Transforming a Reunion Gift to Create a Legacy at Beloit
- Nancy Rothstein Photography http://nancyrothstein.com
Roy Schneiderman’77 feels a strong appreciation for the education he received at Beloit College and the influence it has had on his life.
After his time at Beloit, he went on to earn a master’s degree in philosophy and a master’s in business administration, saying philosophy is an excellent start for business because it teaches critical thinking and hones communication skills.
Roy’s professional accomplishments are living proof of his belief. He is the founder and principal of Bard Consulting, a firm that provides customized real estate investment solutions for institutional investors. Previously, Roy was a partner at Sedway Group and a consultant at Deloitte LLP.
Roy and his wife, Susie Chang, have been generous to Beloit for many years and have also included the college in their estate plan, so they are members of the James E. Duffy’49 Society.
Roy and Susie have gradually increased their annual giving to support areas they are passionate about-one of their first gifts honored eight professors whom Roy admired.
Several decades ago, Roy bought one share of Berkshire Hathaway Inc. Given its significant appreciation over the years, the stock became the ideal asset to gift to the college.
Roy envisioned the proceeds from the sale of the stock being used to fund his annual gifts to the Beloiter Fund and a special gift for a visiting philosopher over the next several years.
Working together, the Gift Planning office and Roy have ensured his special gift will fulfill his philanthropic plans for Beloit, as well as provide Roy and his family with maximum financial benefit. By timing this gift as he did, Roy is able to avoid capital gains and take a charitable deduction that he knows he can currently use.
The Nuts and Bolts
The college has sold Roy’s appreciated stock and will invest it in a fund with 0 percent weighted risk and a small return. Over the next several years, the college will withdraw money from the investment account, per Roy’s advice, to fund the areas he wants to support at the college.
For example, as the five-year-old Visiting Philosopher Fund neared the end of its original funding, Roy-who wanted to help continue the program initiated by a classmate-designated a portion of his gift to support the Visiting Philosopher Fund, and requested the program be renamed in honor of one of his favorite professors, Scott Crom, Ph.D.
Roy is able to pre-fund his annual support for a five-year period and distribute it to several areas he cares about.
Sound simple? For Roy, that was key.
Roy wanted to put his gift on autopilot, and the experts in the Gift Planning office have crafted this fund to do just that.
A gift like this can be structured to include as much input from the donor as desired. When you work with the Gift Planning Office, the team will design your gift in a way that makes sense for you and your family.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.