Gift Planning

Helping Students Achieve Success

Penn State campus

Gift Planning

Helping Students Achieve Success

John and Stephany Romano

 

During their careers at Penn State, John and Stephany Romano were committed to helping students achieve success in their academic programs so they could move on and thrive in their chosen fields. Now in retirement, they have not given up that focus—and through their recent gift to establish a charitable gift annuity (CGA), the Romanos ('72) are tackling financial barriers facing students at Penn State York.

"As students balance course work, extracurricular activities, jobs, and other factors of life, many also face the challenge of how they will afford to pay tuition," John says. "Helping students to focus on their educational experiences is something that we believe is very important, and it's our hope that this new scholarship will do just that."

A CGA is a simple agreement that allows you to make a gift to Penn State, which, in return, pays you a fixed amount each year for the rest of your life. The Romanos have used their most recent CGA to establish the John J. and Stephany J. Romano Scholarship at Penn State York—an undergraduate scholarship designed to provide support for full-time students who are enrolled or are planning to enroll at the York campus and have demonstrated financial need.

The scholarship is the product of John and Stephany's second CGA with the University, building upon the generosity they displayed in 2011 when they funded a CGA in support of the endowed John J. and Stephany J. Romano Renaissance Scholarship.

“Our eight years at Penn State York played an important role in our lives,” Stephany says. “Our experiences there led us to decide to fund this scholarship to specifically benefit students who choose York as their Penn State home campus.”  

John and Stephany are longtime Penn Staters. They both obtained graduate degrees from the University in 1972, John his Ph.D. and Stephany her master's. The Romanos spent much of their careers at the University. John worked 41 years at Penn State, including eight years as Penn State York's campus executive officer (1985-93). He retired from Penn State in 2010 as vice president emeritus for Commonwealth campuses. Stephany worked with both undergraduate and adult students in her last position as director of professional development for the Department of Health Policy and Administration within the College of Human Development.

Now retired, the Romanos credit their combined experiences at Penn State York and throughout the University for their commitment to the institution and its important mission.

"Our time at Penn State York provided us with a strong understanding of the important role that not only York but every Commonwealth campus plays in the success of the University's land-grant mission," John says. "Having the opportunity to provide scholarship support to York students with financial need is a great honor."

To learn more about how you can support hardworking Penn Staters, contact the Office of Gift Planning at Penn State at 888-800-9170 (toll free) or giftplanning@psu.edu to discuss giving opportunities. There is no obligation.

A charitable bequest is one or two sentences in your will or living trust that leave to Penn State 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 Penn State University, a nonprofit corporation currently located at c/o Office of Gift Planning, 329 Innovation Boulevard, Suite 313, State College, PA 16803-6606, 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 Penn State 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 Penn State 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 Penn State 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 Penn State where you agree to make a gift to Penn State 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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