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The Cornelian Associate Society

The Pleasure and Promise of Charitable Bequests

If an important part of your life’s story is your relationship with Rosemont College, then there is no better way to honor that relationship than to create a lasting legacy of generosity that will shape the future of Rosemont for generations to come. Adding a gift for Rosemont to your will (also known as a bequest) or retirement plan is a simple act with impressive consequences. However, bequests still qualify as something of a best-kept secret. Few people realize their impact on Rosemont College.

Here are a few points we would like you to consider:

  • Leaving a gift to Rosemont in your will or retirement plan is one of the easiest gifts to make. You can create it in any dollar amount, designate a percentage of your estate, or gift specific property.
  • The generosity of thirty-four donors just like you has totaled nearly $11.5 million in gifts to Rosemont over the past 10 years.
  • The average bequest size (not counting two multi-million dollar gifts) was $95,000.
  • The smallest bequests were in the range of $500 - $10,000.

The College’s largest gift in its history, to date, was a bequest of $5.3 million from a friend of the College Eleanor M. Weisbrod. Through her will, Eleanor provided the funds to create two endowed scholarships. One in honor of her sister, Sr. Helen Mary Weisbrod, SHCJ, and one in honor of her parents. Her bequest also contributed additional funding to the scholarship that bears her name. Her foresight and generosity also allowed the College to modernize the Kistler Library by constructing the Weisbrod Informations Commons.

Cornelian Associates

If you plan for a future gift to Rosemont College, we’d like to honor you with membership in a very special group, the Cornelian Associates. How do you join? It’s a one-step process: just let us know about your charitable bequest.

As a member of the Cornelian Associates we will include your name in our annual Honor Roll of Donors. If you prefer to remain anonymous, that is fine too.

Q. Is it easy to add a charitable gift to Rosemont to my will?
A. Yes. Nothing could be simpler. A short phone call to your lawyer does the job.

Q. What if I don’t have a will yet?
A. A surprising number of people — even those with substantial assets — never get around to this essential task.

When a person dies without a will, the law determines how to divide up the assets in the estate. With a will, you assert full control: your written wishes dictate exactly how and to whom your assets will be distributed.

If you don’t have a will yet and would like a referral to a qualified estate attorney in your community, Rosemont may be able to help. We’ve worked with many lawyers. Just give us a call at 610-527-0200 x2216.

Q. Do I have to leave a specific dollar amount to Rosemont as a bequest?
A. While you can name a specific dollar amount in your will you can also arrange to leave a percentage of your estate’s value or the residual of your estate after other gifts are made. We welcome gifts of any size.

Q. Does my bequest gift have to be cash?
A. No. You have several options in addition to cash:

  • Physical assets such as a home.
  • Financial investments such as stocks, bonds, or certificates of deposit.
  • A life insurance policy or retirement plan. You can arrange for this type of gift by making Rosemont College your beneficiary.

The Board of Trustees of Rosemont College recently approved a Gift Acceptance Policy that allows the College to give recognition and credit to donors for bequests or other planned gifts. By doing so, Rosemont will be able to include your name in listings of donors regardless of when your bequest was originally made, if that is your preference.

In order for credit and recognition to be given by the College, appropriate documentation must be provided to Rosemont College.

Documentation must include the following:

1. The commitment should specify an amount to be distributed to the organization or, if a percentage of the estate or a trust, specify a credible estimate of the value of the estate at the time the commitment is made.

2. Date of birth of the donor.

3. Verification of the commitment through one of the following forms:

(a.) A letter or agreement from the donor or donor’s advisor affirming the commitment.
(b.) Copy of will. (The only portion necessary is that which includes Rosemont College.)
(c.) Notification form, signed by donor or advisor.

If you have questions or need more information, please contact Christyn J. Moran at 610-527-0200 Ext. 2216 or christyn@rosemont.edu.

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. 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. 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. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

Rosemont College is a community of learners dedicated to excellence and joy in the pursuit of knowledge. Rosemont College seeks to develop in all members of the community open and critical minds and the ability to make reasoned moral decisions.

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A charitable bequest is one or two sentences in your will or living trust that leave to Rosemont 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

 Bequest Language

The official bequest language for Rosemont College is: "I, [name], of [city, state, ZIP], give, devise and bequeath to Rosemont College [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 Rosemont 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 Rosemont 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 Rosemont 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 Rosemont where you agree to make a gift to Rosemont 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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