Blessing Paid Forward

Craig Ulrici

Craig Ulrici '61

It took Craig Ulrici '61 about 20 years to discover the secret benefactor behind his cherished years at Santa Clara University.

The memory of the revelation still makes him chuckle, but it also inspired the retired Central Valley rancher—and his late wife, Barbara—to help other students without financial means access SCU's world-class education.

For the eldest son of a teacher and a homemaker in Salinas, Craig would have been unable to attend without the help of an alum–his uncle.

Patrick Heffernan '38 was not only student body president, but a standout basketball player for the Broncos, and went on to a successful career in food processing.

Because his nephew couldn't afford SCU's $3,500 price tag, Patrick suggested Craig apply for a $1,000 annual scholarship.

"That was like asking for $30,000 in today's dollars," Craig says.

To his surprise, SCU offered $2,000—enough so his summer jobs could pay the balance as he studied marketing and established a group of lifelong friends. Among them was a Fresno County classmate whose family owned the country's largest cantaloupe farm, where Craig was later hired and began his agribusiness career.

A loving marriage and a chance to invest in his own ag land that he and a partner turned into an almond and pistachio ranch followed—as did success, something Craig always attributed to that serendipitous scholarship.

It wasn't until Patrick Heffernan's funeral in 1984 that Fr. Louis Bannan, S.J.—his uncle's friend and Craig's former dorm prefect—pulled him aside and divulged who had paid for his education.

"I should have known that from the get-go,'' says the 80-year-old retiree of his uncle's quiet gesture. "But that's the kind of guy he was."

The news ultimately led the Ulricis to establish a charitable gift annuity that helped to fund The Craig Ulrici and Barbara Deal Ulrici Endowed Scholarship Fund, reserved only for graduates of San Jose's Sacred Heart Nativity Schools.

"I appreciate the fact that people need help, and particularly the students who come from poor families," says Craig. "I don't think I would have been nearly as successful or reached the financial goals I have without my experience at SCU. I am very, very blessed."

Support What Matters Most

You can make a life-changing difference for a student with a gift to Santa Clara University in your estate plan. Contact the Gift Planning team at giftplanning@scu.edu or 408-554-2108 to learn about the many win-win ways to give.

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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