Jose and Pauline Debasa
After decades of working in finance—including 20 years at Santa Clara University, then as chief financial officer at the Archdiocese of Los Angeles for 16½ years—Jose Debasa MBA '71 knows about investments. And he's particularly proud of the two he's directed to SCU.
The first $100,000 investment, made in 1983, supports an endowed scholarship to help SCU freshmen of Hispanic heritage. The second $100,000, in 2017, established a charitable gift annuity from Debasa and his wife, Pauline.
"It was emotional for me to contribute to this institution," says Debasa, whose daughter, Marisa '95, graduated from SCU. "It's a special place—to me, it was like a home."
Born and raised in Havana, Debasa—who'd originally supported Fidel Castro—was soon disillusioned by Cuba's new leader. After studying economics in college and working as a bank's chief internal auditor, he fled to Spain, his family's ancestral home.
By December 1963, Debasa had moved to the Bay Area, where he had friends, and landed a job as SCU's assistant to the controller. He was later promoted to VP for business and finance. In 1985, he became CFO of the nation's largest archdiocese.
When the 1983 scholarship was established in Debasa's name by then-SCU Board of Trustees Chairman Phil Sanfilippo, "there was no one to help Hispanic students," Debasa says. That vision has since allowed dozens of recipients an opportunity to fulfill their dreams. He knows, because he keeps a folder filled with their thank-you notes.
"That makes me feel very good. I really value that a lot," says Debasa, noting that the university's savvy investing has seen the initial $100,000 grow to almost $500,000, enabling even more students to benefit.
No wonder the couple doubled down with a charitable gift annuity in their name. "We have special feelings for Santa Clara," Debasa explains. "We have been successful. God really has blessed us with so many good things. This is one way of reciprocating and paying it forward."
To learn more about ways you, like Jose and Pauline Debasa, can make an investment in our future, contact the Gift Planning team, at firstname.lastname@example.org or 408-554-2108.
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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