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Values-Based Education Struck a Chord With Parents of Alumnus

Dave and Debbie Quinn

Debbie and Dave Quinn

By Carla Francis

Dave and Debbie Quinn P'06 first learned of Saint Michael's through their local parish as their children began searching for colleges in the 1990s. Saint Michael's was highly recommended by friends at St. Peter's parish—located in Saratoga Springs, NY—several of whom had children who were students at the time. As parents to six young men, the Quinns hoped that their children would choose colleges that reinforced the values in which they were raised. Though they had visited the Saint Michael's campus with their older children, it was their fourth son, Shawn '06, who decided to become a Purple Knight.

From the very beginning of Shawn's experience on campus, Dave and Debbie were happy with his choice. They recall President Marc Vanderheyden's remarks during freshman orientation: "We're not here to help the students make a lot of money. We're here to help make them into good people that you'll want to have conversations with." Dave especially appreciated the fact that President Vanderheyden's message focused on "bringing out the person and helping them to become someone that others will want to spend time with." It was clear to Shawn's parents that Saint Michael's was the type of college that would reinforce the values that Shawn had been taught both at home and throughout his education in Catholic schools. Though the College is now under the leadership of President Lorraine Sterritt, the mission remains the same: Prepare students to do well and to do good within their communities.

Doing Well and Doing Good Internationally
During his four years on campus, the College fostered Shawn's interest in international cultures. Dave and Debbie welcomed Shawn's friends from across the globe into their home, where they say it wasn't unusual for him to bring a classmate home who hailed from Taiwan or Japan. They remember these visitors being extremely nice and interesting to talk with. One Mother's Day, Shawn brought home a young friend who they learned had served in the South Korean Army, a conversation the Quinns remember 15 years later. Not only did their son benefit from cross cultural friendships, but they, too, benefited from opening their home to his friends.

The Quinn Family

These days, they are the ones who travel to visit their son, who practices immigration law in Paris and New York. After graduating from Saint Michael's, Shawn received a law degree from the University of Maine School of Law and later his Masters of Law in French and European Law from the University of Cergy-Pontoise in France. Dave and Debbie enjoy their trips to visit Shawn and his family outside of Paris.

Scholarships: Providing Opportunities to Deserving Students
Though their son graduated in 2006, the Quinns have continued to support scholarships on campus. Dave in particular understands firsthand the impact of scholarship support on students; his parents could cover the cost of his books but scholarship funding covered the rest of his college education. The Quinns believe that students deserve to attend a college where they see themselves succeeding, and that the choice of where to attend should not be based on one's finances.

About five years ago, the Quinns began making donations through their donor advised fund (DAF), a decision which has served them well. By making one annual deposit—of appreciated stocks in their case—into their DAF, they simplified the process of charitable giving. Documentation of this one transaction is all they need for charitable giving tax purposes and making donations to Saint Michael's, and the other nonprofits they support, is as easy as contacting their fund advisor to recommend a gift. When asked why they started donating through a DAF, the Quinns' response was quick: "It was easy."

Through four decades as an income and estate tax planning expert at The Ayco Company, Dave can also attest professionally to the benefits of donating through a DAF. Many of his clients have found the same dual benefit as he and Debbie: saving on taxes while simplifying the donation process.

Values Remain With Alumni for a Lifetime
Scholarship support, like that provided by the Quinns, ensures that the College's values-based education is available to all students, regardless of their family's finances. Values instilled at Saint Michael's remain with them for a lifetime as alumni who are prepared to do well for themselves and to do good within their communities.

Discover how giving through a donor advised fund can benefit you and Saint Michael's. Contact Carla Francis at 802-654-2618 or cfrancis@smcvt.edu with any questions.

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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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