Planned Giving

The Benefits of Gift Planning

Dean Emeritus Tim Robinson And Dean of Students Nancy Mackin smilingAn Interview with Dean Emeritus Tim Robinson And Dean of Students Nancy Mackin
By Ellen Dudas, Planned Giving Officer

As founding members of Ramapo College, with the vision you had for it back in 1971, what is a direction or an advancement that the College has made that exceeded your expectations?
We are very pleased that the beauty of the campus has been enhanced since we arrived. The original estate was exceptionally lovely with grape arbors outside what is now the Potter Library and many greenhouses where Mr. Birch grew orchids. We worried that adding buildings would mean that much of the estate would be treeless and institutional looking. That has not happened. Everyone seemed to realize from the start that the attractiveness of the campus would be a major selling point for prospective students.

We also wondered whether the founding vision that President Potter had could be maintained over time. While there have obviously been changes, we are very proud of the fact that we have not grown too big, that students have professors who care about them and are accessible to them, that the curriculum is still based in the liberal arts, and that students are still actively interested in community service and advocacy.

You recently designated Ramapo College as a beneficiary to a life insurance policy. Can you describe the purpose of the gift?
We were foster parents to several children and were very fortunate that they were able to receive college scholarships from a private foundation that was set up to help those who "age out" of the foster care system. Through our gift, we hope that the College will be able to offer support to former foster children who need financial assistance for such things as personal computers, furnishings for residence hall rooms, transportation to an internship site and other costs that parents might usually provide.

What were the benefits of using an insurance policy to create this endowment?
With Tim retired and my retirement next summer, we will both have pensions from the state of New Jersey. The regular life insurance that was part of our benefit package is reduced at retirement but is still significant enough to fund a larger endowment than we could otherwise afford. Since we will be able to receive each other's pensions if one of us were to die, the life insurance is not needed for living expenses.

You have made other gifts to the College from your retirement accounts. Can you explain?
The tax rules made it advantageous for Tim to make a gift as part of a required withdrawal from his IRA. The withdrawal was made directly to the College, so we avoided the income tax on the IRA distribution, reducing the cost of our gift.

Why did you decide to make a gift to Ramapo College now?
I am planning on retiring from the College next summer. In making preparations for that, Tim and I looked over our finances and decided that the best way for us to show our gratitude to the College for the marvelous opportunities it provided for our professional growth was to make the plan now. That way, we know what we have available to ensure that our family members are recognized through our wills.

Anything Else You Would Like to Mention?
Tim's dad was a president of Glassboro State College (now Rowan University) from 1952-1968. When he needed funds to expand programs or construct new buildings, he was easily able to get appropriations from the state legislature. Now such funds are not available, and the burden is on the College to raise much more in order to serve New Jersey well. We have been very fortunate to have had long and fulfilling careers here. Through our gift, we wanted to show our gratitude and also contribute to the continued growth of Ramapo College.

Thank You, Tim and Nancy
Tim and Nancy are both founding members of the Ramapo community and will be celebrating their 30th wedding anniversary in 2009. They are proud parents of eight children who were born in the United States, Vietnam, Colombia and Bulgaria.

Tim served as dean of academic services for more than 10 years before joining the faculty in 1983 as a convener of the information systems major. He served on the executive council of the faculty assembly and received a grant that funded the installation of the first computer lab for teaching.

In 1971, Nancy was appointed to the position of assistant registrar at Ramapo College. In 1979, she moved to student affairs and served in several positions until 1990 when she was named dean of students. She was involved with many college committees and takes great pride in her prime role of planning for the construction of five residence halls and the trustees pavilion.

Tim and Nancy have provided valuable leadership for giving over the years, including commitments to the Ramapo Campus Community Campaign, the Bill Bradley Sports and Recreation Center, The Berrie Center, and the Mackin-Robinson Endowment. We humbly say thank you for their years of service and support to Ramapo College.

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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