Development Update

Professor Donald Clarke Commits to the Future of the Sciences at Fordham

When chemistry Professor Donald D. Clarke, Ph.D. (FCO ’50 and GAS ’56), started reviewing his financial plan, he realized that a charitable gift annuity for Fordham would be a real advantage. However, he took a while to come to a firm decision.

Clarke was active in his 50th Jubilee celebration and was introduced to the idea of using a charitable gift annuity at that time.

"Of course, I knew that my gifts could benefit the Fordham fund of my choice," said Clarke. "Now finding the right way to do it was the challenge. I started to transfer some funds each year from a mutual fund account to the annual gifts program as this method avoids capital gains accounting.

"These mutual funds were beginning to drop rapidly in market value, and as I'd held them so long, there was a huge capital gains tax liability if I sold them. So a decision had to be made. It couldn't be put off any longer. Charitable gift annuities make a future gift commitment and offer a very attractive payment rate at my age. Since there's a sizeable tax-free portion of the payments and any capital gains taxes owed are spread out over the life of the gift, the impact isn't immediate. Plus you get a current income tax charitable deduction when you establish the gift.

"Gift annuities sounded like a good arrangement. When I figured out how much the payment rate would be for me, I decided to take the plunge. Now I'm getting quarterly payments electronically transferred to my checking account, which couldn't be easier. And I know my gift will ultimately benefit the chemistry department at Fordham. I'm glad to know I can help achieve Fordham's long-term goals of building the science program with a charitable gift annuity as well as with my academic work."

If you have questions about charitable gift annuities, please call Judith Katz, (212) 636-7957 or e-mail jkatz@fordham.edu. There is never any obligation.

Dr. Ivan Garcia Donates $20,000
for Corpus Christi Scholarship

Dr. Ivan Garcia, an ophthalmologist and friend of Fordham University, recently contributed $20,000 in support of The Corpus Christi Scholarship.

The $20,000 scholarship is awarded to a full- or part-time student in the Fordham College Lincoln Center Theater Program. The candidate must demonstrate financial need and prove his or her academic merit. Preference will also be given to seniors.

Dr. Garcia's interests in supporting education and the arts, coupled with his commitment to Jesuit ideals led him to make the gift to Fordham. In 1999, he was recognized for his charitable work and community service by former Maryland Governor Parris N. Glendening.

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