"Saint Peter's has changed [our students'] lives; this is why I give." —Dr. Cornacchia
Since 1981, Saint Peter's University President Eugene J. Cornacchia, Ph.D., and his wife, AnnMarie, have witnessed firsthand the impact that a Saint Peter's education has on our students. As a result, they recently pledged a transformational $250,000 gift to the University—their largest philanthropic commitment to any organization including Saint Peter's.
"I have seen thousands of students who thirst for knowledge and thirst to educate themselves," said Dr. Cornacchia. "Saint Peter's has changed their lives; this is why I give."
The life-changing effect an education has on students and the momentum the University has built from the success of the last capital campaign, Students at the Center, fueled the Cornacchias' decision to give. In fact, their blended cash and planned gift has inspired others to give at their highest level as well, allowing the University to do what it does best: graduating students for careers and purposeful lives.
"This whole process takes discernment and faith. Have faith and decide to give now. Don't overthink it," said AnnMarie, expressing confidence. "I have the utmost faith in the future of Saint Peter's."
The couple's everyday and future commitment shows that they lead by example. In addition, they are also following in the footsteps of inspirational Jesuits and others who founded and supported the mission of the University for over 150 years. They believe in paying it forward and hope that others consider the transformational effects their gifts can have on the lives of Saint Peter's University students.
A charitable bequest is one or two sentences in your will or living trust that leave to Saint Peter's University 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
The official bequest language for Saint Peter's University is: "I, [name], of [city, state, ZIP], give, devise and bequeath to Saint Peter's University, 2641 Kennedy Boulevard in Jersey City, NJ 07306 [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 Saint Peter's University 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 the University set payments for a number of years, which you choose. The longer the length of time, the better the gift 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 Peter's University 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 Peter's University 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 Peter's University where you agree to make a gift to Saint Peter's University 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.