Office of Public Affairs
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March 12, 2003
TWO NEW CHARITABLE TRUSTS TO BENEFIT OSWEGO
OSWEGO -- Two anonymous donors -- one an alumnus and both emeritus faculty members -- have established charitable trusts for the benefit of SUNY Oswego. One donor's trust, valued at approximately $240,000, will eventually fund campus beautification projects. The second donor's trust, valued at about $25,000, will endow a book fund in Penfield Library.
Both of these gifts result from the donors' strong ties to Oswego. Their careers at the college spanned 20 years and 34 years, respectively, and each has remained active with the college as a volunteer, including leadership roles in the college's Emeriti Association.
"The fact that these donors have included Oswego in their estate planning at such a generous level reflects their love for the college and their desire to leave a legacy that will make a real difference for students and faculty," said Kevin Mahaney, vice president for development and public affairs.
"One gift will provide funds to enhance the beauty of the campus and comes from a donor who understands how important a sense of place is for those who work and study here," he said.
He said the book fund will provide annual income for the purchase of materials in Penfield Library related to the curriculum and instruction program in the School of Education. "Book funds provide valuable support over and above other resources to build the library's collections," Mahaney explained.
Both of these gifts are being provided through charitable trusts. Trust and annuity arrangements allow donors to give assets to the college and receive a charitable tax deduction now, while receiving income from the assets for the remainder of their lives, the lives of loved ones or both. Subsequent to the lives of the donor and any other beneficiary, the remaining assets of the trust or annuity come to the Oswego College Foundation, and are used for purposes previously agreed upon.
"These life income arrangements, and other forms of charitable estate planning, allow donors to achieve their philanthropic goals at much higher levels than would be possible with current cash donations," Mahaney said. "They can provide significant gifts for the future benefit of the college while increasing a donor's income during his or her lifetime."
Donors who establish life income arrangements, include Oswego in their wills, or make gifts of life insurance are recognized through membership in the Sheldon Legacy Society.
For more information on ways to support SUNY Oswego, call the Office of Development at 312-3003.
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