrators in the Public Sector."

His Love for Family, Love for Students
"Dr. Gittens loved two things," says accounting professor Constance Crawford. "He loved teaching and he loved his son, Granville H. Gittens. He was a kind and supportive colleague and a tremendous role model to minority students and all who knew him. Dr. Gittens was an amazing example of what a teacher is...someone who imparts knowledge and helps others."

Management professor Susan Eisner
says: "Dr. Gittens had the expertise, experience and commitment that is central to impactful teaching. He was truly present to his students inside and outside the classroom."

A Strong, Quiet Force
Marketing professor Kathy Zeno described him as supportive and encouraging. "Personally and professionally," she says, "he was a strong, quiet force who supported the mission and vision of the Anisfield School of Business."

A Champion for Equality
An advocate for minorities, Dr. Gittens was twice appointed by the College President to monitor the College's Affirmative Action Performance and received the Friends of EOF Award in 2004.

He was also recognized for his teaching in 2003 by selection for induction to honorary membership in the Ramapo College chapter of Delta Mu Delta National Honor Society for Business Administration.

His Legacy of Giving
Dr. Gittens' legacy will continue to support minority students. In his will, Dr. Gittens made a bequest to the Ramapo College Foundation, which creates two endowed scholarship funds named the Milton Mack Gittens, Ph.D., and Granville Caldecott Gittens Anisfield School of Business Scholarship Fund and the Milton Mack Gittens, Ph.D., and Granville Caldecott Gittens Educational Opportunity Fund Scholarship.

The scholarships are named in honor of Dr. Gittens and his father, Granville Caldecott Gittens. They will be designated to minority students with preference given to descendants of American slavery and Barbados, West Indies slavery.

Professor Anita Stellenwerf reflected on this gift from Dr. Gittens: "I was not surprised by this gift. Ramapo College meant so much to him. He valued education and wanted to make it available to other minority students."

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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