YOUR IMPACT
Live well while doing good
For two Cornellians, helping Cornell is important, but so is charitable giving that benefits them or their family members.
Phyllis Blair '53. See larger image
Phyllis Blair '53 discovered that her financial assets would allow her to enjoy a second career as an artist and also make a gift to Cornell. In 1992, the University of California–Berkeley faculty member retired from teaching and a research career in oncology, virology and immunology. While comfortable in her retirement, Blair says that making a large cash gift to her alma mater was out of her reach. But by establishing a charitable gift annuity, she receives payments that are significantly higher than what she received from other fixed investments. Cornell will one day benefit from the gift of her principal, which she has designated to support graduate students.
Like Blair, Tom Weissenborn '49, MBA '50, also chose to set up a life income gift, in his case to provide his three children with income throughout their lifetimes from charitable remainder unitrusts. At the time of his gift, he received a charitable deduction on his taxes. The remaining principal balance of the trust will eventually support colleges and programs across Cornell, as well as his fraternity, Psi Upsilon.
"Cornellians who would like to act on their charitable impulses sometimes feel deterred from giving to organizations that matter to them if they believe that other commitments – say the care of elder family members or the desire to secure the future of their children – are too onerous," says Chip Bryce '81, director of Cornell's Office of Trusts, Estates and Gift Planning.
"With forethought and planning, however, many individuals find they are able to take care of those that mean the most to them while also making an impact through charitable gifts. The assets of many Cornellians are often sufficient, or amply sufficient, for them to live well while also doing good," he says.
Tom Weissenborn '49, MBA '50. See larger image
Blair says she has always been grateful for the support she received at Cornell and the foundation it provided her for graduate study. She attended Cornell tuition-free and worked for her room and board. "I had a splendid education," she says. "But times have changed, and an education is no longer cheap. You've got to have help."
Setting up her charitable gift annuity was "absolutely the logical way to go," she says. "I put my investments in a place where I know what will happen to them when I don't need them anymore, and in the interim I get an income. It's win-win for me and Cornell, especially in these troubled times."
Blair and Weissenborn point out that relying on Cornell makes sound financial sense. Weissenborn, a private portfolio manager, says he appreciates "tapping into the brain power" of Cornell's investment team as well as its continuity over time when compared with today's fast-changing financial players. "The advantages for me are Cornell's above-average returns in its long-term investment pool, diversified investments and sound risk management. Plus, working with the university is seamless and very easy," he says.
For Blair, "There is a certain security knowing that your money is in good hands, hands that will pay a lot of attention to good investments. Yes, I feel generous, but gift planning is also just perfect for my situation and for Cornell. Cornell is managing my gift and making better decisions than I would be making if I handled my own accounts."
According to Bryce, planned gifts to Cornell represent some 15 percent of all giving to Cornell, and the university hopes to step up this figure over the course of the "Cornell Now" campaign. Gifts of this type include charitable gift annuities, trusts, donor-advised funds, and gifts of securities and property, as well as bequests and beneficiary designations, which provide Cornell more than $25 million each year.
To learn more, contact Chip Bryce at wlb5@cornell.edu, 800-377-2177 or go to alumni.cornell.giftplans.org.