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Giving

Make an Impact Today and Tomorrow

Bob Oliver

Bob Oliver '67

Bob Oliver '67 made a documented planned gift to Saint Michael's by including the College as a beneficiary of his Individual Retirement Account (IRA). What's more he also makes annual gifts to the College from this IRA.

Bob chose this giving vehicle because "It's simple and automatic. With one or two clicks of the mouse, I designated Saint Michael's as a beneficiary of a percentage of my IRA. No attorneys nor paperwork were necessary. My annual gift is through the IRA Charitable Deduction. I simply write a check from my IRA account and the donation is tax-free and counts toward my Minimum Required Distribution."

In consideration of his wife who does not have a connection with the College, Bob chose his IRA as a vehicle because it makes a difference today for the College, guarantees that Saint Michael's is in his estate plan, and these gifts do not impact his family's current finances.

When asked what prompted Bob to make these gifts, he says, "I have always believed in the principal that every alumnus can afford to donate something. I made the important decision to include the College in my estate plan in conjunction with my 50th class reunion so that it counted towards my class gift fundraising goal. Saint Michael's deserves to share more fully in my good fortune, and I wanted to do my part to ensure the financial success of the College that gave so much to me."

Reflecting on what Bob appreciates most about Saint Michael's, he says, "St. Mike's proved to be an extension of the values I learned at home. It was Catholic and my time at Saint Michael's helped lay the foundation for my life by nurturing the principles of hard work, concern for one another, respect for authority and doing what is right."

"Saint Michael's was the perfect place for me, and I enjoyed every day I was there. I was extremely comfortable from the day my dad dropped me off in front of Ryan Hall." Bob mentions Father VanderWeel '58 and Col. Ruggiero as memorable and influential individuals during his time on campus. "Saint Michael's helped make me the person I am today."

Following graduation, Bob was commissioned as an officer with the U.S. Air Force and served on active duty for over four years. He later went on to obtain a master's degree and succeeded in his business life. Now retired, Bob travels extensively on hiking and biking trips around the world. Bob has hiked most of the national parks in the U.S. (including Alaska), Scotland, Switzerland, Costa Rica, Ireland, the U.K. and a few others. And he's taken eight international biking trips around the world. "It's what I love to do." Bob hopes on future trips that one or more of his six grandchildren will join him.

When asked what advice he has for current Saint Michael's students, Bob says, "take advantage of what St. Mike's has to offer, part of which is the ability to separate yourself from other people by understanding the human side of things. Listen when they teach you about common sense, working well with others, having empathy and getting involved. When you get out into the real world, you will be a person of depth. As a student, you can grow in that knowledge and appreciate the humanity in all things, which makes you a better person and, in turn helps you to be more successful."

Support Excellence in Education

You can help future generations benefit from excellence in education and life-changing by planning a gift to support Saint Michael's College's future. Contact Ms. Phung Pham at 802-654-2646 or ppham@smcvt.edu today with questions about planning a meaningful gift.

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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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