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Rit DiVenere ’67, 50 Years of Loyalty to Saint Michael’s…and Counting!

Rit and Nancy DiVenere
The DiVeneres— Rit ’67 and Nancy ’85

Rit DiVenere's association with Saint Michael's College and the Society of Saint Edmund spans more than 50 years. Highly endorsed by former students from his Bristol, Connecticut high school, he and two classmates arrived at Saint Mike's for a campus interview and were warmly greeted by faculty, staff and students.

Freshman year created lasting friendships, and the faculty influence of a Catholic liberal arts education remains with him today. He recalls, in particular, business professor George Fortune, humanities professor Ed Pfeifer, English professor Fr. Joe Waite S.S.E., psychology professor Fr. Lorenzo D'Agostino S.S.E. and soccer coach "Doc" Citarella.

"My entire family graduated from Saint Michael's," says Rit. "My wife, Nancy '85, and children, Jennifer '92, Derek '94 and Brett '99, were all greatly influenced by professors Norb Kuntz, Vince Bolduc, Barry Krikstone, and administrators Lou DiMasi and John Sheehey '70."

Rit never really "left" Saint Michael's. He became involved in alumni programs after graduation serving as Hartford chapter president before joining the staff as alumni director in 1973. His responsibilities included nourishing relationships with alumni and parents enriched by the Saint Michael's experience. As vice president, he fundraised for the needs and objectives of the College, ensuring future students a Saint Michael's education. Throughout his 37-year career, and after retiring in 2010, he met with hundreds of alumni who held Saint Michael's close to their hearts, generously supporting the College's volunteer and fundraising efforts.

A regular contributor to the annual fund, Rit increased his gifts for capital campaigns to support scholarship and building programs. Giving was planned with Nancy, utilizing tools that had tax benefits for both the College and themselves. He made gifts through payroll deduction, appreciated stock and an insurance policy, while also including Saint Michael's in his will. For his 50th Reunion in 2017, he and Nancy have determined that the best way to maximize their giving will be through a gift of stock and a life insurance policy. 

Support Saint Michael's with a gift in your estate plan like the DiVeneres. Contact us at 802-654-2618 or cfrancis@smcvt.edu for more information today.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

Learn What Matters

A charitable bequest is one or two sentences in your will or living trust that leave to Saint Michael’s College 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, bequeath, and devise to Saint Michael’s College, an educational organization established by law at One Winooski Park, Box 256, Colchester, Vermont 05439, whose Federal Tax ID number is 03-0179403 [here follows the dollar amount or percentage of the gift, or an accurate description of the securities, insurance policies, retirement funds, or the amount or percentage of the residual estate, or the real estate or other assets given].”

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 Saint Michael's College 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 Saint Michael's College 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 Saint Michael's College 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 Saint Michael's College where you agree to make a gift to Saint Michael's College 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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