A Matter of Trust
There were longtime friends to see and good memories to share, but Charley Ferrone ’57 found another special way to celebrate his 50th class reunion—he made an extraordinary gift to the college.
“When I was at Dickinson, I was helped greatly with financial aid,” he says. “I appreciated it so much.”
This gift—in support of the Ferrone Family Scholarship—involves a charitable remainder trust. This is an arrangement by which an asset is donated to the college, but the donor still uses the asset and/or receives the income from it during his or her lifetime.
Ferrone is in the wealth-management business in Boston. “Because of my profession, I was aware of this,” he says. “It’s particularly useful for people who have an investment that has done well and has no cost basis. It’s a legal way of avoiding the capital gains.”
Ferrone says other primary advantages of a charitable remainder trust are that it provides a current-income deduction; it takes the principal out of the estate; and it provides a stream of income—based on the age of the donor.
“In addition, you can name several beneficiaries, and you can direct what the funds will be used for,” Ferrone says. “This works well for very specific situations, but it can be an important part of a planned-giving program.”
Carolyn Griffin Yeager, Dickinson’s associate vice president for development and director of leadership giving, says the benefits of trusts go a long way. “Trusts are flexible enough to provide lifetime income for the donors, while making a gift that will have tremendous future impact on the college.
“Besides,” she adds, “when we are notified about planned giving, it allows us to say thank you to donors during their lifetimes. That’s so important. We have generous members of the alumni who have included Dickinson in their wills. We want to acknowledge that and give our heartfelt thanks.”
For Ferrone, the trust is a reflection of how he feels about Dickinson, yesterday and today. “I’m grateful to the college, but I’m also very impressed with the president and the programs and what’s going on now.”
For more information about arranging a trust,
contact Carolyn Griffin Yeager at (717) 245-1686 or firstname.lastname@example.org.
$100-Million Mark Met
There was exciting news on May 4 as more than 100 members of the faculty, staff and trustees gathered in the HUB Social Hall to celebrate the on-campus portion of the $150 million First in America: Fulfilling Our Destiny capital campaign. Not only did the campus reach 81 percent employee participation in the campaign, but the total dollars raised from employees was an astounding $838,673.
“There is great power in the focused effort of an entire community,” said President William G. Durden ’71 in his toast. “And these gifts, together with the contributions of trustees, alumni, foundations and friends of the college,” Durden added, “have moved Dickinson’s campaign total to the $100 million mark!”
Enjoying the festivities (below) are, from left, Nancy Hoover, Susan Morrison and Judy Roush. All three work in housekeeping for the Department of Facilities Management, which achieved 98 percent participation during the on-campus campaign.