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on the Future
VOLUME 1 ISSUE 2
Ecofeminism, or ecological feminism, is a term coined in 1974 by Françoise d’Eaubonne. It is a philosophy and movement born from the union of feminist and ecological thinking. Geraldine (Jerry) Hobgood, a loyal friend and alumna of Holy Names University, exemplified ecofeminism before Françoise d’Eaubonne thought of the word! Her stewardship of our earth has grown and evolved over the years and her mantra has become “sustainability”–the capacity to endure. In addition to her work for environmental sustainability, Jerry’s creation of a Charitible Remainder Trust–a planned gift with Holy Names as the beneficiary–helps to assure that her alma mater will endure.
eraldine (Jerry) came to College of the Holy Names as a freshman at the recommendation of Sr. Joan, OP, one of her teachers at St. Vincent’s High School in Vallejo. Jerry and her mother visited the College and she remembers meeting Sr. M. Rose Emmanuella Brennan that day.
She always wanted to go to college and actually had her heart set on attending the University of California at Berkeley (where she was, indeed, accepted). Her wise mother insisted that she attend Holy Names for her first year only. That, of course, was all it took for Jerry to get “hooked.” Looking back, she acknowledges that she was able to attend Holy Names because of the generous financial aid that the College afforded her and for this she is most grateful. Jerry received her Bachelor’s Degree in Economics and Psychology. Because she loved to write, Jerry thought she wanted to become a journalist for a newspaper. Sr. M. Claire Madeleine Carlin advised her that taking literature, sociology, and humanities would give her a wellrounded education and serve her well in this field. She remembers her beloved institution for its academic excellence, for developing a social conscience among its graduates, and for deepening each person’s awareness of economic and moral responsibilities. Jerry recognizes that she could not have accomplished all that she has throughout her life without this valuable educational experience. After graduating, Jerry spent six years in Austria and Italy serving in the special services. Returning to the U.S., she worked as a counselor for several years in Los Angeles for Catholic Social Services. In the late 1950s Jerry moved to Aspen, Colorado and opened the “Opera House Espresso” with a tool kit containing a hammer, a saw, and a spatula. This was her first natural interior...made of tree stumps, animal hides and the ends of cable telephone spools. After a wide variety of ventures and adventures, she then relocated to Grand Junction and joined VISTA where she was attached to legal services as a community organizer serving the poor, elderly and minority population. Ever alert to social injustices, Jerry (as a VISTA volunteer) was instrumental in stopping a highway, which was planned to plow through the poorest section of Rifle,
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by Jesse Bassett
Charitable Remainder Trusts
maining assets are distributed under the guidelines to the charitable remainder beneficiary you previously designated in the document establishing the CRT. Income Stream — Annuity or Unitrust Two different payout options are available for the income beneficiary of the CRT—an “annuity” payment and a “unitrust” payment. An annuity payment requires the trustee to pay a fixed amount each year for as long as the trust term lasts—e.g., $50,000 per year. Under the annuity payment, the income payments remain unchanged and are not dependent upon the value of the CRT’s assets. Under the “unitrust” payment, the trustee is required to pay a fixed percentage of the trust assets—e.g., 5% of the value of the trust. A change in the value of the CRT’s assets will cause a change in the amount of income distributed to the income beneficiary. The unitrust payment differs from the annuity payment in that the unitrust payments may be variable, as the CRT’s assets must be revalued annually. Tax Benefits CRTs are exempt from income tax and also allow the tax-free sale of appreciated assets inside the trust. Much of the power of the CRT lies in its tax-exempt status. Donors can fund CRTs with a variety of appreciated assets including stocks, bonds, mutual funds, real estate, partnership or LLC interests, closely held corporations, art, and other tangible property. This preferential tax status allows the donor to transfer these types of assets—that have appreciated in value well beyond their original cost— and turn them into an income stream without incurring any capital gain. CRTs are a flexible answer to many charitable and taxrelated problems and can accomplish multiple goals. The CRT is unmatched in allowing the liquidation of appreciated assets without incurring capital gains tax and increasing cash flow by providing an income stream to the donor. Utilizing a CRT allows a donor to give back to charity and increase liquidity and maintain an income stream—really the best of all worlds.
Are you interested in a making a contribution to
charity, but are unsure whether you will have adequate future income? Are you postponing the sale of an appreciated asset to avoid a substantial capital gains tax? Do you want to make a substantial gift to your alma mater, but feel that this goal may be out of your reach? If any of these scenarios sound familiar, you may be interested in creating a Charitable Remainder Trust (“CRT”). What is a CRT? A Charitable Remainder Trust (CRT) is an irrevocable trust, which allows you to transfer assets to a trust in exchange for an income interest while designating the charity of your choice as the ultimate beneficiary of the trust funds. The CRT can provide income to you and your spouse that can last the rest of your lives, or, if you choose, a specific number of years. How does a CRT work? Your attorney drafts the document establishing the CRT, which identifies the donor, the trustee, the income beneficiary, and the charitable remainder beneficiary. You, as the donor, can designate yourself and/or your spouse as the income beneficiaries. Another option is to name an income beneficiary other than yourself and/or your spouse. Once the CRT is established, you then gift cash or appreciated assets to the CRT. After the assets are contributed to the CRT, your accountant then determines the value of the immediate income tax deduction that you may be entitled to as a result of making a gift to the CRT. The trustee invests the CRT assets for the term of the trust. The trustee may sell an appreciated asset inside the CRT without incurring any capital gain. An income stream is then paid to the designated income beneficiary from the trust assets. Once the trust term ends, the re-
Scholarships from Bequests
anniversary of Bob’s death, Sister Irene Woodward, who had been President when Bob was most active with Holy Names, shared her reflections of his life. She spoke about how Bob was introduced to then-Holy Names College: “During this time, we also started an annual Business Symposium, bringing the business and civic leaders together on our campus for a full day, to dream and plan together for a better Oakland and East Bay. We did not know anyone from Chevron, which had recently moved its corporate headquarters out of San Francisco to San Ramon, and which was eager to establish good relations with this new part of the world. The gift from Chevron to us, one that has endured to this day, was the assigning of Bob Summers, their Manager of Public Affairs for the East Bay, to head up their relationship to Holy Names. Through his position, he was able to get many gifts for Holy Names from Chevron through the years, but the greatest gift was Bob himself.” Bob was very generous to Holy Names. Despite his frequent presence, Bob was never imposing or sought the limelight. Sr. Irene concluded this way: “So, when Bob died last summer, we had grateful memories of a truly gentle man, and we will always hold them fondly and sacredly. But the story is not finished; Bob did one final thing in the same way he had done everything—quietly, modestly, without bringing attention to himself, but with deep loyalty and devotion. I might say that he fulfilled every university president’s dream: to learn one day that someone has left the institution a very significant amount of money for student scholarships. We had no idea that he included us in his will, much less, for a very large gift.”
In January of 2009 we received
Robert Summers with sister, Beverly Summers
The gift of an education is
priceless! Yet the cost of an education can be very expensive. Alumni and current students, alike, have expressed their gratitude for scholarships they received that enabled them to receive a quality education, whether at the Lake Merritt campus or the Mountain Boulevard campus. Holy Names University has been blessed to receive a number of endowed scholarships over the years that were obtained because an alum or friend designated funds in their estate plans for scholarships. We are pleased to highlight in this issue of Focus on the Future two such gifts that we have received from bequests. We received word in Fall 2008 that former Regent, Robert Summers, had remembered Holy Names University very generously in his will. The Robert W. Summers and Beverly Summers Scholarship will target students who are interested in pursuing careers in science/medicine and journalism. During a memorial Mass that was celebrated in McLean Chapel on February 26, 2009, the sixth-month
a check from the estate of Patricia Ward Engstrom. Pat was not in our database so it took a bit of sleuthing to determine her relationship with the University and we discovered that she was a member of the Class of 1950! She graduated with a degree in history and was a member of the history honor society, Alpha Phi Alpha. She also participated in the International Relations Club, Masquers (the drama club), Student Teachers Association, Tau Delta Gamma (scholastic honor society), and the math club. During her senior year, Pat was named as the Business Manager of Excalibur, the yearbook, and she was recognized by the staff for “keeping us out of the red.” After graduation, Pat moved to Fresno and was married. Although she had not maintained contact with Holy Names, Pat’s education meant a great deal to her, obviously, as HNU was one of two major recipients of her estate.
Bob and Pat, for remembering our students so thoughtfully—your partnership with us will enable our students to achieve their dreams of receiving a college education.
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Colorado, and would have eliminated the low-cost housing there. In another instance her comprehensive investigation of jail conditions in Grand Junction led to the construction of a new Mesa County Jail. In addition, Jerry’s research of domestic violence brought about the establishment of a women’s safe house. Jerry’s inspiration for sustainable building started when she heard Buckminster Fuller lecturing on solar energy at the Aspen Institute
for Humanistic Studies. His commentary on solar energy was inspirational to Jerry. This began a lengthy period of extensive research on this topic as well as attending conferences on alternative building and constructing four homes from sustainable products. Her philosophy is summed up with these words: “I am committed to the principle that we do not “own” the land, but that we are merely temporary stewards and are held accountable for how we use or abuse it. What we do and how we live have a profound effect on the common good not only in our own community, but also in the world.” Cognizant of preparing for the future, Jerry wrote her Charitable Remainder Unitrust in 1993. Grateful for the education and financial assistance she received at Holy Names, she named her
alma mater as the beneficiary of the trust so that future students can benefit from an education at Holy Names University. When the HNU Legacy Society was established in 1995, Sr. Marguerite Kirk met with Jerry and she agreed to become one of the first members of the Legacy Society. It is because of gifts like Jerry’s that the University will continue to make a difference in students’ lives well into the future. We are truly blessed to count our friend, Jerry Hobgood, among the members of the Marie-Rose Durocher Legacy Society.
How to Arrange Gifts through the Marie-Rose Durocher Legacy Society
• A bequest in a will, or a designation of Holy Names University as a beneficiary in a living trust, insurance policy, IRA, Keogh, 401-K or profit sharing plan. • The establishment of a highly tax-advantaged trust (for example, a Charitable Remainder Trust or Charitable Remainder Unitrust) providing income to family and friends during their lives and the principal to Holy Names at their death. Such a trust may also be set up so that income goes to the University and the principal goes to your heirs. • A gift of real estate entitles you to an income tax deduction for the property’s full appraised fair market value. Almost any marketable real estate is suitable for a charitable gift, including personal residences. Unencumbered property is preferable and generates the greatest tax benefit. • A contribution to the Holy Names University Pooled Income Fund which provides income to beneficiaries, you or others you name, with the principal left to Holy Names at the death of the beneficiaries.
OFFICE OF PLANNED GIVING Sr. Carol Sellman: Director of Planned Giving phone: 510-436-1265 email: email@example.com Dav Cvitkovic: Vice President for Institutional Advancement phone: 510-436-1198 email: firstname.lastname@example.org