A Tip of the Hat to the Past, a Helping Hand for the Future

dr cody

Dr. Robert Cody '53 had to drop out of Santa Clara after his first year because he just "didn't have enough money" to pay for his education. For a year he worked at American Can Company in San Jose—first stacking cans and then working 12-hour shifts as a shipping clerk—before returning to the Mission Campus. "I thought I was rich when I returned to college, but that didn't last long," says the spry 80-year-old cardiologist.

Dr. Cody continued his studies at the University while working nights at the post office in downtown San Jose. "There were 15–20 of college students who'd reach the post office at 4 p.m. and start sorting the mail," he recalls. "Everything needed to be done by hand. We'd chart a city scheme first and then arrange the mail by route." Despite a hectic schedule, he went on to win the Orella Prize—awarded to the student with the highest grade point average in science. "It was a big prize at the time—all of $50!" he exclaims.

Dr. Cody credits Santa Clara for helping lay a strong academic foundation—after all, that's what led to his admission at Stanford's medical school.

Years ago, Dr. Cody began helping students at Santa Clara. He recognized that while times may have changed, some of the financial challenges remain the same. Recently, through SCU's planned giving program, he established an IRA that benefits students at the University.

His years at SCU were profoundly formative ones, he says. "This is my way of saying thank you."

There are almost as many ways to make a donation as there are needs to be met. When you plan a gift as part of your overall estate and financial plans, you will help yourself while providing support to Santa Clara students in perpetuity. As a member of The Thomas I. Bergin Legacy Society, you could also receive substantial tax and financial benefits. For more information, contact the Gift Planning team at 408-554-2108 or giftplanning@scu.edu.

A charitable bequest is one or two sentences in your will or living trust that leave to Santa Clara University a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Santa Clara University, a nonprofit corporation currently located at 500 El Camino Real, Santa Clara, CA 95053-1400, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to SCU or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property, or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to SCU as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to SCU as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and SCU where you agree to make a gift to SCU and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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